900 Alvarez Ave · Pinole, CA 94564

$3,600,000

None bd · None ba · 9,284 sqft · MultiFamily public records · 71 Days on market

Built 1980 0.52 ac lot

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Why this score? — see what drove the C 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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Livability +3.3/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

900 Alvarez Avenue is a well-located 12-unit apartment property offering a strong, investor-preferred unit mix of 11 two-bedroom units and 1 three-bedroom unit. Units feature functional, spacious floorplans with good natural light, private patios or balconies, and updated interiors including laminate flooring. Residents benefit from separate metering for water, gas, and electricity, supporting efficient utility management. Property amenities include on-site coin-operated laundry and 20 parking spaces, consisting of 8 covered carport spaces and 12 surface spaces, contributing to tenant convenience and operational efficiency. The property has demonstrated consistent occupancy and stable in-pl

Key facts

• Laminate flooring
• Two bedroom units
• Three bedroom unit

Tags

• TWO BEDROOM UNITS
• THREE BEDROOM UNIT
• PRIVATE PATIOS
• UPDATED INTERIORS
• LAMINATE FLOORING
• ON-SITE LAUNDRY

What this means for you Summary

Snapshot

• This is a 12 × 2-bed/?-bath units multifamily listed at $3.60M.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $572/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($37k rent vs $3.60M).
• Recommended offer: $3.38M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 2.8% in Pinole — 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 66/100 on livability (#361 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: schools D+, crime D, amenities 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.
• Market conditions: 58 active listings in the ZIP; 2,169 units permitted in Contra Costa County in 2024 (896 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $25k of loan paydown is wiped out by about $108k 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 71 days — a 6% lower offer ($3.38M) is reasonable based on typical stale-listing flexibility.

Recommended offer $3,384,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-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 D 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. 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.
9. 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.
10. 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: 1.04% ✓
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-147,086
• Equity at exit: $536,772

10-year hold

• IRR: 5.8%
• Equity multiple: 1.43×
• Total profit: $431,342
• Equity at exit: $311,262

Cash invested: $1,008,000 (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 94564

• Active inventory: 58
• Price-to-rent: 96.6×

Monthly cashflow live

• Estimated rent: $37,280 high
• Mortgage (P&I): −$18,879
• Tax from tax record: −$2,209 /mo · $26,512/yr
• Insurance: −$1,500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,829
• Net cashflow: $6,863

Break-even live

Break-even rent $28,593

Max offer price $3,600,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 12× units	2	—	$37,284
Total (12 units)			$37,280

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: $900,000
• Closing costs: $108,000
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-03-25
   status Pending
2. 2026-01-13
   listed $3,600,000 Active

ⓘ 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: $26,512 · $2,209/mo
• Projected year-2 tax: $27,360 · $2,280/mo
• Expected delta: +$848/yr (+$71/mo · 3.2%)

ⓘ 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 ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $447,360
• − Mortgage interest: −$201,656
• − Property taxes: −$26,512
• − Insurance: −$18,000
• − Repairs & maintenance: −$35,789
• − Management: −$35,789
• − Depreciation: −$104,727
• Taxable income: $24,887
• Est. tax owed @ 24.0%: −$5,973
• After-tax cash flow: $76,384/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 — Pinole

• Score: 66/100
• State rank: #361
• US rank: #12353

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Pinole, CA
• City population: 18,835
• Population (ZIP): 18,835

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: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: White 30% Hispanic / Latino 27% Asian 24% Two or more races 15% Black 12% Native American 1%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Italian 4% Slovak 2% Russian 2%
• Foreign-born: 30% · Canada, China, Vietnam
• Languages at home: 63% English-only · Spanish 15% Tagalog/Filipino 5% Chinese 5%

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: ▼ -649.13%
• Current HPI: 144.2164
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-03-25 Pending — bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2026-01-13 Listed $3,600,000 bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+8.7%/yr

Latest (2025): $26,512 · +4.0% YoY. Source: county tax records.