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80% LTV Financing /34 Units /Great Cash Flow! 2520 Ohio Ave

34 Unit Apartment Building $6,235,450 CAD ($183,396 CAD/Unit) 7.02% Cap Rate Richmond, CA 94804

Investment Highlights

  • 34 Units: (2) Two-Bath/One-Bath, (22) One-Bed/One-Bath, and (10) Studios.
  • Property Features Private Security Gate, And Recreation Area.
  • Over $140K In Annual Loss To Lease.
  • Located In Close Proximity To Dining, Shopping, and Richmond BART.
  • Situated On A Massive 29,500 SqFt Lot.
  • Opportunity To Implement A Ratio Utility Billing System Program As Units Turnover.

Executive Summary

2520 Ohio Avenue presents the opportunity for an investor to acquire a 34-unit multifamily residential property nestled in the heart of Richmond, California. This well-maintained two-story building is situated on a generous 29,500 square foot lot in close proximity to the Richmond BART Station. Constructed in 1942, the building totals 16,152 square feet and has a unit mix consisting of (10) Studio, (22) One-Bedroom/One-Bath, and (2) Two-Bedroom/One-Bath units. The property has 34 designated surface parking spaces which provides each unit with one parking space.
The property features a Walk Score of 74 and a Bike Score of 78, providing residents convenience as most daily errands are easily accomplished with or without a car. It is walking distance to Boorman Park, Nicholl Park, and J F Kennedy Park. The property also provides convenient access to AC Transit Bus Stops which has stops in Berkeley, Emeryville, Oakland, and San Francisco.
Richmond is a thriving East Bay community situated just thirty minutes from the bustling streets of San Francisco. Renowned for its affordability and access to San Francisco, Marin County, and the East Bay, Richmond is a destination for commuters who seek a balance between urban vibrancy and suburban tranquility.
Richmond is known for its cultural richness, with the iconic Richmond Auditorium hosting captivating concerts, while the quaint charm of Point Richmond invites exploration with its array of boutique shops and eateries. Residents benefit from its proximity to the jobs of San Francisco, the serenity of wine country, and the abundance of northern California's treasures, all easily accessible. The shortage of housing units, rent growth, strong economic fundamentals, and income upside make 2520 Ohio Avenue an excellent investment opportunity for both the cash flow and appreciation minded investor.

Property Facts

Price $6,235,450 CAD
Price Per Unit $183,396 CAD
Sale Type Investment
Cap Rate 7.02%
Gross Rent Multiplier 7.47
No. Units 34
Property Type Multifamily
Property Subtype Apartment
Apartment Style Low Rise
Building Class C
Lot Size 0.68 AC
Building Size 16,152 SF
Average Occupancy 100%
No. Stories 2
Year Built/Renovated 1942/2024
Parking Ratio 2.11/1,000 SF

Unit Mix Information

Description No. Units Avg. Rent/Mo SF
Studios 10 - 270
1+1 22 - 425 - 600
2+1 2 - 750
Walk Score ®
Very Walkable (73)
Bike Score ®
Very Bikeable (78)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®
  • Listing ID: 31845746

  • Date on Market: 2024-05-17

  • Last Updated:

  • Address: 2520 Ohio Ave, Richmond, CA 94804

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