3263 Belmont Avenue, El Cerrito, CA for sale

Investment Overview

Belmont 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.

Investment Highlights

• Prime East Bay Transit-Oriented Location - Walk Score of 89 with strong access to neighborhood amenities0.5 miles to El Cerrito Plaza BART and Interstate 80 access within 0.5 miles, providing convenient connectivity to major Bay Area employment centers.
• Strong Retail & Lifestyle Amenities - Immediate access to El Cerrito Plaza Shopping Center (Trader Joe’s, Lucky, CVS, Peet’s Coffee, Starbucks). Nearby regional anchors including Costco and Pacific East Mall. Proximity to Central Park and Creekside Park & Trail.
• Desirable 100% Two-Bedroom Unit Mix - Highly marketable all two-bedroom configuration appealing to a broad renter demographic.
• Mark-to-Market Rental Upside – Current average rents of $2,180 are approximately 16% below the East Bay average of $2,591 and 34% below the $3,300 average 2-bedroom asking rent in the neighboring Berkeley/Albany submarket, highlighting relative affordability and meaningful potential for rent growth as units turn.
• Operational Upside – Opportunity to implement a Ratio Utility Billing System (RUBS) on new leases and recover a portion of master-metered water and trash expenses.
• Recent Capital Improvements – Significant capital improvements completed by current ownership, including new appliance packages (range, refrigerator, and dishwasher) in seven units, with dishwasher to be installed in the remaining unit; exterior paint completed September 2026; flooring updated in most units; individual electrical panels replaced in all units; and sewer laterals replaced in August 2026. The property has also completed its soft-story seismic retrofit and achieved SB 721 compliance in September 2026.
• Favorable Regulatory Environment – El Cerrito does not have a local rent-control ordinance and requires only an annual $50-per-unit rent registry, supporting operational flexibility and a straightforward regulatory environment.