Mixed-Use Office and Restaurant
For Sale
Contact for pricing
151-157 Park Pl, Richmond, CA 94801
Contiguous building with elevator and HVAC service, featuring ground-floor pizzeria space and abundant gated parking.
Property Size19,491 SF
Price / SF$157.77
Days on Market422
Property Features for 151-157 Park Pl
General Information
Standard status
Active
Size
19,491 SF
Total Parking Spaces
15
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
elevator
HVAC
handicapped accessible
kitchenette
balcony/deck
balconies
finished alley way
Listing Agency:
Newmark | San Rafael
(415) 526-7676
Listed By:
Haden Ongaro · License #00916960
(415) 526-7649
Source:
Moodyscre
Added: Jul 18, 2025
Changed: Aug 15
Last Checked: Sep 12 at 11:34AM
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 Newmark | San Rafael
Investment Insights
Based on property information with market context.
This offering is a combined, contiguous office and restaurant building originally comprised of two structures, consolidated in 2017. The property is elevator and HVAC served and is handicapped accessible, with high-end finishes throughout. The ground floor includes an established pizzeria, and the remainder of the building is scheduled to be delivered vacant as of January 1, 2026. Kitchenette facilities are located on the first floor of 157, with a balcony/deck off the back. Balconies are also present on the second floors of both 157 and 155.
The building is located in the heart of Point Richmond’s historical district at the corner of Park Place and W. Richmond Avenue, just off the Castro exit of I-580. An enclosed, finished alley connection runs at the rear of the building toward Railroad Avenue. Parking includes seven gated and enclosed spaces below the building, plus gravel parking in the rear with eight additional spaces, along with street parking in front on Park Place. Access to the parking and garage is handled through an agreement with neighboring ownership.
The configuration supports use as a single-tenant building or a split arrangement for a multi-tenant investment property, depending on how the available space is arranged after delivery.
The building is located in the heart of Point Richmond’s historical district at the corner of Park Place and W. Richmond Avenue, just off the Castro exit of I-580. An enclosed, finished alley connection runs at the rear of the building toward Railroad Avenue. Parking includes seven gated and enclosed spaces below the building, plus gravel parking in the rear with eight additional spaces, along with street parking in front on Park Place. Access to the parking and garage is handled through an agreement with neighboring ownership.
The configuration supports use as a single-tenant building or a split arrangement for a multi-tenant investment property, depending on how the available space is arranged after delivery.
Key Highlights
- Contiguous property formed in 2017 by combining two original buildings into one building and parcel
- Ground‑floor pizzeria space included; property will be delivered vacant as of January 1, 2026 (per remarks)
- Elevator and HVAC served; handicapped accessible
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
$241,684
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
7.86%
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%
$4,833,680
$4.8M
Cap Rate 7%
$3,452,629
$3.5M
Cap Rate 9%
$2,685,378
$2.7M
Market Conditions
NOI Build-Up for 19,491 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
$385.9K $19.80/SF
− Vacancy
−$63.7K −$3.27/SF
EGI
$322.2K $16.53/SF
− OpEx
−$80.6K −$4.13/SF
NOI
$241.7K $12.40/SF
Area
Richmond, CA
Vacancy
16.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$4,833,680
Cap Rate 7%
$3,452,629
Cap Rate 9%
$2,685,378
Alternative Uses
Best Use
Specialty Retail
$4.20M
$3.67M – $4.89M
NOI $293,651 @ 7.0% cap · market cap 9.55%
Second Best
Office B
$3.45M
$3.02M – $4.03M
NOI $241,684 @ 7.0% cap · market cap 7.86%
Theoretical Best
Multifamily LT 5
$4.66M
$4.07M – $5.43M
NOI $325,943 @ 7.0% cap · market cap 10.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
547
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
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Frequently Asked Questions
What type of property is this?
Office units - Contiguous building with elevator and HVAC service, featuring ground-floor pizzeria space and abundant gated parking.
Where is this office units located?
The property is located at 151-157 Park Pl Richmond, CA.
What is the asking price?
The asking price for this property is $3,075,000.
What are key features of this property?
This property features: Contiguous property formed in 2017 by combining two original buildings into one building and parcel; Ground‑floor pizzeria space included; property will be delivered vacant as of January 1, 2026 (per remarks); Elevator and HVAC served; handicapped accessible
