18-Unit Apartment
For Sale
$1,375,000
210 Tunnel Avenue, Richmond, CA 94801
SRO-style property with a mix of private rooms and one-bedroom apartments in Richmond’s Point Richmond neighborhood.
Property Size4,699 SF
Lot Size0.12 Acres
Price / SF$292.62
Days on Market119
Property Features for 210 Tunnel Avenue
General Information
Standard status
Active
Size
4,699 SF
Lot size
0.12 Acres
Occupancy
100%
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
3 x 1BR/1BA, 15 x SRO (kitchen, shared bath)
Multifamily Units
18
Additional Details
Gross Income
$156,000
Amenities
backyard
Basement, Extra Storage, Sprinkler System Landscape
Baseboard
Building Details
Building Size
4,699 SF
Year Built
1912
Stories
2
Listing Agency:
Intero Real Estate Services
(415) 846-3506
Listed By:
Mindy Tsoi
(415) 846-3506
Source:
Evrealestate
Added: May 6
Changed: Aug 30
Last Checked: Aug 31 at 3:39PM
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 Intero Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1912, this apartment property contains 18 units on a 5,440-square-foot lot at 210 Tunnel Avenue in Richmond. The configuration includes three one-bedroom, one-bath apartments and 15 units with kitchens and shared bathrooms. Most units have been upgraded, and the property is fully rented.
Outdoor space includes a landscaped backyard with mature trees and a seating area. The property is near freeway access, shopping, and local amenities. Operating responsibilities identified for the property include owner-paid PG&E, water, and garbage, while tenants handle Wi-Fi and cable. The sale is offered as-is.
Outdoor space includes a landscaped backyard with mature trees and a seating area. The property is near freeway access, shopping, and local amenities. Operating responsibilities identified for the property include owner-paid PG&E, water, and garbage, while tenants handle Wi-Fi and cable. The sale is offered as-is.
Key Highlights
- 18 units on a 5,440 sq.ft lot
- Unit mix includes 3 - 1br/1ba apartments and 15 units with kitchens and shared bathrooms
- Built in 1912; majority of units have been upgraded
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
$68,070
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
4.95%
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%
$1,361,400
$1.4M
Cap Rate 7%
$972,429
$972.4K
Cap Rate 9%
$756,333
$756.3K
Market Conditions
NOI Build-Up for 4,699 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
$131.4K $27.96/SF
− Vacancy
−$7.6K −$1.62/SF
EGI
$123.8K $26.34/SF
− OpEx
−$55.7K −$11.85/SF
NOI
$68.1K $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%
$1,361,400
Cap Rate 7%
$972,429
Cap Rate 9%
$756,333
Alternative Uses
Best Use
Apartment 5plus
$972.4K
$850.9K – $1.13M
NOI $68,070 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.12M
$982.3K – $1.31M
NOI $78,580 @ 7.0% cap · market cap 5.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18
Residential units
100%
Occupancy
Yes
Highway access
Yes
Utilities to site
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 Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - SRO-style property with a mix of private rooms and one-bedroom apartments in Richmond’s Point Richmond neighborhood.
Where is this apartment building located?
The property is located at 210 Tunnel Avenue Richmond, CA.
What is the asking price?
The asking price for this property is $1,375,000.
What are key features of this property?
This property features: 18 units on a 5,440 sq.ft lot; Unit mix includes 3 - 1br/1ba apartments and 15 units with kitchens and shared bathrooms; Built in 1912; majority of units have been upgraded
