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617 16th St., Richmond, California 94801, Richmond, - bed, bath

home-pic
ACTIVE$650,000
617 16th St., Richmond, California 94801
0Bed
0Bath
Sqft
4,294Lot
Year Built
1991
Close
-
List price
$650K
Original List price
$650K
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
41103938
Home ConditionFair
Features
View-

About this home

Experience an exceptional investment opportunity with this meticulously maintained multifamily property in Richmond, CA. This garden-style building offers two spacious 3b/2ba & 3b/1.5ba units with hardwood floors, tiled bathrooms, wood cabinetry, and washer/dryers in the back. Upside in the rents! TENANTS PAY ALL UTILITIES! Built in 1991 and zoned RM2, this property is immaculately presented, with 100% occupancy providing a steady income stream from day one. The prime Richmond location offers convenient access to local amenities and transportation routes, catering to the modern investor's needs. With a strong rental history and well-maintained grounds, this property represents a sound choice for discerning multifamily investors seeking long-term value and reliability.

Price History

Date
Event
Price
07/08/25
Listing
$650,000
Neighborhood Comparison
 SubjectAverage HomeNeighbourhood Ranking (4 Listings)
Beds00
Baths00
Square foot00
Lot Size4,2945,000
40%
Price$650K$650K
50%
Price per square foot$0$0
Built year19911942
80%
HOA
Days on market121160
20%
Condition Rating
Fair
The property was built in 1991, making it 33 years old. While described as 'meticulously maintained,' the kitchen features dated wood cabinetry, laminate countertops, and older white appliances, indicating it has not been significantly updated in many years. The flooring, described as 'hardwood,' appears to be laminate in the images and shows some wear. The overall interior is functional but outdated in style and features, requiring minor to moderate updates to meet current market standards.
Pros & Cons

Pros

100% Occupancy & Immediate Income: The property boasts 100% occupancy, ensuring a steady income stream from day one, which is highly attractive for investors seeking immediate returns.
Tenant-Paid Utilities: A significant financial advantage as tenants pay all utilities, substantially reducing landlord operating expenses and increasing net cash flow.
Rent Upside Potential: The listing explicitly notes 'upside in the rents,' indicating a clear opportunity for future income growth and increased investment returns.
Well-Maintained & Modern Features: Described as 'meticulously maintained' and 'immaculately presented,' with desirable interior features like hardwood floors, tiled bathrooms, wood cabinetry, and in-unit washer/dryers, attracting quality tenants.
Strategic Location & Accessibility: Situated in a 'prime Richmond location' with 'convenient access to local amenities and transportation routes,' supporting strong rental demand and tenant retention.

Cons

Limited Scale for Multifamily Investors: As a duplex, the property offers less diversification and economies of scale compared to larger multifamily assets, potentially limiting its appeal to investors seeking broader portfolio growth.
Richmond Market Nuances: While described as 'prime,' the Richmond market can be diverse, and specific neighborhood dynamics may present challenges or limit the tenant pool's desirability for some investors.
Aging Infrastructure Potential: Built in 1991, key building systems (e.g., roof, plumbing, electrical) are over 30 years old, suggesting potential for significant capital expenditures in the near to medium term, despite current meticulous maintenance.

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