Former Church in Opportunity
For Sale
$499,998
105 Nevin Ave, Richmond, CA 94801
Former church with outbuildings, potential for live/work units.
Property Size2,040 SF
Price / SF$245.10
Days on Market1036
Property Features for 105 Nevin Ave
General Information
Standard status
Active
Size
2,040 SF
Property subtype
Commercial
Building Details
Year Built
1956
Listing Agency:
RE/MAX ACCORD
(510) 339-4100
Listed By:
MICHAEL HUGHEY · License #01099878
Source:
Corcoran
Added: Oct 12, 2023
Changed: Aug 8
Last Checked: Aug 8 at 1:44PM
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.
This former church property, totaling 2040 square feet, is now vacant. It is located in a Qualified Opportunity Zone and may qualify for special tax incentives. The building features several rooms, kitchen cooking areas, and bathrooms. There are three outbuildings in the back that could be used for various projects or businesses. The property offers ample outdoor parking, including side parking. Previous potential buyers considered building several live/work units due to the Qualified Opportunity Zone designation. The property is suitable for churches and religious facilities, specialty properties, live-work spaces, office properties and spaces, and general commercial real estate.
Key Highlights
- Located in a Qualified Opportunity Zone, potentially offering significant tax incentives.
- Boasting over 2000 sq ft of interior space.
- Includes three outbuildings suitable for various projects or businesses.
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
$26,454
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
5.29%
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%
$529,080
$529.1K
Cap Rate 7%
$377,914
$377.9K
Cap Rate 9%
$293,933
$293.9K
Market Conditions
NOI Build-Up for 2,040 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
$46.5K $22.80/SF
− Vacancy
−$4.2K −$2.05/SF
EGI
$42.3K $20.75/SF
− OpEx
−$15.9K −$7.78/SF
NOI
$26.5K $12.97/SF
Area
Richmond, CA
Vacancy
9.00%
Lease Rate
$22.80 /SF/Yr
Expense Ratio
37.50%
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%
$529,080
Cap Rate 7%
$377,914
Cap Rate 9%
$293,933
Alternative Uses
Best Use
Mixed Use
$377.9K
$330.7K – $440.9K
NOI $26,454 @ 7.0% cap · market cap 5.29%
Second Best
Office B
$361.4K
$316.2K – $421.6K
NOI $25,295 @ 7.0% cap · market cap 5.06%
Theoretical Best
Multifamily LT 5
$487.3K
$426.4K – $568.6K
NOI $34,114 @ 7.0% cap · market cap 6.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,687
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Church & religious facility - Former church with outbuildings, potential for live/work units.
Where is this church & religious facility located?
The property is located at 105 Nevin Ave Richmond, CA.
What is the asking price?
The asking price for this property is $499,998.
What are key features of this property?
This property features: Located in a Qualified Opportunity Zone, potentially offering significant tax incentives.; Boasting over 2000 sq ft of interior space.; Includes three outbuildings suitable for various projects or businesses.
