Multifamily Property with Covered
New
For Sale
$1,120,000
512 S 16th St, Richmond, CA 94804
The property includes natural gas service, a washer and dryer, and covered parking options.
Property Size5,192 SF
Price / SF$215.72
Days on Market2
Property Features for 512 S 16th St
General Information
Standard status
Active
Size
5,192 SF
Property subtype
Residential Income
Amenities
Natural Gas
Dryer, Washer
Covered, Parking Lot, Carport
Building Details
Building Size
5,192 SF
Year Built
1964
Listing Agency:
CHRISTIE'S INT'L RE SERENO
Listed By:
Brandon Payton · License #01886199
(925) 967-8737
Source:
Evrealestate
Added: Sep 26
Last Checked: Sep 26 at 3:03PM
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 CHRISTIE'S INT'L RE SERENO
Investment Insights
Based on property information with market context.
Built in 1964, this multifamily property offers 5,192 square feet of building area. Interior features include natural gas service and a washer and dryer. Exterior parking options include a covered parking area, a parking lot, and a carport.
The property is located at 512 S 16th St in Richmond, within Contra Costa County.
The property is located at 512 S 16th St in Richmond, within Contra Costa County.
Key Highlights
- 5,192 square feet of building area
- Built in 1964
- Natural gas service
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
$75,212
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
6.72%
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%
$1,504,240
$1.5M
Cap Rate 7%
$1,074,457
$1.1M
Cap Rate 9%
$835,689
$835.7K
Market Conditions
NOI Build-Up for 5,192 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
$145.2K $27.96/SF
− Vacancy
−$8.4K −$1.62/SF
EGI
$136.7K $26.34/SF
− OpEx
−$61.5K −$11.85/SF
NOI
$75.2K $14.49/SF
Area
Richmond, CA
Vacancy
5.80%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
45.00%
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%
$1,504,240
Cap Rate 7%
$1,074,457
Cap Rate 9%
$835,689
Alternative Uses
Best Use
Apartment 5plus
$1.07M
$940.2K – $1.25M
NOI $75,212 @ 7.0% cap · market cap 6.72%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.24M
$1.09M – $1.45M
NOI $86,824 @ 7.0% cap · market cap 7.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
734
Businesses Nearby
Explore this area
Business Placement
Demographics for 94804, CA
45,108
Population
16,659
Households
2.7
Avg Household Size
37
Median Age
32%
College-Educated
78%
High-School Grad
6.5 sq mi
ZIP Area
6,940
Density / Sq Mi
$86,430
Median Household Income
$46,473
Median Earnings
$1,825
Median Rent
$618,000
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Multifamily property - The property includes natural gas service, a washer and dryer, and covered parking options.
Where is this multifamily property located?
The property is located at 512 S 16th St Richmond, CA.
What is the asking price?
The asking price for this property is $1,120,000.
What are key features of this property?
This property features: 5,192 square feet of building area; Built in 1964; Natural gas service
