San Pablo Multifamily Investment
For Sale
$1,495,000
2215 Dover Ave, San Pablo, CA 94806
Six units in San Pablo near transit and amenities.
Property Size4,888 SF
Price / SF$305.85
Days on Market147
Property Features for 2215 Dover Ave
General Information
Standard status
Active
Size
4,888 SF
Property subtype
Apt Complex
Building Details
Building Size
4,888 SF
Year Built
1950
Listing Agency:
The Pinza Group, Inc
(510) 725-4775
Listed By:
Steven Pinza · License #01867691
(510) 725-4775
Source:
Annnewtoncane
Added: Apr 7
Changed: Aug 25
Last Checked: Aug 30 at 11:57PM
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 features six units, including two 3-bedroom, 1-bathroom units exceeding 1,000 square feet and four 1-bedroom, 1-bathroom units of nearly 700 square feet. The property includes on-site laundry facilities and low-maintenance landscaping. Recent exterior paint and roof resurfacing have been completed. Located in San Pablo, the property offers access to public transportation, shopping centers, schools, Kaiser Medical Center, and the Richmond Marina. It also provides convenient access to I-580 and I-80 freeways, as well as the Richmond Ferry Terminal. The building size is 4,888 square feet.
Key Highlights
- Six units: Two spacious 3bd/1bth (over 1,000 SqFt) and Four 1bd/1bth (nearly 700 SqFt).
- Located in San Pablo, a growing city with no rent control.
- Convenient location near public transit, shopping, schools, Kaiser Medical Center, and Richmond Marina.
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
$77,702
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
5.20%
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%
$1,554,040
$1.6M
Cap Rate 7%
$1,110,029
$1.1M
Cap Rate 9%
$863,356
$863.4K
Market Conditions
NOI Build-Up for 4,888 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
$148.4K $30.36/SF
− Vacancy
−$7.1K −$1.46/SF
EGI
$141.3K $28.90/SF
− OpEx
−$63.6K −$13.01/SF
NOI
$77.7K $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%
$1,554,040
Cap Rate 7%
$1,110,029
Cap Rate 9%
$863,356
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$971.3K – $1.30M
NOI $77,702 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.85M
$1.62M – $2.16M
NOI $129,336 @ 7.0% cap · market cap 8.65%
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 units in San Pablo near transit and amenities.
Where is this apartment building located?
The property is located at 2215 Dover Ave San Pablo, CA.
What is the asking price?
The asking price for this property is $1,495,000.
What are key features of this property?
This property features: Six units: Two spacious 3bd/1bth (over 1,000 SqFt) and Four 1bd/1bth (nearly 700 SqFt).; Located in San Pablo, a growing city with no rent control.; Convenient location near public transit, shopping, schools, Kaiser Medical Center, and Richmond Marina.
