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    2520 Ohio Ave Richmond, CA 94804

    Sponsored
    For Sale
    $4,399,000

    34-unit apartment building, high potential.

    Property size:
    16,142 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    391
    This exceptional 34-unit apartment building presents a compelling investment opportunity in Richmond, CA. Situated on a substantial 29,500 square foot lot, this two-story, 16,142 square foot building boasts a desirable unit mix: 10 studios, 22 one-bedroom/one-bath, and 2 two-bedroom/one-bath units. Each unit includes one designated surface parking space. Built in 1942, the property enjoys a Walk Score of 74 and a Bike Score of 78, offering residents convenient access to nearby parks (Boorman, Nicholl, and J F Kennedy) and public transportation (AC Transit with connections to Berkeley, Emeryville, Oakland, and San Francisco), as well as the Richmond BART station. The property benefits from a strong location within a thriving East Bay community, offering proximity to San Francisco, Marin County, and the East Bay. Richmond's affordability and access to major employment centers make it an attractive destination for commuters. The property's current cap rate is 6.40%, with a pro-forma cap rate of 9.10%, indicating significant upside potential. The asking price is $4,399,000, translating to $129,382.35 per unit and $272.52 per square foot. Significant value-add potential exists through lease-up of currently vacant units (over $140,000 in annual potential rental income) and the implementation of a ratio utility billing system. This property offers a blend of strong cash flow and appreciation potential, making it an ideal investment for both income-focused and long-term growth-oriented investors.

    Property Features for 2520 Ohio Ave

    General Information

    Property type
    Multifamily properties
    Square Feet
    16,142 SF

    Building Details

    Year Built
    1942
    Buildings
    1
    Stories
    2
    Units
    34

    HighLights

    • 34‑unit multifamily property: 2 two‑bath/one‑bath units, 22 one‑bed/one‑bath units, and 10 studios.
    • Excellent location near dining, shopping, and Richmond BART station.
    • Features a secure gated entry and recreational area.
    • Large 29,500 square foot lot.
    • Significant upside potential with over $140,000 in annual loss to lease.
    • Opportunity to implement a ratio utility billing system.
    Property Profile Location Intelligence

    Current Use by Public Records

    Ohio ave School

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Gym & Fitness Building Supply

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Richmond
    County
    Contra Costa
    State
    California
    Longitude
    -122.3446144
    Latitude
    37.9305694

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    FAQs

    What type of property is this?
    Multifamily property - 34-unit apartment building, high potential.
    Where is this multifamily property located?
    The property is located at 2520 Ohio Ave Richmond, CA.
    What is the asking price?
    The asking price for this property is $4,399,000.
    What are key features of this property?
    This property features: 34-unit multifamily property: 2 two-bath/one-bath units, 22 one-bed/one-bath units, and 10 studios.; Excellent location near dining, shopping, and Richmond BART station.; Features a secure gated entry and recreational area.
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    Richmond, CA 94804
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    2520 Ohio Ave Richmond, CA 94804
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