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Multifamily

1317 Burbeck Ave

1317 Burbeck Ave, Richmond, CA 94801

Listing Price: $1,599,000

Cap Rate
5.94%
Number of Units
6
Occupancy
100.0%
Price/Unit
$266,500

Investment Overview

Marcus & Millichap is proud to exclusively offer 1317 Burbeck Avenue which was recently rebuilt in 2018. This is an opportunity to invest in a solid property that was rebuilt from the studs up with all new electrical, plumbing, flooring, kitchens, and baths. The roof and windows were also replaced. Over $300,000 was invested in the renovations. The building offers a nice mix of units with five (5) two-bedrooms/one-bathroom units (740 square feet) and one (1) three-bedroom/onebathroom unit (840 square feet). Every unit has granite countertops, microwave, shower/tub enclosure, and laminate flooring throughout with the exception of tile in the bathroom and kitchen. Each unit is separately metered for PG&E. The tenants enjoy the convenience of a coin-operated laundry room and large common patio area in the rear of the building. 1317 Burbeck Ave is located on a cul-de-sac limiting traffic driving past the property and is conveniently located in walking distance from 23rd Street which is a main artery offering a variety of restaurants and shopping establishments. After renovations were made, the property was rented to Section 8 tenants (five of six units) at market rents in 2018. Now in 2021, the property consists of seasoned tenants on month-to-month leases and fully occupied. This is a great opportunity for an investor seeking steady cash flow and wanting to avoid deferred maintenance surprises.

Investment Highlights

  • All Interiors Renovated in 2018; $300K in Capital Improvements
  • Exterior Boasts New Roof, All Dual Paned Windows, and Painted Exterior (all 2018)
  • Seasoned Tenants Paying Near Market Rents
  • Reliable Cash Flow From Five (of Six) Section 8 Tenants
  • Price: $1,599,000

Exclusively Listed By

Listing Price: $1,599,000

Cap Rate
5.94%
Number of Units
6
Occupancy
100.0%
Price/Unit
$266,500

Investment Highlights

  • All Interiors Renovated in 2018; $300K in Capital Improvements
  • Exterior Boasts New Roof, All Dual Paned Windows, and Painted Exterior (all 2018)
  • Seasoned Tenants Paying Near Market Rents
  • Reliable Cash Flow From Five (of Six) Section 8 Tenants
  • Price: $1,599,000

Investment Overview

Marcus & Millichap is proud to exclusively offer 1317 Burbeck Avenue which was recently rebuilt in 2018. This is an opportunity to invest in a solid property that was rebuilt from the studs up with all new electrical, plumbing, flooring, kitchens, and baths. The roof and windows were also replaced. Over $300,000 was invested in the renovations. The building offers a nice mix of units with five (5) two-bedrooms/one-bathroom units (740 square feet) and one (1) three-bedroom/onebathroom unit (840 square feet). Every unit has granite countertops, microwave, shower/tub enclosure, and laminate flooring throughout with the exception of tile in the bathroom and kitchen. Each unit is separately metered for PG&E. The tenants enjoy the convenience of a coin-operated laundry room and large common patio area in the rear of the building. 1317 Burbeck Ave is located on a cul-de-sac limiting traffic driving past the property and is conveniently located in walking distance from 23rd Street which is a main artery offering a variety of restaurants and shopping establishments. After renovations were made, the property was rented to Section 8 tenants (five of six units) at market rents in 2018. Now in 2021, the property consists of seasoned tenants on month-to-month leases and fully occupied. This is a great opportunity for an investor seeking steady cash flow and wanting to avoid deferred maintenance surprises.

Exclusively Listed By

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