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1506 Vallejo Avenue

Novato, CA 94945
  • $1,950,000
  • STATUS: Active
  • ON SITE: 59 Days
  • ID#: 322091460
UPDATED: 42 min ago
$1,950,000
  • 4
    BEDS
  • 0.26
    ACRES
  • 4
    BATHS
  • 0
    1/2 BATHS
  • 3,980
    SQFT
  • $490
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1958
County:
Area:

School Ratings & Info

Description

With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Novato Court presents a compelling opportunity to acquire a stabilized multifamily asset with rental upside at a low entry price. The 7-unit apartment complex is conveniently located 1.5 blocks from Grant Ave in downtown Novato, a thriving strand of restaurants, retail shops, and local business offices. The property is comprised of (2) two-story buildings situated on a corner parcel in a neighborhood of primarily single family homes and small multifamily properties. One building contains (6) one-bed, one-bath apartments, and the second building consists of (1) studio apartment sitting above a 6-car carport structure. Novato Court has fresh exterior paint and appears to be well maintained and in good overall condition. Five of the seven tenants have resided in their units for 10 or more years, a testament to the desirability of the location and quality of the property. In-place rents are approximately 16% below market rate relative to comparable properties in the immediate area, providing a new operator with ample upside to capture at the next annual rent increase.

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© 2022 Bay Area Real Estate Information Services, Inc. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX GOLD. Data last updated: 2022-12-08T23:56:54.213.
www.sonomamarinhomes.com/homes/133809461
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1506 Vallejo Avenue Novato, CA 94945

  • Price: $1,950,000
  • Status: Active
  • On Site: 59 Days
  • Updated: 42 min ago
  • ID#: 322091460
4
Beds
4
Baths
0
½ Baths
0.26
Acres
3,980
SQFT
$490
$/SQFT
1958
Built
Neighborhood:
Novato
County:
Marin
Area:
Novato
Property Description
With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Novato Court presents a compelling opportunity to acquire a stabilized multifamily asset with rental upside at a low entry price. The 7-unit apartment complex is conveniently located 1.5 blocks from Grant Ave in downtown Novato, a thriving strand of restaurants, retail shops, and local business offices. The property is comprised of (2) two-story buildings situated on a corner parcel in a neighborhood of primarily single family homes and small multifamily properties. One building contains (6) one-bed, one-bath apartments, and the second building consists of (1) studio apartment sitting above a 6-car carport structure. Novato Court has fresh exterior paint and appears to be well maintained and in good overall condition. Five of the seven tenants have resided in their units for 10 or more years, a testament to the desirability of the location and quality of the property. In-place rents are approximately 16% below market rate relative to comparable properties in the immediate area, providing a new operator with ample upside to capture at the next annual rent increase.
Exterior Features

Carport Spaces 6 Covered Spaces 0 Independent Parking Spaces 0 Lot Features Sidewalk Open Parking Spaces 3 Parking Features CarportUncovered Parking Total 9 Tandem Parking Spaces 0

Interior Features

1 Bedroom Units Total 6 2 Bedroom Units Total 0 3 Bedroom Units Total 0 4 Bedroom Units Total 0 Commercial Units Total 0 Cooling Wall Unit(S) Heating Wall Furnace Laundry Features Other Studio Units Total 1

Property Features

Association Fee 0 Association YN No Auction No Availability Date 1800-01-01T00:00:00 Gross Income 136368 Property Sub Type 5 Or More Units Property Type Residentialincome Sewer Public Sewer Subtype Description Apartments Tenant Pays ElectricityGas Water Source Public

Listing information © 2022 Bay Area Real Estate Information Services. Listing courtesy of John W Garrett of Marcus & Millichap: .


© 2022 Bay Area Real Estate Information Services, Inc. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX GOLD. Data last updated: 2022-12-08T23:56:54.213.
 
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