Berkeley, CA – The Pinza Group, Inc, a leading Bay Area Investment Real Estate Sales Brokerage, has announced the sale of a prized rooming house two blocks to UC Berkeley located at 2434 Piedmont Ave. The sales price was $2,375,000, which represents a $395 price per square foot.
Steven Pinza, Esq (a 2014 & 2015 Top Sales Broker according to CoStar), President of the Pinza Group, Inc (a 2014 & 2015 Top Sales Firm according to CoStar), represented the Buyer and Seller in this transaction, which was sold off market. “The Seller of this building reached out to me personally as he saw that I was incredibly active in the Berkeley market. He named his price, and I got it for him.” “says Pinza. “There is a good amount of repairs needed on the property but I have no doubt that the Piedmont House will become an aesthetically appealing property in no time.” adds Pinza.
The Piedmont House was previously used as a short term, affordable living facility. The property boasts 22 rooms of varying sizes, a common commercial kitchen, large common areas and more. The property was delivered vacant, which will allow the new owner to complete renovations and increase rents without having to worry about Berkeley’s horrendous rent control ordinance.
The property is a well maintained building in the Elmwood district, one of Berkeley’s most sought after rental neighborhoods. The subject property is located in between Haste/Dwight, which is considered to be one of Berkeley’s most sought after rental locations; an ideal location for students wanting to be close to the UC Berkeley campus, retail stores, and restaurants.