1401 Bissell Ave, Richmond, California 94801, Richmond, - bed, bath
ACTIVE$995,000
1401 Bissell Ave, Richmond, California 94801
0Bed
0Bath
Sqft
6,750Lot
Year Built
1923
Close
-
List price
$995K
Original List price
$1.05M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
41081437
Home ConditionFair
Features
View-
About this home
Professionally managed and fully occupied, this Bay Area investment provides immediate stability and robust cash flow. Verified 2024 financials show an annual rental income of $88,927 plus $809 in parking revenue, totaling $89,736 in gross income, and a $54,360 NOI. Transparent expenses include $14,448 in taxes and $4,117 in insurance, minimizing volatility. Projected 2025 gross scheduled income is $98,640, with a 5.87% cap rate at current performance and up to 9.06% at Fair Market Rent (FMR). The 2025 cap rate, new property tax at reassessment, and FMR are accounted for at the current list price. Located in a high-demand area known for low vacancy,—ideal for a seamless 1031 exchange or a strategic addition to your portfolio.
Price History
Date
Event
Price
09/28/25
Price Change
$995,000
01/03/25
Listing
$1,050,000
Neighborhood Comparison
| Subject | Average Home | Neighbourhood Ranking (4 Listings) | |
|---|---|---|---|
| Beds | 0 | 0 | |
| Baths | 0 | 0 | |
| Square foot | 0 | 0 | |
| Lot Size | 6,750 | 5,000 | 80% |
| Price | $995K | $750K | 80% |
| Price per square foot | $0 | $0 | |
| Built year | 1923 | 1923 | 50% |
| HOA | |||
| Days on market | 306 | 174 | 80% |
Condition Rating
Fair
The property, built in 1923, is over 100 years old. While the interior appears clean and well-maintained with hardwood floors in living areas and bedrooms, the kitchen is significantly dated, featuring tiled countertops, older white cabinets, and basic appliances. No images of bathrooms were provided, but it's likely they are similarly aged or have had only minor updates. The light fixtures are basic, and heating appears to be via radiators, indicating older systems. The property is currently occupied and generating income, suggesting it is functional and livable. However, it has not undergone a recent extensive renovation and requires minor updates to modernize key areas like the kitchen and likely bathrooms, aligning with the 'Fair' condition criteria.
Pros & Cons
Pros
Strong Current Cash Flow: Fully occupied with verified 2024 financials showing robust annual rental income of $89,736 and a Net Operating Income (NOI) of $54,360, providing immediate financial stability.
Professional Management & Full Occupancy: The property is professionally managed and fully occupied, ensuring a seamless transition for investors and minimizing landlord responsibilities.
Significant Investment Upside: Projected 2025 gross scheduled income of $98,640 and a potential cap rate of up to 9.06% at Fair Market Rent (FMR) indicates strong future income growth and value appreciation.
Strategic Location: Located in a high-demand area known for low vacancy, which supports consistent rental income and reduces vacancy risk.
Transparent & Stable Expenses: Transparent and clearly defined expenses for taxes ($14,448) and insurance ($4,117) minimize financial volatility and allow for accurate financial projections.
Cons
Age of Property: Built in 1923, the property is over 100 years old, which may necessitate significant capital expenditures for system upgrades, maintenance, or modernization in the near future.
Potential Property Tax Reassessment: The listing explicitly mentions 'new property tax at reassessment' for 2025, indicating a likely increase in property taxes for a new owner, which could impact future NOI.
Limited Information on Physical Condition: The description focuses heavily on financial performance, with no details provided regarding recent renovations, unit conditions, or amenities, suggesting potential for required upgrades to achieve Fair Market Rent.