1636 Fred Jackson Way

Richmond, CA 94801

A Turnkey, Multi-family Property

Offered at $759,000

1636 Fred Jackson Way

Richmond, CA 94801

A Turnkey, Multi-family Property

Offered at $759,000

 

Overview

1636 Fred Jackson Way is an excellent opportunity to acquire an income property where the new owner can obtain market rate rental income. The subject property is comprised of (1) three-bedroom, one-bathroom unit, (1) two-bedroom, one-bathroom unit, and one (1) studio.

The subject property is conveniently located in North Richmond, which is located near schools, parks, I-580, the Richmond Ferry Terminal, the Richmond-San Rafael Bridge, the Richmond BART station, and charming Point Richmond. This triplex offers approximately 2,164 square feet of rentable space, sitting on a large 5,000 square foot lot.

This property has been remodeled from top to bottom including fresh exterior and interior paint; new windows, flooring; and low maintenance yards. Tenants will appreciate the new kitchens and bathrooms with granite countertops, waterproof flooring, and the garages with washer and dryer hookups that can be used for parking or storage. Pro-Forma financials show that 1636 Fred Jackson Way is an ideal investment opportunity. Low vacancy rates and a strong real estate market are making Richmond an exciting place to purchase an investment property.

MLS # 40931296

Three Units

This unique property features one (1) three bedroom, one bath unit, one (1) two bedroom, one bath unit and a studio.

Bedrooms

Baths

Square Feet

Unit 1

  • 903 sq ft
  • Two bedrooms
  • One full bathroom

Unit 2

  • 972 sq ft
  • Three bedrooms
  • Bonus room off kitchen
  • One full bathroom

Studio

  • 290 sq ft
  • Kitchenette
  • Full Bathroom

Photos

Property Summary
Details
APN
409-181-015
Year Built
1960
Gross Living Area
± 2,164 sq ft
Lot Size
± 5,000 sq ft
Parking
Two (2) Garage Parking Spaces*
Occupancy 
Vacant

 

Utilities
Gas/Electric
Tenant**
Water
Owner or Tenant**
Garbage
Owner

 

*Only units 1 and 2 have garages.
**Gas/Electric and water are for the studio are tied to unit 2.

Highlights
  • Spacious Units
  • Separate PG&E meters (for units 1 and 2)
  • Separate water meters (for units 1 and 2
  • New Roof
  • New Interior and Exterior Paint
  • New Kitchens and Appliances
  • New Bathrooms and Fixtures
  • New Windows
  • New Waterproof Flooring
  • Washer and Dryer Hookups in Garage
  • Rolling Front Security Fence
  • New Front and Back Stairs
  • New Studio Deck
Financial Summary
Comparable Sales

Sales of multi-family properties in the nearby area range from $743,000 – $870,00.

Comparable Rentals

Rentals range from the following:

  • Three Bedroom: $1,200 – $2,500
  • Two Bedroom: $1,200 – 2,500
  • Studio: $800-$1,200
Profit

Gross Pro-Forma Rent            $67,200

Less: Estimated Expenses      $23,681

Net Operating Income            $43,519

Ratios

Gross Rent Multiplier (GRM): 11.29

Capitalization (Cap) Rate: 5.73

Location
  • Easy Access to I-580
  • Close to Schools and Parks
  • 1.7 Miles to Kaiser Hospital
  • 2.2 Miles to Richmond BART Station
  • 2.6 Miles to Point Richmond
  • 3.6 Miles to Richmond Ferry Terminal
  • 2.6 Miles to Richmond-San Rafael Bridge
  • 15.5 Miles to Oakland
  • 21 Miles to San Francisco
Property Summary
Details
APN
409-181-015
Year Built
1960
Gross Living Area
± 2,164 sq ft
Lot Size
± 5,000 sq ft
Parking
Two (2) Garage Parking Spaces*
Occupancy 
Vacant

 

Utilities
Gas/Electric
Tenant**
Water
Owner or Tenant**
Garbage
Owner

 

*Only units 1 and 2 have garages.
**Gas/Electric and water are for the studio are tied to unit 2.

Highlights
  • Spacious Units
  • Separate PG&E meters (for units 1 and 2)
  • Separate water meters (for units 1 and 2
  • New Roof
  • New Interior and Exterior Paint
  • New Kitchens and Appliances
  • New Bathrooms and Fixtures
  • New Windows
  • New Waterproof Flooring
  • Washer and Dryer Hookups in Garage
  • Rolling Front Security Fence
  • New Front and Back Stairs
  • New Studio Deck
Financial Summary
Comparable Sales

Sales of multi-family properties in the nearby area range from $743,000 – $870,00.

Comparable Rentals

Rentals range from the following:

  • Three Bedroom: $1,200 – $2,500
  • Two Bedroom: $1,200 – 2,500
  • Studio: $800-$1,200
Profit

Gross Pro-Forma Rent            $67,200

Less: Estimated Expenses      $23,681

Net Operating Income            $43,519

Ratios

Gross Rent Multiplier (GRM): 11.29

Capitalization (Cap) Rate: 5.73

Location
  • Easy Access to I-580
  • Close to Schools and Parks
  • 1.7 Miles to Kaiser Hospital
  • 2.2 Miles to Richmond BART Station
  • 2.6 Miles to Point Richmond
  • 3.6 Miles to Richmond Ferry Terminal
  • 2.6 Miles to Richmond-San Rafael Bridge
  • 15.5 Miles to Oakland
  • 21 Miles to San Francisco

Presented by

Brandie Newton

Real Estate Broker, IPA Realty