Two-Building Mixed-Use
New
For Sale
$2,265,000
656 23rd, Richmond, CA 94804
The 10-unit portfolio combines street-level retail with residential apartments and includes on-site parking and garage space.
Property Size6,010 SF
Price / SF$376.87
Days on Market2
Property Features for 656 23rd
General Information
Standard status
Active
Size
6,010 SF
Property subtype
Multi-Family
Site & Location
Traffic Count
19,863 vehicles/day
Road Access
Yes
Units
Unit Mix
2 x 3BR/1BA, 2 x 1BR/1BA, 1 x 2BR/1BA, 1 x studio
Multifamily Units
6
Amenities
back yard
Building Details
Year Built
1920
Buildings
2
Tenancy
Multi
Listing Agency:
Kinetic Real Estate
(415) 525-2234
Listed By:
Inspired Real Estate Group Inc
(916) 622-5341
Source:
Inspiredrealestategroup
Added: Oct 7
Last Checked: Oct 7 at 2:19PM
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 Kinetic Real Estate
Investment Insights
Based on property information with market context.
Two buildings at 652/654 and 656 23rd St comprise a 6,010-square-foot mixed-use property with 10 units: four commercial spaces and six residential units. The residential mix includes apartments above the retail spaces and a ground-floor unit. Updates were completed in 2020. Two residential units are vacant, while other residential and retail units are leased.
The buildings connect by a pedestrian gate, with vehicle entry from Grant Ave. Site improvements include a backyard, an oversized two-car garage, a carport, and a driveway. The property is on 23rd St, which carries 19,863 ADT.
The buildings connect by a pedestrian gate, with vehicle entry from Grant Ave. Site improvements include a backyard, an oversized two-car garage, a carport, and a driveway. The property is on 23rd St, which carries 19,863 ADT.
Key Highlights
- Two‑building portfolio totals 10 units: 4 commercial and 6 residential
- 6,010 square feet across the two properties
- Residential and retail units are leased; two residential units are vacant
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,061
Cap Rate
3.84%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,741,220
$1.7M
Cap Rate 7%
$1,243,729
$1.2M
Cap Rate 9%
$967,344
$967.3K
Market Conditions
NOI Build-Up for 6,010 SF
Gross rent
$168.0K $27.96/SF
− Vacancy
−$9.7K −$1.62/SF
EGI
$158.3K $26.34/SF
− OpEx
−$71.2K −$11.85/SF
NOI
$87.1K $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 Rate 5%
$1,741,220
Cap Rate 7%
$1,243,729
Cap Rate 9%
$967,344
Alternative Uses
Best Use
Apartment 5plus
$1.24M
$1.09M – $1.45M
NOI $87,061 @ 7.0% cap · market cap 3.84%
Second Best
Retail
$1.15M
$1.01M – $1.35M
NOI $80,838 @ 7.0% cap · market cap 3.57%
Theoretical Best
Multifamily LT 5
$1.44M
$1.26M – $1.68M
NOI $100,504 @ 7.0% cap · market cap 4.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
6
Residential units
19,863 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,202
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Mixed-use property - The 10-unit portfolio combines street-level retail with residential apartments and includes on-site parking and garage space.
Where is this mixed-use property located?
The property is located at 656 23rd Richmond, CA.
What is the asking price?
The asking price for this property is $2,265,000.
What are key features of this property?
This property features: Two‑building portfolio totals 10 units: 4 commercial and 6 residential; 6,010 square feet across the two properties; Residential and retail units are leased; two residential units are vacant
