1 W Richmond Ave, Richmond, CA 94801
- $2,990,000
Listed by John L. Morra, (510) 200-4449 from CENTURY 21 Masters
(If provided) CoList: Mark Caloca from BRG Realty
- List Price
- $2,990,000
- MLS#
- BE41140282
- Status
- ACTIVE
- Lot Size
- 3,398
- Listing Area
- Richmond - Point Richmond/Bayfro
- Year Built
- 1914
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.
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Additional Information
- Acres
- 0.08
- Amenities
- None
- Cooling System
- Other
- Floor Covering
- Other
- Garage Parking
- No Parking
- Lot Description
- Grade - Level, Other
- Lot Size
- 3,398
- Neighborhood
- Richmond - Point Richmond/Bayfro
- Numberof Units
- 40
- Other Rooms
- Basement - Storage Area
- Roof
- Other
- Unincorporated Yn
- Yes
- Zoning
- CM3
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