1 Richmond AveRichmond, CA 94801

Property Details for 1 Richmond Ave

Year built

1914

Construction

BRICK

Lot size

0.08 AC

Property size (Sq ft)

9,434 SF

Property type

Office properties

Property subtype

Office buildings

APN

558-110-005-3

APU

5581100053

Description

This exceptional investment opportunity presents the JG Gerlach Building, a 40-unit apartment building located at 1 W Richmond Ave, Richmond, CA 94801. Built in 1914, this three-story, 12,700 square foot building boasts 38 single-room occupancy units and two retail spaces, currently occupied by a hair salon and a nail salon. The property offers a strong current NOI of $293,294, representing a 7.82% cap rate, with a pro-forma NOI of $407,075 and a pro-forma cap rate of 10.86%. The asking price is $3,750,000, or $93,750 per unit, and $295.28 per square foot. Building features include seismically retrofitted masonry construction, a fully sprinklered system, 800 amp electrical service, ten separate storage units, a common area kitchen, a bitumen roof, four shared baths, and two sets of washer/dryer units. Its central location in Point Richmond offers easy access to shops, restaurants, and waterfront parks, ensuring consistent tenant demand. This property presents a compelling blend of historical charm and significant income potential, making it an ideal addition to any investment portfolio.

• CAP approach

  CAP return

  Valuation

  6%

  $2,588,218

  6.5%

  $2,389,124

  7%

  $2,218,472

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,731,104

  Geo Method

  $2,631,237

• Alternative Use

  Use

  Valuation

  Residential

  $2,962,514

  Hospitality

  $2,713,647

  Educational

  $2,257,722

  Medical

  $2,335,369

  Retail

  $3,512,012

Location Insight

City

Richmond

County

Contra Costa

State

California

Latitude

37.925

Longitude

-122.385

CBSA code

41860

CBSA name

SAN FRANCISCO-OAKLAND-FREMONT, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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