Multi-Suite Office
For Sale
$975,000
116 Washington Avenue, Richmond, CA 94801
Commercial Sale, Other - Richmond, CA
Property Size4,535 SF
Lot Size0.07 Acres
Price / SF$214.99
Days on Market124
Property Features for 116 Washington Avenue
General Information
Property type
Commercial Sale
Property subtype
Office
Standard status
Active
APN
5581400032
Size
4,535 SF
Lot size
0.07 Acres
Building Details
Year built
1989
Architectural style
Other
Listing Agency:
Engel & Völkers San Francisco Union Street
(415) 689-8592
Listed By:
Oleg CRE Verbitski
(415) 236-3767
Added: Jun 12
Changed: Jul 15
Last Checked: Oct 13 at 5:06PM
MLS# 426107265
Copyright © 2026 Engel & Völkers. 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.
116 Washington Avenue is a well-maintained office property constructed in 1991, offering 4,535 square feet configured as five individual office suites. The building is currently 80% occupied and has a history of tenant demand, supported by multiple suite layouts that can accommodate a range of professional uses.
The property is located in Richmond, CA (Point Richmond area) and benefits from walkable access to local retail and dining, along with convenient proximity to major transportation routes.
This is a for-sale offering at $975,000, reflecting a 7.0% current cap rate and 8.1% pro forma cap rate. The stated underwriting suggests in-place income with additional potential tied to lease-up and market rent growth.
The property is located in Richmond, CA (Point Richmond area) and benefits from walkable access to local retail and dining, along with convenient proximity to major transportation routes.
This is a for-sale offering at $975,000, reflecting a 7.0% current cap rate and 8.1% pro forma cap rate. The stated underwriting suggests in-place income with additional potential tied to lease-up and market rent growth.
Key Highlights
- High current (7.0%) and pro forma (8.1%) cap rates offer reliable income and growth potential.
- Well‑maintained 4,535 SF office property with a history of strong tenant demand.
- Located in the heart of Point Richmond's commercial hub with walkable access to retail and dining.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$56,233
Cap Rate
5.77%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
5
Office units
80%
Occupancy
Multi-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office 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?
Office building - 4,535 SF office building built in 1991 with five suites and 80% occupancy.
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: High current (7.0%) and pro forma (8.1%) cap rates offer reliable income and growth potential.; Well‑maintained 4,535 SF office property with a history of strong tenant demand.; Located in the heart of Point Richmond's commercial hub with walkable access to retail and dining.
