Updated Six-Unit Apartment
New
For Sale
$1,225,000
3321 Barrett Avenue, Richmond, CA 94805
Well-maintained multifamily property with varied unit layouts, separate utility metering, garages, and additional off-street parking.
Property Size5,367 SF
Days on Market2
Property Features for 3321 Barrett Avenue
General Information
Standard status
Active
Size
5,367 SF
Property subtype
Multi-Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
4 x 2BR, 2 x 1BR
Multifamily Units
6
Building Details
Building Size
5,367 SF
Year Built
1950
Buildings
2
Units
6
Listing Agency:
Kite Hill Real Estate
Listed By:
Jatin Mehta · License #02045713
(415) 795-2797
Source:
Commercialcafe
Added: Sep 5
Last Checked: Sep 6 at 4:39AM
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 Kite Hill Real Estate
Investment Insights
Based on property information with market context.
Built in 1950, this well-maintained apartment property contains six units arranged across two structures: a four-unit building with four two-bedroom residences and a duplex with two one-bedroom residences. The two-bedroom units are close to 1,000 square feet each, while the one-bedroom units are just under 800 square feet, with an average unit size of nearly 900 square feet.
Water, gas, and electricity are separately metered for each unit. Improvements include updated electrical panels and windows in many residences, along with maintained exterior features, freshly paved garage areas, and brick trim. The property includes six garages plus additional off-street parking.
Located at 3321 Barrett Avenue in Richmond's North & East district, the property is 1 mile from I-80 and 1.3 miles from Richmond BART, providing access to regional transportation connections.
Water, gas, and electricity are separately metered for each unit. Improvements include updated electrical panels and windows in many residences, along with maintained exterior features, freshly paved garage areas, and brick trim. The property includes six garages plus additional off-street parking.
Located at 3321 Barrett Avenue in Richmond's North & East district, the property is 1 mile from I-80 and 1.3 miles from Richmond BART, providing access to regional transportation connections.
Key Highlights
- Six‑unit property with four 2‑bedroom units and two 1‑bedroom units
- Built in 1950 with average unit size of nearly 900 square feet
- Separate metering for water, gas, and electricity
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
$77,747
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
6.35%
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%
$1,554,940
$1.6M
Cap Rate 7%
$1,110,671
$1.1M
Cap Rate 9%
$863,856
$863.9K
Market Conditions
NOI Build-Up for 5,367 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
$150.1K $27.96/SF
− Vacancy
−$8.7K −$1.62/SF
EGI
$141.4K $26.34/SF
− OpEx
−$63.6K −$11.85/SF
NOI
$77.7K $14.49/SF
Area
Richmond, CA
Vacancy
5.80%
Lease Rate
$27.96 /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%
$1,554,940
Cap Rate 7%
$1,110,671
Cap Rate 9%
$863,856
Alternative Uses
Best Use
Apartment 5plus
$1.11M
$971.8K – $1.30M
NOI $77,747 @ 7.0% cap · market cap 6.35%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.28M
$1.12M – $1.50M
NOI $89,751 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,546
Businesses Nearby
Explore this area
Business Placement
Demographics for 94805, CA
14,958
Population
6,076
Households
2.5
Avg Household Size
41
Median Age
44%
College-Educated
86%
High-School Grad
1.9 sq mi
ZIP Area
7,873
Density / Sq Mi
$114,191
Median Household Income
$57,133
Median Earnings
$2,272
Median Rent
$738,800
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 - Well-maintained multifamily property with varied unit layouts, separate utility metering, garages, and additional off-street parking.
Where is this apartment building located?
The property is located at 3321 Barrett Avenue Richmond, CA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Six‑unit property with four 2‑bedroom units and two 1‑bedroom units; Built in 1950 with average unit size of nearly 900 square feet; Separate metering for water, gas, and electricity
