Historic Point Richmond Mixed-Use
For Sale
$3,150,000
1 Richmond Avenue, Richmond, CA 94801
Mixed-use property with SRO units and retail in Point Richmond.
Property Size9,434 SF
Price / SF$333.90
Days on Market439
Property Features for 1 Richmond Avenue
General Information
Standard status
Active
Size
9,434 SF
Building Details
Year Built
1914
Listing Agency:
RE/MAX ACCORD
(669) 238-8878
Listed By:
MARK CALOCA · License #02146982
Source:
Corcoran
Added: Jun 19, 2025
Changed: Mar 16
Last Checked: Aug 30 at 7:19PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX ACCORD
Investment Insights
Based on property information with market context.
The J.G. Gerlach Building, constructed in 1914, offers an investment opportunity with current income and future potential. This mixed-use property features 38 single-room occupancy (SRO) units and two leased ground-floor retail spaces. The property is located in Point Richmond, characterized by bay views, marinas, and rolling hills. The area provides access to Keller Beach and the Miller/Knox Regional Shoreline, which includes trails and picnic areas. The downtown area features cafes, restaurants, galleries, and boutique shops. The two street-level retail spaces are occupied by a hair salon and a nail salon, generating commercial rental income. The property has a size of 9434 square feet.
Key Highlights
- Strong current income and significant future upside potential.
- Mixed‑use property with 38 SRO units and 2 fully leased retail spaces.
- Located in the heart of desirable Point Richmond, a scenic bayside enclave.
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
$136,662
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
4.34%
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%
$2,733,240
$2.7M
Cap Rate 7%
$1,952,314
$2.0M
Cap Rate 9%
$1,518,467
$1.5M
Market Conditions
NOI Build-Up for 9,434 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
$263.8K $27.96/SF
− Vacancy
−$15.3K −$1.62/SF
EGI
$248.5K $26.34/SF
− OpEx
−$111.8K −$11.85/SF
NOI
$136.7K $14.49/SF
Area
Richmond, CA
Vacancy
5.80%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
45.00%
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%
$2,733,240
Cap Rate 7%
$1,952,314
Cap Rate 9%
$1,518,467
Alternative Uses
Best Use
Apartment 5plus
$1.95M
$1.71M – $2.28M
NOI $136,662 @ 7.0% cap · market cap 4.34%
Second Best
Retail
$1.81M
$1.59M – $2.11M
NOI $126,892 @ 7.0% cap · market cap 4.03%
Theoretical Best
Multifamily LT 5
$2.25M
$1.97M – $2.63M
NOI $157,762 @ 7.0% cap · market cap 5.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 94801, CA
33,486
Population
11,012
Households
3
Avg Household Size
34
Median Age
19%
College-Educated
69%
High-School Grad
11.5 sq mi
ZIP Area
2,912
Density / Sq Mi
$75,786
Median Household Income
$40,435
Median Earnings
$1,608
Median Rent
$593,500
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?
Mixed-use property - Mixed-use property with SRO units and retail in Point Richmond.
Where is this mixed-use property located?
The property is located at 1 Richmond Avenue Richmond, CA.
What is the asking price?
The asking price for this property is $3,150,000.
What are key features of this property?
This property features: Strong current income and significant future upside potential.; Mixed‑use property with 38 SRO units and 2 fully leased retail spaces.; Located in the heart of desirable Point Richmond, a scenic bayside enclave.
