Separately Metered
For Sale
$660,000
Pending
450 44th St, Richmond, CA 94805
Four independent units in a fourplex with separate meters and freeway-adjacent access for convenient commuting.
Property Size3,114 SF
Days on Market25
Property Features for 450 44th St
General Information
Standard status
Pending
Size
3,114 SF
Property subtype
Investment
Building Details
Building Size
3,114 SF
Year Built
1962
Units
4
Listing Agency:
Twin Oaks Real Estate Inc
(510) 239-8827
Listed By:
Ambar E Toledo · License #02031803
(510) 239-8827
Source:
Elliman
Added: Jul 21
Changed: Aug 9
Last Checked: Aug 13 at 10:49AM
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 Twin Oaks Real Estate Inc
Investment Insights
Based on property information with market context.
This fourplex offers four separately metered units, helping keep utilities accounted for at the unit level and simplifying owner operations. Each unit has its own utility metering, an efficient setup for managing residential income property expenses.
The property is located next to the freeway, providing convenient access for commuters heading toward the East Bay and San Francisco. Walk and transit options are present in the surrounding area, with a Walk Score of 71 and Transit Score of 41, along with a Bike Score of 59.
As a multifamily residential income asset, the property’s core configuration is a four-unit building designed for straightforward, independently metered occupancy.
The property is located next to the freeway, providing convenient access for commuters heading toward the East Bay and San Francisco. Walk and transit options are present in the surrounding area, with a Walk Score of 71 and Transit Score of 41, along with a Bike Score of 59.
As a multifamily residential income asset, the property’s core configuration is a four-unit building designed for straightforward, independently metered occupancy.
Key Highlights
- Fourplex built in 1962 with four independent units
- Each unit is separately metered, helping keep utility costs off the owner’s books
- Minimal vacancy history with long‑term, stable tenants
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
$52,075
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
7.89%
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%
$1,041,500
$1.0M
Cap Rate 7%
$743,929
$743.9K
Cap Rate 9%
$578,611
$578.6K
Market Conditions
NOI Build-Up for 3,114 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
$78.5K $25.20/SF
− Vacancy
−$4.1K −$1.31/SF
EGI
$74.4K $23.89/SF
− OpEx
−$22.3K −$7.17/SF
NOI
$52.1K $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%
$1,041,500
Cap Rate 7%
$743,929
Cap Rate 9%
$578,611
Alternative Uses
Best Use
Multifamily LT 5
$743.9K
$650.9K – $867.9K
NOI $52,075 @ 7.0% cap · market cap 7.89%
Second Best
Apartment 5plus
$644.4K
$563.9K – $751.8K
NOI $45,110 @ 7.0% cap · market cap 6.83%
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
939
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 - Four independent units in a fourplex with separate meters and freeway-adjacent access for convenient commuting.
Where is this quadplex located?
The property is located at 450 44th St Richmond, CA.
What is the asking price?
The asking price for this property is $660,000.
What are key features of this property?
This property features: Fourplex built in 1962 with four independent units; Each unit is separately metered, helping keep utility costs off the owner’s books; Minimal vacancy history with long‑term, stable tenants
