2116 Barrett Ave Richmond, CA 94801

This exceptional investment opportunity presents a four-unit multifamily property located in the heart of Richmond, California. The property, situated at 2116-2122 Barrett Avenue, boasts a total of 3,575 square feet on a 5,624 square foot lot. Built in 1960 and extensively renovated between 2020 and 2022, this Class B property features four two-bedroom, one-bathroom units, currently operating at 75% occupancy. Each unit offers covered off-street parking and the property includes a 10x10 shed with potential for additional income. The current Net Operating Income (NOI) is $83,872, with a pro-forma NOI of $99,542, yielding a 6.21% cap rate and a pro-forma cap rate of 7.37%. Additional income is generated through a laundry lease agreement, and there is potential for further revenue through the rentable storage closets in the carport area. The asking price is $1,350,000, translating to $337,500 per unit and $377.62 per square foot. The property's prime location offers easy access to BART, shopping, and major freeways, making it highly attractive to renters. The property is zoned for residential use and features double-pane windows. This is a strong buy-and-hold investment with significant potential for equity appreciation. The property's strong cash flow, combined with its desirable location and recent renovations, makes it an ideal investment for both owner-users and investors seeking a high return on investment.