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Matt Cossell

matt@mattcossellteam.com +1(408) 761-3271

Listed by Mark Caloca • BRG Realty, DRE#02146982

$2,990,000

Est. payment - /mo

9,434 SqFt

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UPDATED:

Key Details

Property Type Commercial

Sub Type Commercial Property

Listing Status Active

Purchase Type For Sale

Square Footage 9,434 sqft

Price per Sqft $316

MLS Listing ID ML82052646

Year Built 1914

Lot Size 3,398 Sqft

Property Sub-Type Commercial Property

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 Richmond - Point Richmond/Bayfro

Zoning CM3

Interior

Heating Electric

Cooling None

Exterior

Parking Features No Garage, On Street

Utilities Available Other

Roof Type Composition,Other

Present Use Business/Professional,Commercial,Hotel/Motel,Mixed,Multi-Family,Multiple Dwelling,Office,Retail,Other

Building

Story 1

Foundation Concrete Slab

Sewer Sewer - Public

Water Other

Level or Stories 1

Others

Restrictions None

Tax ID 558-110-005-3

Security Features Fire Alarm ,Fire System - Sprinkler

Special Listing Condition Not Applicable

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Matt Cossell

+1(408) 761-3271

Top 1% Realtor | License ID: 01382971

Top 1% Realtor License ID: 01382971

1 W Richmond AVE Richmond, CA 94801

Matt Cossell

Key Details

Location

Interior

Exterior

Building

Others