Fourplex With Separately Metered
For Sale
$660,000
450 44th Street, Richmond, CA 94805
MULTI_FAMILY - Richmond, CA
Property Size3,114 SF
Lot Size0.15 Acres
Price / SF$211.95
Days on Market26
Property Features for 450 44th Street
General Information
Property type
Residential Multi Family
Property subtype
Quadruplex
Bedrooms
8
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 4, Bathroom 1, Bathroom 2, Bathroom 4, Bedroom 3, Bedroom 8, Bedroom 6, Bedroom 2, Bathroom 3, Bedroom 1, Bedroom 5, Bedroom 7
Parking
6
Parking features
Covered
Patio and Porch features
Patio
Lot features
Corner Lot
Directions
GPS please
Subdivision
Richmond-North & East
Standard status
Active
APN
5171210080
Size
3,114 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1962
Floors in Building
2
Number of units
4
Roof type
Shingle, Composition
Listing Agency:
Twin Oaks Real Estate INC
(707) 746-8700
Listed By:
Ambar E Toledo · License #02031803
(510) 239-8827
Added: Jul 20
Changed: Aug 1
Last Checked: Aug 14 at 9:06AM
MLS# 326060904
Copyright © 2026 Bay Area Real Estate Information Services, Inc. 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 fourplex offers four separately metered units, helping keep utilities structured for simpler operation. The property includes a patio and covered parking, with wall furnace heating. Built in 1962, the home features a shingle/composition roof and connects to public water and public sewer.
Located at 450 44th Street in Richmond, California, the property sits right next to the freeway, providing convenient access for commuters to the East Bay and San Francisco. The room mix and multiple bedrooms/bathrooms support a variety of tenant setups within the building’s four-unit configuration.
Located at 450 44th Street in Richmond, California, the property sits right next to the freeway, providing convenient access for commuters to the East Bay and San Francisco. The room mix and multiple bedrooms/bathrooms support a variety of tenant setups within the building’s four-unit configuration.
Key Highlights
- Four separately metered units
- Built in 1962
- Covered parking plus patio
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
$52,075
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
7.89%
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%
$1,041,500
$1.0M
Cap Rate 7%
$743,929
$743.9K
Cap Rate 9%
$578,611
$578.6K
Market Conditions
NOI Build-Up for 3,114 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
$78.5K $25.20/SF
− Vacancy
−$4.1K −$1.31/SF
EGI
$74.4K $23.89/SF
− OpEx
−$22.3K −$7.17/SF
NOI
$52.1K $16.72/SF
Area
Richmond, CA
Vacancy
5.20%
Lease Rate
$25.20 /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%
$1,041,500
Cap Rate 7%
$743,929
Cap Rate 9%
$578,611
Alternative Uses
Best Use
Multifamily LT 5
$743.9K
$650.9K – $867.9K
NOI $52,075 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$644.4K
$563.9K – $751.8K
NOI $45,110 @ 7.0% cap · market cap 6.83%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
939
Businesses Nearby
Explore this area
Business Placement
Demographics for 94805, CA
14,958
Population
6,076
Households
2.5
Avg Household Size
41
Median Age
44%
College-Educated
86%
High-School Grad
1.9 sq mi
ZIP Area
7,873
Density / Sq Mi
$114,191
Median Household Income
$57,133
Median Earnings
$2,272
Median Rent
$738,800
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Fourplex with separately metered units, patio, covered parking, and public water and sewer service in Richmond.
Where is this quadplex located?
The property is located at 450 44th Street Richmond, CA.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Four separately metered units; Built in 1962; Covered parking plus patio
