5533 Madison Avenue, Richmond , CA, 94804

5533 Madison Avenue Richmond , CA 94804

FOR SALE
Property Type:
MultiFamily Apartments
Amount:
$1,750,000
Last Verified:
Dec 03, 2021

Highlights

  • 1981 Construction
  • Strong Submarket Rent Growth 5.2% YOY, 7.7% Forecasted for 2022 per CoStar
  • Newly updated Exterior & Select Units
  • Premier Richmond/El Cerrito Border Location, Within 10 Minute Walk of Del Norte BART Station, 3 Blocks From I-80 On- & Off-Ramps
  • WalkScore of 85/100 - "Very Walkable" Most Errands Can Be Accomplished On Foot
  • Significant Upside Potential in Rents
  • Attractive Unit Mix
  • Individual Garages
  • On-site Laundry

Description

Berger & Associates of NAI Northern California is pleased to present the exclusive opportunity to invest in a prime 7-unit at 5533 Madison Ave in the Richmond Annex bordering El Cerrito, CA. The property consists of five 2-bed, 1-bath units, one 1-bed, 1-bath unit, and one 3-bed, 1-bath unit, each with an individual garage built in 1982. The units are individually metered for PG&E, keeping expenses low, and owned coin-operated laundry machines provide additional income. The owner has made consistent improvements to the property, including new landscaping, new paint, and some renovated units. Additionally, the current rents at the property are on average 38% below market creating tremendous income upside for the new owner.

5533 Madison Ave is located within .5 miles of the Del Norte BART Station, I-80 on- and off-ramps, and several restaurants and retailers. WalkScore® gives the property a rating of 85 out of 100, meaning that most errands can be accomplished on foot. The city of Richmond is the second-largest city in Contra Costa County and is located 5 miles north of Berkeley, 7 miles north of Oakland, and 14 miles east of San Francisco. Because of its relative rental affordability, core East Bay location, and multiple commuting options, Richmond is a popular commuter city and attracts tenants that work throughout the Bay Area. Despite the COVID-19 Pandemic, rents in Richmond have continued to have positive year-over-year rent growth, with 5.2% YOY for 2021 and 7.7% forecasted by CoStar for 2022, making it one of the best performing rental submarkets throughout the Bay Area.


Year Built: 1982
Building Size: 6101sq ft
Lot Size: 0.22 acres

Map of 5533 Madison Avenue, Richmond , CA, 94804

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What are Real Estate Incentives?

Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

Why are Real Estate Incentives Important and to Whom?

"Incentives" are vital today and in the future because:

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