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627 Richardson St

6 Unit Block of Flats £977,280 (£162,880/Unit) 5.45% Net Initial Yield Martinez, CA 94553

Investment Highlights

  • Freshly Painted & Upgraded Exterior and Two Units Delivered Vacant
  • Current Rents are Roughly 30% Below Market Rate - Presenting an Opportunity for Significant Rental Upside & No City Rent Control
  • Coin-Operated Laundry On-Site for Increased Rental Income, as well as a Covered Carport Boasting 1:1 Off-Street Parking
  • Prime Martinez Location - Blocks from the Martinez Marina and Near Coffee Shops, Restaurants, Hospital, Schools, Parks, and Public Transportation

Executive Summary

This prime investment opportunity at 627 Richardson Street in Martinez, CA, features six 1-bedroom, 1-bath units on a 5,000 sq. ft. lot. With a stable tenant base and two vacant units, there is potential for owner occupancy or leasing at market rent. Current rents are approximately 30% below market, offering significant upside through turnover, capital improvements, or tenant buyouts. Situated in an area free from city rent control, this property is ideally located just blocks from the Martinez Marina and near popular coffee shops, restaurants, hospitals, schools, parks, and public transportation. The property just underwent an exterior facade and paint project, significantly increasing the aesthetic appeal.
Situated along the southern shore of the Carquinez Strait in the San Francisco Bay Area, Martinez boasts unique architecture, with downtown shops and restaurants maintaining an early 20th-century charm. The city was once home to John Muir, “The Father of Our National Park System,” and his influence can be felt at the John Muir National Historic Site, as well as in Martinez’s 16 city parks and marina. Residents enjoy outdoor activities at the popular Martinez Regional Shoreline and can engage in local nightlife at spots like Armando’s for live music or the California Magic Dinner Theatre. With Amtrak, BART, and easy access to I-680 and State Route 4, Martinez offers seamless connectivity to the wider Bay Area.

Property Facts

Price £977,280
Price Per Unit £162,880
Sale Type Investment
Net Initial Yield 5.45%
Gross Rent Multiplier 12.6
No. Units 6
Property Type Residential
Property Subtype
Apartment
  • Multifamily Manufactured Housing Mobile Home Park
  • Office Office Residential
  • Multifamily Dormitory
Apartment Style Low Rise
Building Class C
Lot Size 0.11 AC
Building Size 3,639 SF
Number of Floors 2
Year Built 1955
Parking Ratio 3.3/1,000 SF

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 6 - 606
Walk Score ®
Walker's Paradise (91)
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.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
373-221-009-5
Land Assessment
£273,378
Improvements Assessment
£547,792
Total Assessment
£821,170
  • Listing ID: 33524277

  • Date on Market: 15/10/2024

  • Last Updated:

  • Address: 627 Richardson St, Martinez, CA 94553

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