Four-Unit Apartment
For Sale
$955,000
5801 Madison Avenue, Richmond, CA 94804
Four separately metered one-bedroom apartments near civic services, shopping, dining, freeways, and public transportation.
Property Size2,714 SF
Price / SF$351.88
Days on Market335
Property Features for 5801 Madison Avenue
General Information
Standard status
Active
Size
2,714 SF
Property subtype
Multi Family
Taxes and HOA fees
Annual Taxes
$20,271
Building Details
Year Built
1944
Listing Agency:
Intero Real Estate Services
(408) 981-6012
Listed By:
Alana Lam · License #01049403
(408) 981-6012
Source:
Exitrealty
Added: Sep 30, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:58PM
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 Intero Real Estate Services
Investment Insights
Based on property information with market context.
This four-unit apartment property contains four one-bedroom, one-bath residences, creating a compact multifamily configuration with consistent unit layouts. Each apartment has its own gas and electric meter, supporting separate utility accounting. The property was built in 1944.
The building is located down the street from El Cerrito City Hall and offers access to nearby shops, restaurants, freeways, and public transportation. Its unit count and individual metering provide a straightforward structure for multifamily ownership and management.
The building is located down the street from El Cerrito City Hall and offers access to nearby shops, restaurants, freeways, and public transportation. Its unit count and individual metering provide a straightforward structure for multifamily ownership and management.
Key Highlights
- Four one‑bedroom, one‑bath apartment units
- Separate gas and electric meters for each unit
- Built in 1944
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
$45,385
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
4.75%
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%
$907,700
$907.7K
Cap Rate 7%
$648,357
$648.4K
Cap Rate 9%
$504,278
$504.3K
Market Conditions
NOI Build-Up for 2,714 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
$68.4K $25.20/SF
− Vacancy
−$3.6K −$1.31/SF
EGI
$64.8K $23.89/SF
− OpEx
−$19.5K −$7.17/SF
NOI
$45.4K $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%
$907,700
Cap Rate 7%
$648,357
Cap Rate 9%
$504,278
Alternative Uses
Best Use
Multifamily LT 5
$648.4K
$567.3K – $756.4K
NOI $45,385 @ 7.0% cap · market cap 4.75%
Second Best
Apartment 5plus
$561.6K
$491.4K – $655.3K
NOI $39,315 @ 7.0% cap · market cap 4.12%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
912
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?
Quadplex - Four separately metered one-bedroom apartments near civic services, shopping, dining, freeways, and public transportation.
Where is this quadplex located?
The property is located at 5801 Madison Avenue Richmond, CA.
What is the asking price?
The asking price for this property is $955,000.
What are key features of this property?
This property features: Four one‑bedroom, one‑bath apartment units; Separate gas and electric meters for each unit; Built in 1944
