51 Mendocino St, Vallejo, CA 94590, Vallejo, 94590 - 0 bed, 0 bath
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Vallejo, CA 94590
This New Construction Triplex Asset is listed at $1,495,000—positioned below the $1,509,968 Fair Market Value by 1%. This valuation gap provides $14,968 in Instant Equity. Featuring a Turn-Key Condition Rating, these three 2024-built homes offer a 6.27% cap rate and separate metering for utilities. With one unit delivered vacant, the property supports a strategic "house-hack" or market-rate lease-up. Located near the SF Ferry and Mare Island, this is a premier choice for Buy-and-Hold Investors or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 51 Mendocino St Subject | $1,495,000* List Price | 0 | 0 | 4,500 | $336 | - |
A 1453 Arkansas Street Active | $1,170,000 List Price | 8 | 4 | 3,408 | $343 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
This property consists of three brand-new homes built in 2024, featuring modern interior finishes such as luxury vinyl plank flooring, recessed lighting, and shaker-style cabinetry with stone countertops. All structural and mechanical systems—including roofs, electrical, and plumbing—are new, ensuring the property is in turn-key condition with no deferred maintenance.
Built in 2024, these three homes feature all-new systems, including roofs, plumbing, and electrical, ensuring zero deferred maintenance and immediate rental readiness.
With a strong 6.27% cap rate and separate metering for PG&E and water, the property offers high cash flow with minimal owner-paid operating expenses.
The delivery of one vacant unit allows for a strategic owner-occupant setup or the opportunity to set the final unit at current peak market rent.
The assigned public schools carry low ratings (ranging from 2 to 4), which may limit the appeal for families prioritizing high-performing educational districts.
Accommodating three 1,500-square-foot residences on a 6,500-square-foot lot results in limited private yard space and a high-density feel for the property.
Three new homes built in 2024 with excellent cash flow and long-term upside! The current cap rate is 6.27% and the current GRM is 12.24. Each house offers 3 bedrooms and 2 bathrooms and 1,500 square feet of rental space with attached garage parking and nice yards. Each house offers remodeled kitchens and bathrooms, new electrical, new plumbing, new roofs, upgraded flooring, paint, lighting and more. Currently, two homes are rented at top market rates and one home will be delivered vacant at the close of escrow making a perfect set-up for an owner-occupant. The property is easy to manage and separately metered for PG&E and water providing for low annual operating expenses. The exterior and interior are in excellent condition with no deferred maintenance resulting in an attractive turn-key investment for the next owner. This is a high demand rental location near numerous restaurants, shopping centers, and schools. Nearby is the Dead Fish restaurant, the Brewery and Distillery on Mare Island, the Ferry to San Francisco, Sausalito and Tiburon, and only 14 miles to the Napa wineries.
No exterior & parking available.
Grades K-5 • 0.6 mi
Grades K-5 • 1.1 mi
Grades K-5 • 1.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 3.0 | 38% |
| Baths | 0.0 | 0.5 | 50% |
| Square foot | 4,500 | 1,844.5 | 88% |
| Lot Size | 6,500 | 5,750 | 50% |
| Price | $1.50M | $612.0K | 88% |
| Price per sq ft | $332 | $299 | 63% |
| Built year | 2024 | 1920 | 88% |
| HOA | $0 | $0 | 50% |
| Days on market | 83 | 177 | 13% |
Jan 29, 2026
$1,495,000
Initial Listing
Feb 25, 2013
$19,500
Public Record