3263 Belmont Avenue

TBDBelmont Apartments presents a compelling opportunity to acquire a well-located, transit-oriented multifamily asset in the highly accessible El Cerrito submarket of the East Bay. The property benefits from immediate proximity to key regional transportation infrastructure, strong surrounding retail amenities, and a resilient renter base supported by access to major Bay Area employment centers. Strategically positioned within approximately 0.5 miles of the El Cerrito Plaza BART Station and Interstate 80, the property offers exceptional connectivity throughout the San Francisco Bay Area. With a Walk Score of 89, residents benefit from a highly walkable environment with direct access to public transit, neighborhood services, and daily conveniences. The surrounding area is anchored by established retail corridors including El Cerrito Plaza Shopping Center, as well as regional destinations such as Pacific East Mall and Costco, reinforcing sustained tenant demand. The asset features a desirable 100% two-bedroom unit mix, a configuration that continues to demonstrate strong renter preference in the submarket. Current in-place rents average approximately $2,200 per unit, which remain below demonstrated market-supported levels for comparable housing in the area. HUD fair market rent standards for two-bedroom units ranging from approximately $2,912 to $3,203 further underscore the embedded rental upside potential through natural turnover and programmatic rent adjustments. In addition to organic rent growth, the property presents multiple avenues for operational enhancement. A new ownership group may implement a Ratio Utility Billing System (RUBS), offering the potential to meaningfully reduce water and trash expenses by approximately 60–80%, thereby improving net operating income. Recent capital improvements completed by ownership include updated appliance packages in all units, exterior painting completed in 2025, and interior flooring upgrades in a majority of units, collectively reducing near-term capital expenditure requirements. The property has also benefited from recent infrastructure investment, including the replacement of individual unit electrical panels, an important non-revenue generating capital improvement that enhances system reliability and may support insurance underwriting considerations. The main electrical service panel may warrant future evaluation and replacement by a new owner. From a regulatory perspective, the property is subject to California’s statewide rent control framework under AB 1482, which allows for annual rent increases of 5% plus CPI. Importantly, El Cerrito does not impose additional city-specific rent control ordinances beyond a nominal rent registry requirement of approximately $49 per unit annually, providing a comparatively favorable operating environment relative to other Bay Area submarkets. Overall, the Belmont Apartments offers investors the opportunity to acquire a well-located, functionally updated asset with stable in-place income, clear mark-to-market rent upside, and multiple operational levers for NOI enhancement within a supply-constrained and transit-oriented East Bay submarket.