417 Verde Ave
Richmond, CA 94801
9.13 Cap & 8.17 GRM & No Rent Control · Multifamily Property For Sale · 8 Units

417 Verde Avenue in Richmond is a 1950's constructed multifamily building consisting of four 2bd/1bth & four 3bd/1bth units. All with varying floorplans and square footage. The property is located in unincorporated North Richmond, meaning the property is NOT subject to rent control. Buyer to verify conformity of units. The building is of wood frame construction with stucco exterior. The property is of exceptional quality coupled with many recent renovations throughout. The property has been exceptionally well-kept over the years and has received numerous recent upgrades by the current owner including: newer landscaping, new paint on the exterior, new kitchens/bathrooms, carpet/tile, interior paint, fixtures, and appliances. There is a central courtyard which is protected by a surrounding gate, and ample parking.Each unit is separately metered for gas and electricity. The rents are significantly below market which allows the new investor to raise rents upon turnover. The property is situated close to 580 and 80 freeways, and a short distance to the Bart station. This is a tremendous opportunity to acquire an investment property in a pride of ownership neighborhood that is in a strong rental market with a lack of developable land, good demographics, and a diverse economic base. Over the long-term life of this building, this will continue to be a desirable location with little downside risk. Two bedroom apartments provide for a very stable and reliable income stream as apartments like these will always be in high demand. Units of this size are also highly desirable due to the quality of the location, proximity to the employment centers in the Bay Area. CONTACT STEVEN PINZA, ESQ. FOR A COMPLETE MARKETING PACKAGE