5801 Madison Avenue, Richmond, California 94804, Richmond, 94804 - bed, bath
ACTIVE$999,950
5801 Madison Avenue, Richmond, California 94804
0Bed
0Bath
2,714Sqft
5,770Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Multi-Unit Income Property: This four-plex offers four distinct 1-bedroom, 1-bathroom units, providing diversified rental income streams and a robust investment opportunity.
Top Cons:
Property Age: Built in 1944, the property is 80 years old, which may imply potential for aging infrastructure and necessitate future capital expenditures for system upgrades or major repairs.
Compared to the nearby listings
Price:$1000.0K vs avg $833.8K (+$166,200)60%
Size:2,714 sqft vs avg sqft90%
Price/sqft:$368 vs avg $090%
More Insights
Built in 1944 (81 years old).
Condition: Built in 1944, this property is 80 years old. While appearing maintained, the interior finishes, including the kitchen with its dated cabinetry, basic black appliances, and laminate countertops, along with the worn carpets and older tile flooring, are significantly outdated. The presence of wall-mounted gas heaters indicates an older heating system. There is no evidence of extensive recent renovations (within the last 15-30 years) that would elevate its condition beyond functional but aged. It requires cosmetic updates and potential system upgrades to meet modern standards, but does not show signs of major structural or safety defects that would classify it as 'poor'.
Year Built
1944
Close
-
List price
$1,000K
Original List price
$1.1M
Price/Sqft
$368
HOA
-
Days on market
-
Sold On
-
MLS number
ML81986273
Home ConditionFair
Features
View-
About this home
Welcome to one of the best investment opportunities on the market! This quality four-plex features, you've guessed it, FOUR outstanding one-bed, one-bath units, each with its own gas and electric meters. Located down the street from El Cerrito City Hall, this property sits at a prime, yet quiet location, with easy access to shops, restaurants, freeways, and public transportation...an excellent attraction for great tenants. Whether you want to own your first investment property or you are a seasoned investor wanting to add another quality property to your portfolio, this is the right choice for you. Make this incredible four-plex yours today!
Condition Rating
Fair
Built in 1944, this property is 80 years old. While appearing maintained, the interior finishes, including the kitchen with its dated cabinetry, basic black appliances, and laminate countertops, along with the worn carpets and older tile flooring, are significantly outdated. The presence of wall-mounted gas heaters indicates an older heating system. There is no evidence of extensive recent renovations (within the last 15-30 years) that would elevate its condition beyond functional but aged. It requires cosmetic updates and potential system upgrades to meet modern standards, but does not show signs of major structural or safety defects that would classify it as 'poor'.
Pros & Cons
Pros
Multi-Unit Income Property: This four-plex offers four distinct 1-bedroom, 1-bathroom units, providing diversified rental income streams and a robust investment opportunity.
Individual Utility Meters: Each unit is equipped with its own gas and electric meters, significantly reducing landlord operating expenses and simplifying tenant billing.
Strategic Location: The property boasts a prime, yet quiet location with excellent access to shops, restaurants, freeways, and public transportation, enhancing tenant desirability and occupancy rates.
Strong Tenant Attraction: The combination of individual units, convenient location, and accessibility makes this property highly attractive to a broad pool of quality tenants.
Recent Price Adjustment: A notable price reduction from the original listing price indicates a potentially more competitive offering and motivated seller.
Cons
Property Age: Built in 1944, the property is 80 years old, which may imply potential for aging infrastructure and necessitate future capital expenditures for system upgrades or major repairs.
Uniform Unit Configuration: All units are 1-bedroom, 1-bathroom, which could limit the tenant demographic to singles or couples, potentially excluding families seeking larger accommodations.
Unspecified Condition/Updates: The description lacks specific details on recent renovations or the current condition of interior systems and finishes, suggesting potential for deferred maintenance or required cosmetic/functional upgrades.