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    151 Park Pl Richmond, CA 94801

    Sponsored
    For Sale
    $4,950,000

    Prime Retail Space, High NOI, 7% Cap Rate

    Property size:
    18,405 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    393
    This exceptional retail property at 151-157 Park Place in Richmond, CA, presents a rare owner-user or investment opportunity. Located in Point Richmond's historic district, at the corner of Park Place and W. Richmond Avenue, this property boasts 18,405 square feet of net rentable space, offering significant potential. Originally two buildings, it was renovated in 2017 into a single, contiguous structure on a 0.212-acre lot (APN 558-122-047). The building features high-end finishes, including kitchenettes and restrooms on each floor, elevator service, and HVAC, ensuring accessibility. Currently housing a long-term tenant with multiple California locations and a ground-floor pizzeria, the property is zoned MCM-2 Commercial Mixed-Use. The spacious layout allows for single-tenant occupancy or division into multiple units for investment purposes. The second floor includes a rear balcony. Built in 1992, the property offers a strong NOI of $346,536 and an attractive 7.00% cap rate, making it an ideal investment at an asking price of $4,950,000 ($270/sq ft). Its convenient location just off the Castro exit of I-580, in a walkable area with numerous amenities, ensures high visibility and accessibility for both clients and employees. The approximately 3,145 square feet of garage space adds further value to this remarkable offering.

    Property Features for 151 Park Pl

    General Information

    Property type
    Individual retail properties
    Square Feet
    18,405 SF
    Lot Size
    9,235 SF

    Building Details

    Year Built/Renovated
    1992/2017
    Property Profile Location Intelligence

    Current Use by Public Records

    Extreme Pizza Pizza Restaurant

    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
    -122.3848897
    Latitude
    37.9261066

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    FAQs

    What type of property is this?
    Individual retail property - Prime Retail Space, High NOI, 7% Cap Rate
    Where is this individual retail property located?
    The property is located at 151 Park Pl Richmond, CA.
    What is the asking price?
    The asking price for this property is $4,950,000.
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    151 Park Pl Richmond, CA 94801
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    Richmond, CA 94801
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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
    151 Park Pl Richmond, CA 94801
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