2520 Ohio Ave Richmond, CA 94804

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.