1 Richmond Ave Richmond, CA 94801-3948

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.