22
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$2,990,000
Est. payment /mo
3,397 Sqft Lot
New
1 W Richmond AVE Richmond, CA 94801
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Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82052646
HOA Y/N No
Year Built 1914
Annual Tax Amount $59,535
Lot Size 3,397 Sqft
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.
Location
State CA
County Contra Costa
Area 699 - Not Defined
Zoning CM3
Interior
Heating Electric
Cooling None
Fireplace No
Exterior
Utilities Available Other
Roof Type Composition,Other
Present Use Commercial,Multi-Family
Building
Story 1
Water Other
Others
Tax ID 5581100053
Security Features Fire Sprinkler System
Acceptable Financing Lease Option
Listing Terms Lease Option
Virtual Tour https://my.matterport.com/show/?m=qvvRgwW1MPA
Listed by Mark Caloca BRG Realty #02146982
NEARBY SCHOOL & BUSINESS