Richmond Quadplex Investment
For Sale
$869,000
12477 San Pablo Ave, Richmond, CA 94805
Well-maintained four-unit property in Richmond, CA, with strong returns.
Property Size3,000 SF
Lot Size0.11 Acres
Price / SF$289.67
Days on Market159
Property Features for 12477 San Pablo Ave
General Information
Standard status
Active
Size
3,000 SF
Lot size
0.11 Acres
Property subtype
Investment
Building Details
Year Built
1944
Units
4
Listing Agency:
Flat Rate Realty
(510) 890-8028
Listed By:
John Kirkish · License #02070987
Source:
Elliman
Added: Mar 25
Changed: Aug 24
Last Checked: Aug 29 at 11:11AM
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 Flat Rate Realty
Investment Insights
Based on property information with market context.
This quadruplex, located at 12477 San Pablo Ave, Richmond, CA 94805, presents an investment opportunity. Constructed in 1944, the property features four units, each with one bedroom and one bathroom. Each unit is approximately 750 square feet, totaling approximately 3,000 square feet. The property has been consistently well-maintained and upgraded, with most units remodeled to improve desirability and ensure reliable, low-maintenance tenancy. The property is located on a high-traffic corridor with excellent access to highways, transit, and amenities in a resilient Bay Area market. The Gross Cap Rate is 7.44%, and the Net Cap Rate is 4.82%. This turnkey property is ready to perform and is ideal for cash-flow investors or 1031 exchanges. Please note that the neighboring lot and 4-Plex at 12479 is also available for sale.
Key Highlights
- Strong returns: Gross Cap Rate 7.44%, Net Cap Rate 4.82%
- Well‑maintained and upgraded units, ensuring reliable, low‑maintenance tenancy
- Four 1‑bed/1‑bath units, each ~750 sq ft (total ~3,000 sq ft)
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
$50,168
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%
$1,003,360
$1.0M
Cap Rate 7%
$716,686
$716.7K
Cap Rate 9%
$557,422
$557.4K
Market Conditions
NOI Build-Up for 3,000 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
$75.6K $25.20/SF
− Vacancy
−$3.9K −$1.31/SF
EGI
$71.7K $23.89/SF
− OpEx
−$21.5K −$7.17/SF
NOI
$50.2K $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%
$1,003,360
Cap Rate 7%
$716,686
Cap Rate 9%
$557,422
Alternative Uses
Best Use
Multifamily LT 5
$716.7K
$627.1K – $836.1K
NOI $50,168 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$620.8K
$543.2K – $724.3K
NOI $43,458 @ 7.0% cap · market cap 5.00%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
992
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 - Well-maintained four-unit property in Richmond, CA, with strong returns.
Where is this quadplex located?
The property is located at 12477 San Pablo Ave Richmond, CA.
What is the asking price?
The asking price for this property is $869,000.
What are key features of this property?
This property features: Strong returns: Gross Cap Rate 7.44%, Net Cap Rate 4.82%; Well‑maintained and upgraded units, ensuring reliable, low‑maintenance tenancy; Four 1‑bed/1‑bath units, each ~750 sq ft (total ~3,000 sq ft)
