3
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$2,990,000
Est. payment /mo
3,397 Sqft Lot
Active
1 W Richmond Ave Richmond, CA 94801
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Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
Subdivision Point Richmond
MLS Listing ID 41140282
HOA Y/N No
Year Built 1914
Lot Size 3,397 Sqft
Property Description
nstitutional-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.
Location
State CA
County Contra Costa
Zoning CM3
Interior
Heating See Remarks
Cooling See Remarks
Fireplace No
Building
Lot Description Street Level
Others
Tax ID 5581100053
Listed by John L. Morra CENTURY 21 Masters #01884598
NEARBY SCHOOL & BUSINESS
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