316 South 3rd is a 1960's constructed multifamily building consisting of six 2bd/1bth units of approximately 685 sqft. The property is of exceptional quality coupled with many recent renovations throughout. The property has been exceptionally well-kept over the years and has received numerous recent upgrades by the current owner including: new landscaping, new paint on the exterior, new kitchens/bathrooms, carpet/tile, interior paint, fixtures, and appliances. The property has dual pane windows throughout, a newer roof, and much more. There is a central courtyard which is protected by a private gate, and ample, covered parking. The property is well secured with security gates, and offers a peaceful environment that tenants enjoy. Each unit is separately metered for gas and electricity as well as water. Each unit has its own washer and dryer hookup as well. Although Richmond recently adopted rent control, two units will be delivered vacant which will allow the Buyer to renovate and rent during or after close of escrow thereby increasing cash flow significantly. The property is located in Richmond's Iron Triangle, which is a few short blocks to the heart of Richmond shopping, transportation, dining and more. Nearby schools include Harbour Way Elementary, Cesar Chavez Elementary, and Elm Christian School. Local grocery stores are abundant with larger chains and mom and pop stores nearby. Nearby parks include Wood Park, Lucas Park and Lucas Park & Playground. The property is situated close to 580 and 80 freeways. This is a tremendous opportunity to acquire an investment property in a pride of ownership neighborhood that is in a strong rental market with a lack of developable land, good demographics, and a diverse economic base. Over the long-term life of this building, this will continue to be a desirable location with little downside risk. Two bedroom apartments provide for a very stable and reliable income stream as apartments like these will always be in high demand. Units of this size are also highly desirable due to the quality of the location, proximity to the employment centers in the Bay Area. Contact Steven Pinza, Esq for a complete marketing package and private showing.
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