Well-Maintained 13-Unit Apartment
New
For Sale
$3,550,000
510 E N St, Benicia, CA 94510
Thirteen residences offer a mix of two-bedroom apartments and a separate studio cottage with assigned covered parking and individual storage.
Property Size9,744 SF
Price / SF$364.33
Days on Market7
Property Features for 510 E N St
General Information
Standard status
Active
Size
9,744 SF
Property subtype
Multi-Family
Units
Unit Mix
12 x 2BR/1BA, 1 x studio cottage
Multifamily Units
13
Amenities
covered assigned parking
dedicated storage unit for each residence
washer and dryer
75-gallon hot water heater
separately metered units
mature landscaping
well-maintained common areas
Building Details
Year Built
1968
Listing Agency:
North Valley Real Estate Advisors
Listed By:
Marc Guillon · License #01839798
(415) 987-7544
Source:
Sacramentoareahouses
Added: Sep 13
Changed: Sep 18
Last Checked: Sep 19 at 9:36AM
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 North Valley Real Estate Advisors
Investment Insights
Based on property information with market context.
Built in 1968, this 9,744-square-foot apartment property contains 13 residences: twelve two-bedroom, one-bath units and one standalone studio cottage. The buildings and site have received ongoing ownership investment, including unit upgrades during turnover, an engineered drainage system, roof coatings on two buildings, and recurring parking lot sealing and striping. Mature landscaping and maintained common areas contribute to the property’s overall presentation.
Each building includes an owned washer and dryer and a 75-gallon hot water heater. Units are separately metered, while covered assigned parking and a dedicated storage unit are provided for each residence. The existing tenant base is current on payments, with no outstanding collections or tenant balances reported. The property is located at 510 E N St in Benicia, California.
Each building includes an owned washer and dryer and a 75-gallon hot water heater. Units are separately metered, while covered assigned parking and a dedicated storage unit are provided for each residence. The existing tenant base is current on payments, with no outstanding collections or tenant balances reported. The property is located at 510 E N St in Benicia, California.
Key Highlights
- 13 units totaling 9,744 SF
- Unit mix includes twelve two‑bedroom, one‑bath units and one standalone studio cottage
- Built in 1968 with ongoing unit and site improvements
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
$147,862
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
4.17%
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%
$2,957,240
$3.0M
Cap Rate 7%
$2,112,314
$2.1M
Cap Rate 9%
$1,642,911
$1.6M
Market Conditions
NOI Build-Up for 9,744 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
$280.6K $28.80/SF
− Vacancy
−$11.8K −$1.21/SF
EGI
$268.8K $27.59/SF
− OpEx
−$121.0K −$12.42/SF
NOI
$147.9K $15.17/SF
Area
Solano County, CA
Vacancy
4.20%
Lease Rate
$28.80 /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%
$2,957,240
Cap Rate 7%
$2,112,314
Cap Rate 9%
$1,642,911
Alternative Uses
Best Use
Apartment 5plus
$2.11M
$1.85M – $2.46M
NOI $147,862 @ 7.0% cap · market cap 4.17%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.25M
$2.85M – $3.79M
NOI $227,607 @ 7.0% cap · market cap 6.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
13
Residential units
Location Intelligence
Trade Area within ½ mile
777
Businesses Nearby
Explore this area
Business Placement
Demographics for 94510, CA
27,174
Population
11,463
Households
2.4
Avg Household Size
46
Median Age
46%
College-Educated
96%
High-School Grad
29.2 sq mi
ZIP Area
931
Density / Sq Mi
$125,222
Median Household Income
$70,569
Median Earnings
$2,234
Median Rent
$778,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Thirteen residences offer a mix of two-bedroom apartments and a separate studio cottage with assigned covered parking and individual storage.
Where is this apartment building located?
The property is located at 510 E N St Benicia, CA.
What is the asking price?
The asking price for this property is $3,550,000.
What are key features of this property?
This property features: 13 units totaling 9,744 SF; Unit mix includes twelve two‑bedroom, one‑bath units and one standalone studio cottage; Built in 1968 with ongoing unit and site improvements
