3263 Belmont Avenue

TBDBelmont Apartments offers a rare opportunity to acquire a transit-oriented 8-unit multifamily asset with key improvements in one of the East Bay’s most accessible and renter-friendly submarkets. Located just 0.5 miles from the El Cerrito Plaza BART Station and Interstate 80, the property delivers exceptional connectivity to San Francisco, Oakland, and major employment centers, supported by a Walk Score of 89 and immediate access to daily amenities. The surrounding neighborhood is anchored by El Cerrito Plaza Shopping Center (Trader Joe’s, Lucky, CVS, Peet’s, Starbucks) and benefits from nearby regional draws including Costco and Pacific East Mall. This combination of transit access, retail density, and walkability underpins durable tenant demand and low turnover risk. The asset features a highly desirable 100% two-bedroom unit mix—one of the most sought-after configurations in the submarket. Current in-place rents average $2,180 per unit, roughly 16% below the East Bay average and more than 34% below recent asking rents for comparable two-bedroom units in neighboring Berkeley and Albany. HUD fair market rents for two-bedroom units ($2,912–$3,203) further highlight the embedded mark-to-market upside available through natural turnover. Beyond organic rent growth, the property presents clear operational upside. Ownership has completed significant capital improvements, including new appliance packages (range, refrigerator, and dishwasher) in seven of eight units, exterior painting (2026), updated flooring in the majority of units, replacement of electrical sub-panels in all units, and sewer lateral replacement. The soft-story seismic retrofit and SB 721 compliance work have also been completed, meaningfully reducing near-term capital requirements and supporting insurance and financing considerations. A new owner can further enhance NOI by implementing a Ratio Utility Billing System (RUBS) on turnover, with the potential to recover 60–80% of master-metered water and trash expenses. From a regulatory standpoint, the property is subject only to California’s statewide AB 1482 framework (5% + CPI annual increases). El Cerrito imposes no local rent control and requires only a nominal annual rent registry fee of approximately $49 per unit—creating a comparatively flexible and landlord-friendly operating environment relative to many other Bay Area cities. In summary, Belmont Apartments combines a prime transit-oriented location, an ideal unit mix, below-market rents with clear upside, recently completed capital work, and a favorable regulatory backdrop—positioning it as a compelling value-add opportunity with both near-term cash flow improvement and longer-term appreciation potential.