Connected Automotive Repair
New
For Sale
$1,195,000
251 24th St, Richmond, CA 94804
The property comprises connected automotive improvements on a commercial parcel.
Property Size4,000 SF
Lot Size0.23 Acres
Price / SF$149.38
Days on Market2
Property Features for 251 24th St
General Information
Standard status
Active
Size
4,000 SF
Lot size
0.23 Acres
Property subtype
Automotive
Building Details
Building Size
4,000 SF
Year Built
1947
Listed By:
Steven Johnson · License #CalDRE #02221530
(707) 297-5200
Source:
7s
Added: Sep 2
Last Checked: Sep 2 at 2:15PM
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 Steven Johnson
Investment Insights
Based on property information with market context.
The property consists of connected automotive repair improvements spanning approximately 8,000 square feet. The facility occupies approximately 10,019 square feet of land and was constructed in 1947.
The offering includes the adjoining addresses of 245 and 251 24th Street in Richmond, California. Its configuration combines the two street addresses into one connected automotive facility.
The offering includes the adjoining addresses of 245 and 251 24th Street in Richmond, California. Its configuration combines the two street addresses into one connected automotive facility.
Key Highlights
- Approximately 8,000 SF of connected automotive facility space
- Approximately 10,019 SF of land
- Automotive repair facility at 245 & 251 24th Street
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
$107,604
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
9.00%
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%
$2,152,080
$2.2M
Cap Rate 7%
$1,537,200
$1.5M
Cap Rate 9%
$1,195,600
$1.2M
Market Conditions
NOI Build-Up for 8,000 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
$168.0K $21.00/SF
− Vacancy
−$14.3K −$1.79/SF
EGI
$153.7K $19.22/SF
− OpEx
−$46.1K −$5.76/SF
NOI
$107.6K $13.45/SF
Area
Richmond, CA
Vacancy
8.50%
Lease Rate
$21.00 /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%
$2,152,080
Cap Rate 7%
$1,537,200
Cap Rate 9%
$1,195,600
Alternative Uses
Best Use
Retail
$1.54M
$1.35M – $1.79M
NOI $107,604 @ 7.0% cap · market cap 9.00%
Second Best
Industrial
$709.1K
$620.5K – $827.3K
NOI $49,638 @ 7.0% cap · market cap 4.15%
Theoretical Best
Multifamily LT 5
$1.91M
$1.67M – $2.23M
NOI $133,782 @ 7.0% cap · market cap 11.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
63k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 41%
Electronics 6%
Hotels & Casinos 1%
McDonald's
Dining
24,154 visits/mo
0.1 miles
AMPM
Shops & Services
10,558 visits/mo
0.2 miles
Taco Bell
Dining
8,948 visits/mo
0.2 miles
7-Eleven
Shops & Services
8,825 visits/mo
0.1 miles
O'Reilly Auto Parts
Shops & Services
6,370 visits/mo
0.1 miles
Demographics for 94804, CA
45,108
Population
16,659
Households
2.7
Avg Household Size
37
Median Age
32%
College-Educated
78%
High-School Grad
6.5 sq mi
ZIP Area
6,940
Density / Sq Mi
$86,430
Median Household Income
$46,473
Median Earnings
$1,825
Median Rent
$618,000
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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- Pine Towing — 363 S 36th St, Richmond, CA 94804
Frequently Asked Questions
What type of property is this?
Auto shop - The property comprises connected automotive improvements on a commercial parcel.
Where is this auto shop located?
The property is located at 251 24th St Richmond, CA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Approximately 8,000 SF of connected automotive facility space; Approximately 10,019 SF of land; Automotive repair facility at 245 & 251 24th Street
