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501 S 30th St, Richmond, California 94804, Richmond, 94804 - bed, bath

501 S 30th St, Richmond, California 94804 home-pic-0
ACTIVE$959,000
501 S 30th St, Richmond, California 94804
0Bed
0Bath
Sqft
6,400Lot
Year Built
1965
Close
-
List price
$959K
Original List price
$959K
Price/Sqft
$0
HOA
-
Days on market
-
Sold On
-
MLS number
41117746
Home ConditionGood
Features
Good View:
View-

About this home

We found 3 Cons,5 Pros. Rank: price - $959.0K(60th), sqft - 0(50th), beds - undefined(50th), baths - undefined(50th).

Well-maintained 4-unit complex with significant upside potential. All units rent below market, with three substantially under area rates. The property features four larger-than-average units that are two bedroom one bath each, four detached covered parking garages that could be converted to ADUs under new state overlay, and a spacious backyard suitable for additional ADU development. Fully occupied with strong rental demand. Recent upgrades include new roofs, one remodeled unit, interior wall insulation, flooring, stucco & window upgrades. Laundry hookups available for coin/card-op conversion. See current cap rate 6.09 and proforma 9.14%, view in disclosure packet. Low 3% interest rate avalible for investors with large downpayment. Contact listing agent for details.

Price History

Date
Event
Price
11/18/25
Listing
$959,000
08/27/20
Sold
$815,000
07/20/09
Sold
$262,000
06/30/05
Sold
$655,000
Condition Rating
Good
The property, built in 1965, benefits from significant recent upgrades including new roofs, stucco, windows, and interior wall insulation. One of the four units has been fully remodeled, featuring updated kitchens with modern cabinets, granite-look laminate countertops, and new appliances, along with updated bathrooms with new vanities and LVP flooring. While only one unit is fully remodeled, the overall complex is described as 'well-maintained' and has received substantial capital improvements to its major systems, making it move-in ready with minimal wear and tear for its age.
Pros & Cons

Pros

Significant Upside Potential: The property offers substantial future income growth due to all units currently renting below market rates, with three significantly under area averages.
ADU Development Potential: Four detached covered parking garages and a spacious backyard provide multiple opportunities for converting to or adding Additional Dwelling Units (ADUs), which can significantly increase rental income and property value under new state overlay.
Recent Capital Improvements: Extensive recent upgrades including new roofs, interior wall insulation, flooring, stucco, and window upgrades indicate good maintenance and reduce immediate capital expenditure for a new owner.
Strong Occupancy & Rental Demand: The complex is fully occupied with strong rental demand, ensuring immediate and stable cash flow for investors.
Favorable Financial Projections & Financing: A compelling proforma cap rate of 9.14% and a low 3% interest rate option available for investors with a large downpayment present an attractive financial opportunity.

Cons

Below Market Rents: While offering upside, the current rents are significantly under market rates, which means immediate income is not maximized and requires strategic rent increases, potentially involving tenant turnover or negotiations.
Partial Unit Remodel: Only one of the four units has been remodeled, suggesting that further capital investment will be necessary to modernize the remaining three units to achieve their full rental potential.
Conditional Financing Offer: The attractive 3% interest rate is contingent on a 'large downpayment' and specific investor qualifications, which may limit its accessibility to all potential buyers.

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