Three-Story Townhome Development and
For Sale
$1,689,999
230 Cleaveland rd, Pleasant Hill, CA 94523
Residential Income, Pleasant Hill, CA
Property Size2,799 SF
Lot Size0.43 Acres
Price / SF$603.79
Days on Market160
Property Features for 230 Cleaveland rd
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
7
Rooms
Bedroom 5, Bedroom 2, Bedroom 4, Bedroom 6, Bedroom 3, Bedroom 7, Bedroom 1
Parking features
Garage
Exterior features
Back Yard
Fencing
Fenced
Lot features
Level
Standard status
Active
APN
1491300321
Size
2,799 SF
Lot size
0.43 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Cooling system
Ceiling Fan(s), Wall/Window Unit(s), Window Unit(s)
Water source
Public
Building Details
Year built
1951
Flooring type
Laminate, Vinyl, Carpet
Building materials
Stucco, Wood Siding
Listing Agency:
Realty One Group Elite
(925) 978-1100
Listed By:
Solomon Harb
(925) 784-6213
Added: Apr 1
Changed: Sep 7
Last Checked: Sep 7 at 1:06AM
MLS# 41129296
Copyright © 2026 bridgeMLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This property at 230 Cleaveland Rd, Pleasant Hill, CA includes an active rental income component alongside an approved new development path. The site is 0.43-acres (gross) within a planned unit development, PUD 410, zoning district, and supports a proposed 9 townhouses subdivision. The plan includes 8 dwelling units plus 1 low income HDU, with 9 three-story units designed with garage parking at the ground floor.
Existing on-site rentals are described as three active rentals: a duplex and 1 detached SFH. The source notes that all short-term leases are in place.
Pleasant Hill Planning Commission has approved an Architectural Review Permit, Major Subdivision (tentative map), Development Plan Permit, and a Density Bonus Request, with readiness to pay permit fees and begin construction. The three-bedroom, two-bath unit concept includes a 1400+ SF living area, and the property is described as two blocks’ walk to the downtown center. Construction materials include stucco and wood siding, with wall furnace heating and wall/window and ceiling fan cooling.
Existing on-site rentals are described as three active rentals: a duplex and 1 detached SFH. The source notes that all short-term leases are in place.
Pleasant Hill Planning Commission has approved an Architectural Review Permit, Major Subdivision (tentative map), Development Plan Permit, and a Density Bonus Request, with readiness to pay permit fees and begin construction. The three-bedroom, two-bath unit concept includes a 1400+ SF living area, and the property is described as two blocks’ walk to the downtown center. Construction materials include stucco and wood siding, with wall furnace heating and wall/window and ceiling fan cooling.
Key Highlights
- 0.43‑acre (gross) planned unit development site in PUD 410 zoning district
- 9 townhouses subdivision approved: 8 dwelling units plus 1 low income HDU
- Approved permits include Architectural Review Permit, Major Subdivision, and Development Plan Permit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,921
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$958,420
$958.4K
Cap Rate 7%
$684,586
$684.6K
Cap Rate 9%
$532,456
$532.5K
Market Conditions
NOI Build-Up for 2,799 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$72.2K $25.80/SF
− Vacancy
−$3.8K −$1.34/SF
EGI
$68.5K $24.46/SF
− OpEx
−$20.5K −$7.34/SF
NOI
$47.9K $17.12/SF
Area
Contra Costa County, CA
Vacancy
5.20%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$958,420
Cap Rate 7%
$684,586
Cap Rate 9%
$532,456
Alternative Uses
Best Use
Multifamily LT 5
$684.6K
$599.0K – $798.7K
NOI $47,921 @ 7.0% cap · market cap 2.84%
Second Best
Apartment 5plus
$635.6K
$556.2K – $741.6K
NOI $44,494 @ 7.0% cap · market cap 2.63%
Theoretical Best
Office A
$1.06M
$925.8K – $1.23M
NOI $74,062 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
1,971
Businesses Nearby
Explore this area
Business Placement
Demographics for 94523, CA
35,272
Population
14,585
Households
2.4
Avg Household Size
42
Median Age
56%
College-Educated
96%
High-School Grad
7.2 sq mi
ZIP Area
4,899
Density / Sq Mi
$142,622
Median Household Income
$74,832
Median Earnings
$2,479
Median Rent
$1,038,400
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Multifamily property - Planned unit development site with rental income and approved townhome plans featuring attached garage parking.
Where is this multifamily property located?
The property is located at 230 Cleaveland rd Pleasant Hill, CA.
What is the asking price?
The asking price for this property is $1,689,999.
What are key features of this property?
This property features: 0.43‑acre (gross) planned unit development site in PUD 410 zoning district; 9 townhouses subdivision approved: 8 dwelling units plus 1 low income HDU; Approved permits include Architectural Review Permit, Major Subdivision, and Development Plan Permit
