San Pablo Multifamily
For Sale
$1,595,000
1937 Powell St, San Pablo, CA 94806
Six-unit apartment building in San Pablo, built in 1972.
Property Size4,518 SF
Price / SF$353.03
Days on Market149
Property Features for 1937 Powell St
General Information
Standard status
Active
Size
4,518 SF
Property subtype
Multi Family Home
Building Details
Building Size
4,518 SF
Year Built
1972
Listing Agency:
The Pinza Group, Inc
(510) 725-4775
Listed By:
Steven Pinza · License #01867691
(510) 725-4775
Source:
Brucebaldwin
Added: Mar 28
Changed: Aug 23
Last Checked: Aug 22 at 7:37AM
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 The Pinza Group, Inc
Investment Insights
Based on property information with market context.
This multifamily property, constructed in 1972, features six 2-bedroom, 1-bathroom units. Located in San Pablo, a city without rent control, the property offers a combination of cash flow and long-term potential. On-site amenities include parking and laundry facilities. The property presents a value-add opportunity through unit renovations and rental increases. Its location provides convenient access to public transportation, shopping centers, schools, Kaiser Medical Center, and the Richmond Marina. Additionally, the property is near I-580 and I-80.
Key Highlights
- Located in San Pablo, a growing city with no rent control
- Six 2‑bedroom/1‑bathroom units
- Value‑add opportunity through unit renovations and rental upside
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
$71,820
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
4.50%
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%
$1,436,400
$1.4M
Cap Rate 7%
$1,026,000
$1.0M
Cap Rate 9%
$798,000
$798.0K
Market Conditions
NOI Build-Up for 4,518 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
$137.2K $30.36/SF
− Vacancy
−$6.6K −$1.46/SF
EGI
$130.6K $28.90/SF
− OpEx
−$58.8K −$13.01/SF
NOI
$71.8K $15.90/SF
Area
Contra Costa County, CA
Vacancy
4.80%
Lease Rate
$30.36 /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%
$1,436,400
Cap Rate 7%
$1,026,000
Cap Rate 9%
$798,000
Alternative Uses
Best Use
Apartment 5plus
$1.03M
$897.8K – $1.20M
NOI $71,820 @ 7.0% cap · market cap 4.50%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.71M
$1.49M – $1.99M
NOI $119,546 @ 7.0% cap · market cap 7.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,333
Businesses Nearby
Explore this area
Business Placement
Demographics for 94806, CA
64,589
Population
21,360
Households
3
Avg Household Size
36
Median Age
23%
College-Educated
79%
High-School Grad
7.9 sq mi
ZIP Area
8,176
Density / Sq Mi
$82,818
Median Household Income
$43,355
Median Earnings
$2,013
Median Rent
$582,000
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?
Apartment building - Six-unit apartment building in San Pablo, built in 1972.
Where is this apartment building located?
The property is located at 1937 Powell St San Pablo, CA.
What is the asking price?
The asking price for this property is $1,595,000.
What are key features of this property?
This property features: Located in San Pablo, a growing city with no rent control; Six 2‑bedroom/1‑bathroom units; Value‑add opportunity through unit renovations and rental upside
