Richmond Multifamily Investment
For Sale
$995,000
1401 Bissell Ave, Richmond, CA 94801
Four units near transit with income and upside potential.
Property Size4,488 SF
Lot Size0.15 Acres
Price / SF$221.70
Days on Market105
Property Features for 1401 Bissell Ave
General Information
Standard status
Active
Size
4,488 SF
Lot size
0.15 Acres
Property subtype
Investment
Building Details
Year Built
1923
Listing Agency:
Security Pacific Real Estate
(510) 435-3624
Listed By:
Colin Davies
(510) 435-3624
Source:
Elliman
Added: Apr 24
Changed: Jul 10
Last Checked: Aug 6 at 6:37AM
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 Security Pacific Real Estate
Investment Insights
Based on property information with market context.
This four-unit multifamily property is located in Richmond’s Civic Center district, near Richmond BART and Amtrak stations. The property, situated on a corner lot of approximately 6,750 square feet, has a total building area of approximately 4,488 square feet. Each of the four units measures approximately 1,122 square feet. One unit, featuring a three-bedroom/one-bathroom layout, is currently vacant, presenting an opportunity for owner-occupancy or market-rate leasing. The remaining three units include a mix of two-bedroom/one-bath and three-bedroom/one-bath layouts. Tenants are responsible for separately paying for water, sewer, gas, electricity, internet, and cable/satellite. The property includes four garage parking spaces. The location provides regional access to Oakland, Berkeley, and San Francisco. The property offers existing income with potential for increased revenue through lease-up of the vacant unit and future rent growth. Verified 2025 operating performance shows $91,437 in Gross Operating Income and $56,865 in Net Operating Income, reflecting a 5.7% cap rate at the $995,000 list price.
Key Highlights
- 5.7% Cap Rate based on verified 2025 operating performance ($56,865 NOI) at $995,000 list price.
- Prime location in Richmond's Civic Center district near Richmond BART and Amtrak, providing regional access.
- Vacant three‑bedroom/one‑bathroom unit (1403) offers immediate owner‑occupancy or market‑rent lease‑up opportunity.
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
$75,052
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
7.54%
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%
$1,501,040
$1.5M
Cap Rate 7%
$1,072,171
$1.1M
Cap Rate 9%
$833,911
$833.9K
Market Conditions
NOI Build-Up for 4,488 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
$113.1K $25.20/SF
− Vacancy
−$5.9K −$1.31/SF
EGI
$107.2K $23.89/SF
− OpEx
−$32.2K −$7.17/SF
NOI
$75.1K $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%
$1,501,040
Cap Rate 7%
$1,072,171
Cap Rate 9%
$833,911
Alternative Uses
Best Use
Multifamily LT 5
$1.07M
$938.2K – $1.25M
NOI $75,052 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$928.8K
$812.7K – $1.08M
NOI $65,014 @ 7.0% cap · market cap 6.53%
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
2,007
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?
Quadplex - Four units near transit with income and upside potential.
Where is this quadplex located?
The property is located at 1401 Bissell Ave Richmond, CA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 5.7% Cap Rate based on verified 2025 operating performance ($56,865 NOI) at $995,000 list price.; Prime location in Richmond's Civic Center district near Richmond BART and Amtrak, providing regional access.; Vacant three‑bedroom/one‑bathroom unit (1403) offers immediate owner‑occupancy or market‑rent lease‑up opportunity.
