Historic Two-Unit
For Sale
$799,000
213 Nicholl Ave, Richmond, CA 94801
Built in 1904 and positioned near restaurants, shops, schools, markets, and shoreline recreation.
Property Size1,836 SF
Days on Market14
Property Features for 213 Nicholl Ave
General Information
Standard status
Active
Size
1,836 SF
Property subtype
Multi Family Home
Occupancy
100%
Additional Details
Multifamily Units
2
Building Details
Building Size
1,836 SF
Year Built
1904
Tenancy
Multi
Listing Agency:
RE/MAX Accord
(510) 915-3235
Listed By:
Michael Hughey · License #01099878
(510) 915-3235
Source:
Brucebaldwin
Added: Aug 10
Changed: Aug 23
Last Checked: Aug 23 at 11:46AM
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 RE/MAX Accord
Investment Insights
Based on property information with market context.
This two-unit duplex at 213 Nicholl Ave was built in 1904 and is located in Point Richmond. Both residences are currently tenant occupied, providing an existing income-producing configuration for the next owner.
The property is near local restaurants, shops, pubs, schools, markets, and the weekend farmers market. Hotel Mac, Bayshore Trail, Keller Beach, and the Miller Knox shoreline area are also identified nearby, with access to hiking, boating, fishing, and additional trails.
The property is near local restaurants, shops, pubs, schools, markets, and the weekend farmers market. Hotel Mac, Bayshore Trail, Keller Beach, and the Miller Knox shoreline area are also identified nearby, with access to hiking, boating, fishing, and additional trails.
Key Highlights
- Two‑unit duplex built in 1904
- Both units are currently tenant occupied
- Located at 213 Nicholl Ave, Richmond, CA 94801
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
$30,703
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
3.84%
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%
$614,060
$614.1K
Cap Rate 7%
$438,614
$438.6K
Cap Rate 9%
$341,144
$341.1K
Market Conditions
NOI Build-Up for 1,836 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
$46.3K $25.20/SF
− Vacancy
−$2.4K −$1.31/SF
EGI
$43.9K $23.89/SF
− OpEx
−$13.2K −$7.17/SF
NOI
$30.7K $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%
$614,060
Cap Rate 7%
$438,614
Cap Rate 9%
$341,144
Alternative Uses
Best Use
Multifamily LT 5
$438.6K
$383.8K – $511.7K
NOI $30,703 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$379.9K
$332.5K – $443.3K
NOI $26,596 @ 7.0% cap · market cap 3.33%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
491
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
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Frequently Asked Questions
What type of property is this?
Duplex - Built in 1904 and positioned near restaurants, shops, schools, markets, and shoreline recreation.
Where is this duplex located?
The property is located at 213 Nicholl Ave Richmond, CA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two‑unit duplex built in 1904; Both units are currently tenant occupied; Located at 213 Nicholl Ave, Richmond, CA 94801
