203 Bissell Ave · Richmond, CA 94801

$999,000

12 bd · 4.8 ba · 3,932 sqft · MultiFamily public records · 52 Days on market

Built 1908 9,800 sqft lot $254/sqft · 23% above area Est $810k · 23% over

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.6/30.0
• DSCR +6.5/10.0
• 1% rule +5.8/10.0
• Rent growth +3.5/5.0
• Livability +3.1/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Marcus & Millichap is pleased to present 203 Bissell Ave, offered at $1,150,000, 203 Bissell Ave is a 4 unit multifamily property located in Richmonds Iron Triangle neighborhood. Built in 1908, the property totals approximately 3,932 SF on a 0.08acre lot and is currently 50% occupied, presenting a clear value add and leaseup opportunity. The unit mix consists of one 4BD/2BA unit, two 4BD/1BA units, and one co-living layout, with inplace rents estimated ~13% below market. Utilities are efficiently structured with separately metered gas and electric and master metered water. Street parking only. Financial highlights include an 8.90% current cap rate and a 10.64% pro forma cap rate, supported by strong rent growth potential and operational upside. The property is within close proximity to Richmond BART & Amtrak ( 1.3 miles), major freeways (I80, I580, SR4), Kaiser Permanente Richmond Medical Center, and regional employment hubs. An ideal opportunity for investors seeking high yield, upside through rent increases, and a well-located small multifamily asset in the East Bay.

Key facts

• 9,800 sq ft lot
• Built 1908
• Listed 52 days

Property features AI

Finance

• Financial info: Annual rental income approximately $144,637; Annual gross income approximately $141,462; Gross scheduled income approximately $145,837; Other income $1,200; Total expenses $39,183; Other expenses $3,228; Trash expense $2,700; Utility expenses $4,020; Landscape expense $1,000; Vacancy factor 3%; Gross rent multiplier 7.89

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Public utilities; Primary water meter
• Home design: Single-story building; Multi-family building (4 units)
• Construction: Concrete perimeter foundation; One building
• Exterior features: Rolled composition roof; Tenants pay electric and gas utilities

Interior

• Bedrooms: Three 4-bedroom units
• Bathrooms: Two 2-bath units and one 1-bath unit
• Heating & cooling: Gas heating
• Interior features: Coin-operated laundry
• Laundry & utility: Coin-operated laundry

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/?-bath units multifamily listed at $999k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $999k).
• Recommended offer: $969k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.7% in Richmond — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 62/100 on livability (#497 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A, health & safety B+; Watch: crime F, amenities F, cost of living F.
• West Contra Costa Unified (suburban): math 24% / reading 35% proficiency, ranked #993 of 1,400 in CA (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Lincoln Elementary (316 students, 56% FRL); Lovonya Dejean Middle (404 students, 69% FRL); John F. Kennedy High (823 students, 66% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents rising (+4.0%/yr); 101 active listings in the ZIP; solid renter incomes; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).
• At $10,832/mo this rent would consume 159% of the median local household income ($82k/yr) (locally 1277% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Contra Costa County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($969k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 22y ago; this cycle's ask has dropped $151k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $969,030 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• GRM: 7.7

CMA / ARV

• ARV (median comp): $809,622
• List price: $999,000
• Delta: 23.39%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
428 9th St	0.68mi	11/4.0 (-1)	3,562 (-9%)	2mo	$710,000	$199	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.98% rent growth · sell at horizon

5-year hold

• IRR: -6.3%
• Equity multiple: 0.76×
• Total profit: $-65,877
• Equity at exit: $148,954

10-year hold

• IRR: 4.6%
• Equity multiple: 1.35×
• Total profit: $98,517
• Equity at exit: $86,375

Cash invested: $279,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 94801

• Rents YoY: 4.0%
• Active inventory: 101
• Price-to-rent: 30.7×

Monthly cashflow live

• Estimated rent: $10,832 high
• Mortgage (P&I): −$5,239
• Tax from tax record: −$1,570 /mo · $18,838/yr
• Insurance: −$416
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,275
• Net cashflow: $1,332

Break-even live

Break-even rent $9,145

Max offer price $999,000

Occupancy floor 83%

Sensitivity live

Price	-10% $1,898	-5% $1,615	+0% $1,332	+5% $1,050	+10% $767
Rent	-10% $477	-5% $905	+0% $1,332	+5% $1,760	+10% $2,188
Rate	-1.0pp $1,835	-0.5pp $1,586	base $1,332	+0.5pp $1,074	+1.0pp $810

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	—	$10,832
Total (4 units)			$10,832

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $249,750
• Closing costs: $29,970
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-21
   days on market $999,000 Active 52 DOM
2. 2026-06-18
   days on market $999,000 Active 49 DOM
3. 2026-06-17
   days on market $999,000 Active 48 DOM
4. 2026-06-16
   days on market $999,000 Active 47 DOM
5. 2026-06-15
   days on market $999,000 Active 46 DOM
6. 2026-06-13
   days on market $999,000 Active 44 DOM
7. 2026-06-13
   days on market $999,000 Active 43 DOM
8. 2026-06-09
   days on market $999,000 Active 40 DOM
9. 2026-06-08
   days on market $999,000 Active 39 DOM
10. 2026-06-07
    days on market $999,000 Active 38 DOM
11. 2026-06-04
    days on market $999,000 Active 35 DOM
12. 2026-06-03
    days on market $999,000 Active 34 DOM
13. 2026-06-02
    days on market $999,000 Active 33 DOM
14. 2026-06-01
    days on market $999,000 Active 32 DOM
15. 2026-05-31
    days on market $999,000 Active 31 DOM
16. 2026-04-30
    listed $1,150,000 Active 1093-char remark

    Show marketing remark (1093 chars)

    Marcus & Millichap is pleased to present 203 Bissell Ave, offered at $1,150,000, 203 Bissell Ave is a 4 unit multifamily property located in Richmonds Iron Triangle neighborhood. Built in 1908, the property totals approximately 3,932 SF on a 0.08acre lot and is currently 50% occupied, presenting a clear value add and leaseup opportunity. The unit mix consists of one 4BD/2BA unit, two 4BD/1BA units, and one co-living layout, with inplace rents estimated ~13% below market. Utilities are efficiently structured with separately metered gas and electric and master metered water. Street parking only. Financial highlights include an 8.90% current cap rate and a 10.64% pro forma cap rate, supported by strong rent growth potential and operational upside. The property is within close proximity to Richmond BART & Amtrak ( 1.3 miles), major freeways (I80, I580, SR4), Kaiser Permanente Richmond Medical Center, and regional employment hubs. An ideal opportunity for investors seeking high yield, upside through rent increases, and a well-located small multifamily asset in the East Bay.

17. 2026-04-30
    listed $1,150,000 Active 1093-char remark

    Show marketing remark (1093 chars)

    Marcus & Millichap is pleased to present 203 Bissell Ave, offered at $1,150,000, 203 Bissell Ave is a 4 unit multifamily property located in Richmonds Iron Triangle neighborhood. Built in 1908, the property totals approximately 3,932 SF on a 0.08acre lot and is currently 50% occupied, presenting a clear value add and leaseup opportunity. The unit mix consists of one 4BD/2BA unit, two 4BD/1BA units, and one co-living layout, with inplace rents estimated ~13% below market. Utilities are efficiently structured with separately metered gas and electric and master metered water. Street parking only. Financial highlights include an 8.90% current cap rate and a 10.64% pro forma cap rate, supported by strong rent growth potential and operational upside. The property is within close proximity to Richmond BART & Amtrak ( 1.3 miles), major freeways (I80, I580, SR4), Kaiser Permanente Richmond Medical Center, and regional employment hubs. An ideal opportunity for investors seeking high yield, upside through rent increases, and a well-located small multifamily asset in the East Bay.

18. 2026-03-24
    historical
19. 2026-01-23
    price
20. 2025-11-04
    listed Active
21. 2025-05-19
    historical
22. 2025-04-07
    price
23. 2025-03-10
    price
24. 2025-01-02
    status Active
25. 2025-01-02
    price
26. 2024-12-21
    historical
27. 2024-10-31
    price
28. 2024-10-18
    price
29. 2024-07-25
    listed Active
30. 2023-10-13
    historical
31. 2023-08-09
    price
32. 2023-06-08
    price
33. 2023-05-17
    status Back On Market
34. 2023-05-05
    historical
35. 2023-04-18
    price
36. 2023-03-21
    price
37. 2023-02-22
    listed New
38. 2018-07-20
    soldstatus $875,000 Sold
39. 2018-07-16
    soldstatus $875,000
40. 2018-06-27
    status Pending
41. 2018-05-19
    price $1,049,000
42. 2018-04-26
    listed $1,099,000 New
43. 2016-02-13
    soldstatus $495,000 Sold
44. 2016-02-11
    soldstatus $495,000 Closed
45. 2016-02-11
    soldstatus $495,000
46. 2016-01-31
    status Pending
47. 2015-10-29
    status Contingent - Show
48. 2015-10-29
    historical Contingent
49. 2015-10-02
    price $499,000
50. 2015-10-02
    price $499,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $18,838 · $1,570/mo
• Projected year-2 tax: $18,838 · $1,570/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥84°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $129,984
• − Mortgage interest: −$55,960
• − Property taxes: −$18,838
• − Insurance: −$4,995
• − Repairs & maintenance: −$10,399
• − Management: −$10,399
• − Depreciation: −$29,062
• Taxable income: $333
• Est. tax owed @ 24.0%: −$80
• After-tax cash flow: $15,909/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: West Contra Costa Unified
• NCES district ID: 0632550
• Math proficiency: 24% ▲ 1.00%
• Reading proficiency: 35% ▲ 1.00%
• Median HH income: $64,837
• Composite: 30.04/100
• National rank: #11623
• State rank: #993 of 1400 in CA

Livability — Richmond

• Score: 62/100
• State rank: #497
• US rank: #16759

Category grades

Amenities F Commute A+ Cost of living F Crime F Employment A Housing B Health & safety B+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richmond, CA
• County: Contra Costa County · 1,059,880 people
• City population: 183,357
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 33,591
• Household income: $81,728
• Rent vs Own: 51.5% rent · 48.5% own
• Severe rent burden: 1277.0

Population outlook (Contra Costa County) Hauer SSP2

• Today (2025): 1,287,720 people
• By 2030: 1,364,937 · +6.0%
• By 2040: 1,506,209 · +17.0%
• By 2050: 1,624,373 · +26.1%
• By 2075: 1,853,193 · +43.9%
• By 2100: 1,901,231 · +47.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (66%)
• Race & ethnicity: Hispanic / Latino 66% Two or more races 19% White 12% Black 11% Asian 6% Native American 3%
• Hispanic origin (detail): Mexican 42%
• Common ancestry: Italian 3% Lithuanian 1% Swedish 1%
• Foreign-born: 40% · Canada, China, Vietnam
• Languages at home: 32% English-only · Spanish 61% Other Asian/Pacific 3% Chinese 2%

Political lean MEDSL · Contra Costa

• 2024 margin: Solid D (+38.0) · D 67.3% · R 29.4% · Other 3.3%
• 2008→2024 swing: +0.2pp no change · 2008: 37.8pp · 2024: 38.0pp
• All cycles: 2024: D+38.0 2020: D+45.3 2016: D+43.5 2012: D+33.7 2008: D+37.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -334.07%
• Current HPI: 390.1045
• Rent YoY: ▲ 3.98%
• Metro: San Francisco-Oakland-Berkeley, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+2336.6% since first listed

56 events — show timeline

• 2026-05-21 Price Changed $999,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-05-21 Price Changed $999,000 MLSListings
• 2026-04-30 Listed $1,150,000 MLSListings
• 2026-04-30 Listed $1,150,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-03-24 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-23 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-11-04 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-05-19 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-04-07 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-03-10 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-01-02 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2025-01-02 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-12-21 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-10-31 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-10-18 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2024-07-25 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-10-13 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-08-09 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-06-08 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-05-17 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-05-05 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-04-18 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-03-21 Price Changed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2023-02-22 Listed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2018-07-20 Sold (MLS) $875,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2018-07-16 Sold (Public Records) $875,000 Public Records
• 2018-06-27 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2018-05-19 Price Changed $1,049,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2018-04-26 Listed $1,099,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-02-13 Sold (MLS) $495,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-02-11 Sold (Public Records) $495,000 Public Records
• 2016-01-31 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-10-29 Contingent — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-10-02 Price Changed $499,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-07-17 Price Changed $510,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-06-16 Price Changed $530,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-05-27 Relisted — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-05-15 Contingent — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-05-04 Price Changed $550,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2015-04-12 Listed $575,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-02-21 Sold (MLS) $511,500 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2014-02-19 Sold (Public Records) $511,500 Public Records
• 2014-01-12 Contingent — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2013-10-03 Listed $525,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2008-12-19 Sold (MLS) $95,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2008-11-06 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2008-09-05 Listed $104,500 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2005-08-08 Sold (Public Records) $765,000 Public Records
• 2004-04-12 Sold (Public Records) $560,000 Public Records
• 2004-04-12 Sold (MLS) $560,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-02-25 Listing Removed — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2004-02-18 Listed $559,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2001-08-01 Sold (Public Records) $314,000 Public Records
• 2000-04-04 Sold (Public Records) $165,000 Public Records
• 1998-05-22 Sold (Public Records) $89,000 Public Records
• 1993-12-23 Sold (Public Records) $41,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $18,838 · +1.7% YoY. Source: county tax records.