Building Details

Year Built 1961

Listing Agency: THE PINZA GROUP, INC Show Phone

Listed By: DAVID HOWARTH · License #01360348 Show Phone

Source: Corcoran

Added: Sep 5, 2025 Changed: Oct 14 Last Checked: Oct 14 at 11:37PM

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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 THE PINZA GROUP, INC

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Investment Insights

Based on property information with market context.

This 8-unit apartment complex is an investment property with current income and rental upside. Built in 1961, the property features eight 1-bedroom, 1-bathroom units and is currently fully occupied. The building provides approximately 3,480 square feet of rental space on a 6,400 square foot lot, with off-street parking available. The interior has been fully remodeled with new kitchens, bathrooms, flooring, and lighting. Exterior upgrades include newer paint, seal-coated asphalt, a new roof, new fencing, and newer exterior lighting. The property is easy to manage and is separately metered for PGE, contributing to low annual operating expenses. Both the interior and exterior are in great condition with no deferred maintenance. The property is near restaurants, coffee shops, and shopping in Downtown Vallejo. It is also a short drive to HWY 37, the Vallejo Marina, and Mare Island.

Key Highlights

• Excellent current income with strong rental upside.
• 100% occupied, providing immediate cash flow.
• Fully remodeled interiors with new kitchens, bathrooms, flooring, and lighting.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$60,786

Cap Rate

4.07%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,215,720 $1.2M

Cap Rate 7%

$868,371 $868.4K

Cap Rate 9%

$675,400 $675.4K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,480 SF

Gross rent

$116.1K $33.36/SF

− Vacancy

−$5.6K −$1.60/SF

EGI

$110.5K $31.76/SF

− OpEx

−$49.7K −$14.29/SF

NOI

$60.8K $17.47/SF

Area

Vallejo, CA

Vacancy

4.80%

Lease Rate

$33.36 /SF/Yr

Expense Ratio

45.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,215,720

Cap Rate 7%

$868,371

Cap Rate 9%

$675,400

Alternative Uses

Best Use

Apartment 5plus

$868.4K

$759.8K – $1.01M (±1% cap)

NOI $60,786 @ 7.0% cap · market cap 4.07%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.69M

$1.48M – $1.98M (±1% cap)

NOI $118,557 @ 7.0% cap · market cap 7.93%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Kitchen & Bath Showroom (Bike/Boat/Book/etc) Store Pharmacy Butcher Veterinary Clinic Tanning Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,685

Businesses Nearby

Explore this area Business Placement

Demographics for 94590, CA

39,981

Population

16,500

Households

2.4

Avg Household Size

38

Median Age

26%

College-Educated

87%

High-School Grad

6.6 sq mi

ZIP Area

6,058

Density / Sq Mi

$66,957

Median Household Income

$43,383

Median Earnings

$1,768

Median Rent

$510,700

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - Fully remodeled 8-unit apartment complex with strong rental upside.

Where is this apartment building located?

The property is located at 601 Alabama St Vallejo, CA.

What is the asking price?

The asking price for this property is $1,495,000.

What are key features of this property?

This property features: Excellent current income with strong rental upside.; 100% occupied, providing immediate cash flow.; Fully remodeled interiors with **new kitchens, bathrooms, flooring, and lighting.**