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
- Full Bathroom
Photos
Front
Driveway
Unit 1: Living Room
Unit 1: Living Room
Unit 1: Kitchen
Unit 1: Kitchen
Unit 1: Kitchen
Unit 1: Hallway
Unit 1: Bedroom
Unit 1: Bedroom
Unit 1: Bedroom
Unit 1: Bedroom
Unit 1: Bathroom
Unit 1: Bathroom
Unit 1: Linen Closet
Unit 1: Hallway
Unit 1: Garage
Unit 2: Living Room
Unit 2: Living Room
Unit 2: Kitchen
Unit 2: Bonus Room
Unit 2: Bedroom
Unit 2: Bonus Room
Unit 2: Eat-in Kitchen
Unit 2: Hallway
Unit 2: Bedroom
Unit 2: Bedroom
Unit 2: Bedroom
Unit 2: Bedroom
Unit 2: Bathroom
Unit 2: Bathroom
Unit 2: Linen Closet
Unit 2: Garage
Studio Entrance
Studio: Living Area
Studio: Living Area
Studio: Storage
Studio: Shower
Studio: Bathroom
Backyard
Property Summary
Details
Utilities
*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
Utilities
*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