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Richmond Multifamily Investment Opportunity

2520 Ohio Ave, Richmond, CA 94804

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For Sale

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34-unit multifamily property in Richmond, close to BART station.

Type:Multifamily

Property size:

16,142 SF

Lot size:

0.68 Acres

Price / SF:

$272/SF

HighLights

34‑unit multifamily property in Richmond, CA - a strong investment opportunity.
Favorable unit mix: (10) Studio, (22) One‑Bedroom/One‑Bath, and (2) Two‑Bedroom/One‑Bath units.
Conveniently located near the Richmond BART Station.
Each unit includes a designated surface parking space.
High Walk Score of 74 and Bike Score of 78 indicating ease of completing errands without a car.
Located near multiple parks.

We can help!

Listing Contact

Ismael Benhamida

For Sale

Contact for pricing

34-unit multifamily property in Richmond, close to BART station.

Type:Multifamily

Property size:

16,142 SF

Lot size:

0.68 Acres

Price / SF:

$272/SF

Added:: May 18, 2024
Days on Market:: 752
Last Refresh:: May 12 at 10:54 pm

Property Features for 2520 Ohio Ave

General Information

Standard status: Active
Size: 16,142 SF
Lot size: 0.68 Acres
Property subtype: Multifamily

Building Details

Year Built: 1942

We can help!

Listing Contact

Ismael Benhamida

Listing agent Ismael Benhamida License #CA 01722847

Listing office Compass San Francisco - Hanna John Azar

Listing date May 18, 2024

Source Crexi

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 Compass San Francisco - Hanna John Azar

HighLights

34‑unit multifamily property in Richmond, CA - a strong investment opportunity.
Favorable unit mix: (10) Studio, (22) One‑Bedroom/One‑Bath, and (2) Two‑Bedroom/One‑Bath units.
Conveniently located near the Richmond BART Station.
Each unit includes a designated surface parking space.
High Walk Score of 74 and Bike Score of 78 indicating ease of completing errands without a car.
Located near multiple parks.

Overview

Located in Richmond, California, 2520 Ohio Avenue is a 34-unit multifamily residential property. Constructed in 1942, this two-story building totals 16,152 square feet and is situated on a 29,500 square foot lot. The unit mix consists of 10 studio apartments, 22 one-bedroom/one-bath units, and 2 two-bedroom/one-bath units. The property has 34 designated surface parking spaces, providing one space for each unit. The property is located in close proximity to the Richmond BART Station. With a Walk Score of 74 and a Bike Score of 78, most daily errands can be accomplished with or without a car. It is within walking distance to Boorman Park, Nicholl Park, and J F Kennedy Park. The property also provides convenient access to AC Transit Bus Stops with service to Berkeley, Emeryville, Oakland, and San Francisco. Richmond is known for its cultural richness, with the iconic Richmond Auditorium hosting concerts, while the quaint charm of Point Richmond invites exploration with its array of boutique shops and eateries. Residents benefit from proximity to San Francisco jobs, wine country, and Northern California's attractions.

Local Financial Insights For Apartment 5plus

Simulate Cap Rate and NOI

NOI Build-Up

Component	$	$/SF
Gross rent	$451.3k	$27.96
− Vacancy	−$26.2k	−$1.62
EGI	$425.2k	$26.34
− OpEx	−$191.3k	−$11.85
NOI	$233.8k	$14.49

16,142 SF · lease $27.96/SF/yr · vacancy 5.80% · expense 45.00%

Alternative Uses

Best Use

Apartment 5plus

$3.34M

$2.92M – $3.90M (±1% cap)

NOI $233,834 @ 7.0% cap · market cap 5.32%

Second Best

—

no second resolved use

Theoretical Best

Multifamily LT 5

$3.86M

$3.37M – $4.50M (±1% cap)

NOI $269,938 @ 7.0% cap · market cap 6.14%

Zoning and permitted uses should be independently verified with local authorities.

Property Profile Location Intelligence

Current Use by Public Records

Ohio ave High School

Suggested Use

Location Insight

Map
Local Demand

City: Richmond
County: Contra Costa
State: California
Longitude: -122.3446713
Latitude: 37.9305946

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For sale
Apartment buildings
CA
Richmond
94804
2520 Ohio Ave

What type of property is this?

Apartment building - 34-unit multifamily property in Richmond, close to BART station.

Where is this apartment building located?

The property is located at 2520 Ohio Ave Richmond, CA.

What is the asking price?

The asking price for this property is $4,399,000.

What are key features of this property?

This property features: 34‑unit multifamily property in Richmond, CA - a strong investment opportunity.; Favorable unit mix: **(10) Studio, (22) One‑Bedroom/One‑Bath, and (2) Two‑Bedroom/One‑Bath units.**; Conveniently located near the Richmond BART Station.