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Listed by John L. Morra, DRE #01884598 • CENTURY 21 Masters
$2,990,000
Est. payment /mo
9,434 SqFt
UPDATED:
Key Details
Property Type Multi-Family, Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 9,434 sqft
Price per Sqft $316
MLS Listing ID BE41140282
Year Built 1914
Lot Size 3,398 Sqft
Property Sub-Type Five or More Units
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
Area Richmond - Point Richmond/Bayfro
Zoning CM3
Interior
Cooling Other
Flooring Other
Exterior
Parking Features No Parking
Roof Type Other
Building
Lot Description Grade - Level, Other
Others
Tax ID 558-110-005-3
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Eric & Janelle Boyenga
Realtors DRE01254724 / 01254725
Realtors DRE01254724 / 01254725