a luxury property presented by josh dickinson
7361 claremont ave, berkeley • offered at $2,680,000

Details

 

DETAILS
Five-unit estate
Built in 1923 
Lot square footage: 6,532 
Estate square footage: 4,742

"7361 Claremont is a unique and beautifully intricate brick construction dissimilar to any other structure on Claremont, clearly built with extreme skill and preserved with care."
- Jerri Holan, FAIA, nationally-recognized architect and Berkeley Architectural Heritage Association member


Nestled into a hillside near the historic Claremont Hotel and Spa, 7361 Claremont Avenue represents the romance and architecture of Berkeley in the early 1900s, yet with modern upgrades and amenities. Once part of the large land ownership of the Holabird Estate, the building boasts unique and exceptional details including keystone arches, fireplace bricks with century old horseshoes and hidden hearth seating, grand staircases and more. In addition, a small artistic wall of Prohibition bottles can be viewed in the rear garden, a tribute to the local lore that this was once the site of Prohibition bootlegging operations. With sweeping views from almost every window, each unit has access to sundecks, balconies and a private rear garden.

The estate features five legal units, each metered separately. The building also consists of two deep, spacious garage bays for potential storage, additional rental income, parking or recreational use.

Tucked behind the Claremont Hotel and Spa and walkable to Elmwood, Rockridge, and UC Berkeley, the secluded canyon property is just moments from the lush hiking trails of protected and serene Garber Park. Yet the cafes, stores and amenities of the Claremont District and Elmwood are around the corner, as well as access to the 13/24 freeways and AC Transit 80 to BART for commuters.

Financials

RENTAL INCOME

UNIT 1 1 BR / 1 BA $743.75
UNIT 2 1+ BR / 1 BA $891.33
UNIT 3 4 BR / 1 BA w/ laundry                      $4200
UNIT 4 3 BR / 1 BA w/ laundry                             $3850
UNIT 5 2 BR / 1 BA                                        $2285
East Garage   $300

 

 


 

OPERATING EXPENSES 

Property Tax* $19,775
Property Insurance** $2,992
Management*** 4%        $5,890
Maintenance & Repairs*** 2% $2,945
Business License & Rent Board** $2,726
Utilities (EBMUD, Waste Management)** $4, 372


* 1.3688% x assessed value + fixed assessments
** Actual expenses obtained from property owners
*** Estimated expenses


TOTALS

ANNUAL INCOME                                                 $147,241
OPERATING EXPENSE                                        $35,707
NET OPERATING INCOME                                  $111,534

 


CAP RATE  4.16%
GROSS RENT MULTIPLIER  18.20

Neighborhood

Berkeley is a city that transcends its small population. While it is only the 30th largest city in California (and only 4th largest in Alameda County!), Berkeley is world renowned for academic achievement, free speech and the arts. Originally part of northern Oakland Township, the new name was adopted in 1866 after Anglican Bishop George Berkeley and applied to both the town and the College of California's new location along Strawberry Creek (later known as UC Berkeley).

Berkeley grew immensely following the 1906 San Francisco Earthquake, and again during WWII with many wartime jobs in the area at places like the Kaiser Shipyards in Richmond. Later, the city became synonymous with social change and political activism, as the hippie movement spilled out of San Francisco in the late 1960s. Berkeley was the center of national attention in 1974 when Patty Hearst was kidnapped from her apartment at 2603 Benvenue Avenue by the Symbionese Liberation Army.

Today, UC Berkeley is one of the world's top universities. The Gourmet Ghetto, inspired by places like Chez Panisse and Peet's Coffee, is a premier food destination. Brilliant masterpieces from architects Bernard Maybeck and Julia Morgan abound. Coupled with its natural amenities from the Berkeley Hills to San Francisco Bay, Berkeley is one of the most desirable places to live in the US, if not the world!

Useful Links:
City of Berkeley Homepage
Berkeley Unified School District
The Daily Californian
University of California, Berkeley

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