3321 Barrett Avenue
- Income Potential: Solid in-place income of $10,030 per month and $120,828 annually averaging $1,672 per unit.
- Rental Upside: Over 30% upside in rental income and close to 50% upside in net operating income.
- Strong Unit Mix: This property features a 4-unit building with (4) 2-bedroom units, and a duplex with (2) 1-bedroom units.
- Spacious Units: 2 bed units are close to 1,000 sqft and the 1 bed units are just under 800 SQFT with the average sqft per unit is close to 900.
- Separately Metered: Each unit is equipped with separate water, gas, and electric meters keeping operating expenses manageable for the new owner.
- Capital Improvements: Many units have been recently updated, including upgraded electrical panels and windows. The exterior is meticulously maintained with freshly paved garage areas and well-kept brick trim, offering a perfect balance of vintage charm and modern living.
- Off-Street Parking: 6 garages plus extra off-street parking spaces available for tenants.
- Prime Location: Situated in the desirable North & East district area of Richmond, California, this property offers investors access to a thriving rental market with strong demand. With 1 mile from the I-80 freeway and 1.3 mile from Richmond Bart, this location is extremely attractive for renters.
Property Description
3321 Barrett Ave is a well-maintained 6-unit building built in the 1950s, offering an attractive investment opportunity. The property consists of a four-unit building with four 2-bedroom units, along with a duplex featuring two 1-bedroom units. Each unit offers ample space, with the 2-bedroom units close to 1,000 square feet and the 1-bedroom units just under 800 square feet. On average, each unit spans nearly 900 square feet. The building is separately metered for water, gas, and electricity, which helps keep operating expenses low for the new owner. Currently, the property generates over $10,000 per month with over 30% upside in gross rents and nearly 50% upside in net operating income. Many of the units have been recently updated, including upgrades to electrical panels and windows, while the exterior has been meticulously maintained with freshly paved garage areas and well-kept brick trim. The result is a perfect blend of vintage charm and modern living. The property is also well-equipped for tenants, with six garages and additional off-street parking spaces available. Its prime location in the desirable North & East district of Richmond, California, further enhances its appeal. Located just 1 mile from the I-80 freeway and 1.3 miles from Richmond Bart, this location offers convenient access to transportation, making it highly attractive to renters and providing a thriving rental market with strong demand.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| Price: | $1,225,000 |
| No. of Units: | 6 |
| Year Built: | 1950 |
| Lot Size: | 0.23 Acres |
| Opportunity Zone: | No |
| Price per unit: | $204,167 |
| Property Website | Click Here |
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