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Listed by John L. Morra • CENTURY 21 Masters
$ 2,990,000
Est. payment /mo
Active
1 W Richmond Ave Richmond, CA 94801
9,434 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Lowrise (1-3 Flrs)
Listing Status Active
Purchase Type For Sale
Square Footage 9,434 sqft
Price per Sqft $316
Subdivision Point Richmond
MLS Listing ID 41140282
HOA Y/N No
Year Built 1914
Lot Size 3,398 Sqft
Property Sub-Type Lowrise (1-3 Flrs)
Source BAY EAST
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
Interior
Heating Other
Cooling Other
Flooring Other
Fireplace No
Building
Lot Description Level, Premium Lot
Water Water District
Others
Special Listing Condition Offer As Is
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