4140 Fran Way Richmond, CA 94803

This exceptional investment opportunity presents a 12-unit condominium complex in Richmond, CA, situated on a 19,602 sq ft lot. The property, built in 1977 and renovated in 2018, consists of two, two-story buildings totaling 9,790 net rentable square feet. The complex features a mix of ten two-bedroom/one-bathroom and two one-bedroom/one-bathroom units, each with in-unit laundry, private balconies, and a dedicated one-car garage. Currently boasting 100% occupancy, the property generates a strong NOI of $209,265, representing a 5.58% cap rate. Pro-forma NOI is projected at $261,018, resulting in a 6.96% pro-forma cap rate. The asking price is $3,750,000, or $312,500 per unit, and $383.04 per square foot. The property benefits from an established Homeowners Association responsible for common area maintenance. Located near major retailers like Walmart and Target, the complex enjoys a prime location in a low-vacancy submarket. The property's proximity to the upcoming Hilltop Horizon Specific Plan, a large mixed-use development, further enhances its long-term investment potential. The property offers flexible financing options, including seller financing, and qualifies for both residential portfolio and commercial multifamily financing. The conversion to condominiums in 2018 provides the potential for future value appreciation through individual unit sales. Fifteen parking spaces are available for residents. The property's APN is 425-262-001-0. This turnkey asset offers a compelling combination of immediate cash flow and significant long-term appreciation potential.