Duplex with Vacant
For Sale
$589,000
3008 Center Avenue, Richmond, CA 94804
MULTI_FAMILY - Richmond, CA
Property Size1,614 SF
Lot Size0.12 Acres
Price / SF$364.93
Days on Market58
Property Features for 3008 Center Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
4
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 4, Bedroom 2, Bathroom 1
Parking features
Off Street
Exterior features
Landscape Front
Appliances
Dryer, Gas Water Heater
Subdivision
Pullman Park
Directions
From Carlson blvd, turn right on center ave..
Standard status
Active
APN
5130350126
Size
1,614 SF
Lot size
0.12 Acres
Utilities
Heating system
Wall Furnace
Building Details
Year built
1940
Number of units
2
Flooring type
Carpet, Linoleum
Building materials
Stucco, Wood Siding
Roof type
Tar/Gravel
Listing Agency:
Keller Williams Realty
(925) 934-2900
Listed By:
Emilio Quinonez
(510) 813-1241
Added: Jun 18
Changed: Aug 4
Last Checked: Aug 14 at 12:06PM
MLS# 41138834
Copyright © 2026 Contra Costa Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Welcome to 3008 Center Avenue, a duplex in Richmond, CA designed for owner-occupant flexibility. One unit is currently vacant and described as move-in ready, while the other unit provides the rental opportunity for a live-and-let-rent setup. The property is approximately 1,614 square feet and sits on a 0.1159-acre lot.
The home’s exterior includes stucco and wood siding with a tar/gravel roof. Interiors feature linoleum and carpet flooring, and heating is provided by a wall furnace. Appliances listed include a dryer and a gas water heater. Off-street parking is available, and the exterior also includes a landscape front feature.
Location convenience is highlighted with the property being about 5 minutes from the BART Richmond station. It is positioned between Nicholl Park and John F. Kennedy Park, supporting access to recreation and commuter routes.
The home’s exterior includes stucco and wood siding with a tar/gravel roof. Interiors feature linoleum and carpet flooring, and heating is provided by a wall furnace. Appliances listed include a dryer and a gas water heater. Off-street parking is available, and the exterior also includes a landscape front feature.
Location convenience is highlighted with the property being about 5 minutes from the BART Richmond station. It is positioned between Nicholl Park and John F. Kennedy Park, supporting access to recreation and commuter routes.
Key Highlights
- One unit vacant and move‑in ready
- Duplex totaling 1,614 SF
- 0.1159‑acre lot
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
$26,990
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
4.58%
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%
$539,800
$539.8K
Cap Rate 7%
$385,571
$385.6K
Cap Rate 9%
$299,889
$299.9K
Market Conditions
NOI Build-Up for 1,614 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
$40.7K $25.20/SF
− Vacancy
−$2.1K −$1.31/SF
EGI
$38.6K $23.89/SF
− OpEx
−$11.6K −$7.17/SF
NOI
$27.0K $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%
$539,800
Cap Rate 7%
$385,571
Cap Rate 9%
$299,889
Alternative Uses
Best Use
Multifamily LT 5
$385.6K
$337.4K – $449.8K
NOI $26,990 @ 7.0% cap · market cap 4.58%
Second Best
Apartment 5plus
$334.0K
$292.3K – $389.7K
NOI $23,381 @ 7.0% cap · market cap 3.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,367
Businesses Nearby
Explore this area
Business Placement
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 Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - One unit is vacant and move-in ready in this duplex with off-street parking and wall furnace heat.
Where is this duplex located?
The property is located at 3008 Center Avenue Richmond, CA.
What is the asking price?
The asking price for this property is $589,000.
What are key features of this property?
This property features: One unit vacant and move‑in ready; Duplex totaling 1,614 SF; 0.1159‑acre lot
