1 W Richmond Avenue, Richmond, CA, CA 94801
- $2,990,000
- List Price
- $2,990,000
- Status
- ACTIVE
- MLS#
- ML82052646
- County
- Contra Costa
- Zoning
- CM3
- Year Built
- 1914
- Square Feet
- 9,434
- Lot Size (acres)
- 0.078
- Days on Market
- 32
- Property Type
- Commercial
Property Description
Institutional-grade, core-plus mixed-use acquisition opportunity in the high-barrier-to-entry submarket of Point Richmond. The historic J.G. Gerlach Building presents a stabilized asset with a robust recurring revenue profile, offering immediate cash-on-cash returns paired with significant pro-forma rental upside. The asset features a diversified revenue stream comprised of 38 residential Single Room Occupancy units generating stable, non-cyclical cash flows due to historically low structural vacancy, anchored by two fully leased ground-floor commercial retail suites (established hair and nail salons) under stable, recurring commercial lease agreements. A comprehensive capital expenditures underwriting benefit includes a recently replaced brand-new roof and a fully modernized, updated electrical distribution system, drastically mitigating near-term operational risk, reducing deferred maintenance reserves, and optimizing future Net Operating Income. Backed by a recent independent valuation of $3,900,000. Positioned in a premier, walkable coastal enclave with close proximity to Keller Beach and Miller/Knox Regional Shoreline, this asset is a highly defensible yield, immediate multi-stream cash flow, and an excellent inflation hedge with embedded organic rental growth potential.
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Additional Information
- Taxes
- $59,535
- Parcel Number
- 5581100053
- Gross Scheduled Income
- $429,936
- Security Features
- Fire Sprinkler System
- Utilities
- Other
- Heat
- Electric
- Cooling
- Yes
- Cooling Description
- None
- Roof
- Composition, Other
- Water
- Other
Listing courtesy of Listing Agent: Mark Caloca (mcaloca1@icloud.com) from Listing Office: BRG Realty.
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.