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listing
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Residential IncomeFor Sale
$1,950,000
1506 Vallejo Avenue
Novato, CA 94945
Listed by: John W Garrett from Marcus & Millichap, (415) 652-8431
MLS: BAREIS MLS
4Baths
3,980Sq Ft
Est. Mortgage
$10,166/mo

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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Information courtesy of Marcus & Millichap is subject to verification and is not guaranteed.
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