Description

This property is being sold together with 435 and 457 23rd Street (see separate listings) for the full price of $1,600,000. Great development opportunity, good for owner/user, or investor. Property can be delivered vacant at close of escrow or used to produce reliable income. Decent income producer with approximate 5% CAP rate and room for rent increases. The 3 lots provide approximately 19,687 sf of land on a major thoroughfare. Per the public records, this lot includes a small 120 sf building and currently houses an auto repair business. In practice, the auto business shares building space with the grocery store. Per the City of Richmond, Zoning for these 3 parcels is CM-5 Commercial Mixed-Use, Activity Center. This district is intended for mid-and high-rise mixed-use development at major activity centers (i.e., Richmond Civic Center, BART) to serve the community, residents and businesses. Office, retail, entertainment and residential uses are allowed.