Point Richmond Office Investment
For Sale
$975,000
116 Washington Avenue, Richmond, CA 94801
Well-maintained office property in Point Richmond with income potential.
Property Size4,535 SF
Lot Size0.07 Acres
Price / SF$214.99
Days on Market162
Property Features for 116 Washington Avenue
General Information
Standard status
Active
Size
4,535 SF
Lot size
0.07 Acres
Property subtype
Commercial
Building Details
Year Built
1989
Listing Agency:
ENGEL & VOELKERS SAN FRANCISCO
(415) 689-8592
Listed By:
OLEG CRE VERBITSKI
Source:
Corcoran
Added: Feb 27
Changed: Aug 8
Last Checked: Aug 8 at 6:07AM
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 ENGEL & VOELKERS SAN FRANCISCO
Investment Insights
Based on property information with market context.
Located in the heart of Point Richmond, 116 Washington Street presents a prime investment opportunity. Constructed in 1991, this well-maintained office property encompasses 4,535 square feet and is comprised of five individual office suites. The property is currently 80% occupied and has a strong history of tenant demand. The building stands as a testament to quality craftsmanship and enduring value. Historically high occupancy rates and low operational costs make this asset a solid choice for investors seeking stable, income-generating property with long-term growth potential. The property provides reliable in-place income with additional upside through lease-up and market rent growth. Flexible suite configurations accommodate a variety of professional users, allowing tenants to find workspace tailored to their unique needs. The property benefits from walkable access to local retail and dining, a thriving business community, and convenient proximity to major transportation routespositioning it for continued success and appreciation.
Key Highlights
- Strong income‑generating property with a 7.0% current cap rate and 8.1% pro forma cap rate.
- Located in the heart of Point Richmond's commercial hub with walkable access to retail and dining.
- Well‑maintained 4,535 SF office property with a history of high occupancy and tenant demand.
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
$56,233
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
5.77%
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%
$1,124,660
$1.1M
Cap Rate 7%
$803,329
$803.3K
Cap Rate 9%
$624,811
$624.8K
Market Conditions
NOI Build-Up for 4,535 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
$89.8K $19.80/SF
− Vacancy
−$14.8K −$3.27/SF
EGI
$75.0K $16.53/SF
− OpEx
−$18.7K −$4.13/SF
NOI
$56.2K $12.40/SF
Area
Richmond, CA
Vacancy
16.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$1,124,660
Cap Rate 7%
$803,329
Cap Rate 9%
$624,811
Alternative Uses
Best Use
Office B
$803.3K
$702.9K – $937.2K
NOI $56,233 @ 7.0% cap · market cap 5.77%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.08M
$948.0K – $1.26M
NOI $75,838 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
547
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office property in Point Richmond with income potential.
Where is this office building located?
The property is located at 116 Washington Avenue Richmond, CA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: Strong income‑generating property with a 7.0% current cap rate and 8.1% pro forma cap rate.; Located in the heart of Point Richmond's commercial hub with walkable access to retail and dining.; Well‑maintained 4,535 SF office property with a history of high occupancy and tenant demand.
