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$ 4,050,000
Est. payment | /mo
6,380 SqFt
$ 4,050,000
Est. payment | /mo
6,380 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 6,380 sqft
Price per Sqft $634
MLS Listing ID ML82009415
HOA Y/N No
Year Built 1950
Lot Size 9,990 Sqft
Acres 0.23
Property Sub-Type Other
Property Description
1476 Lincoln Ave The Property is an 11-unit multifamily core asset situated in the heart of San Rafael, California. Built in the 1980s, the property is comprised of exclusively 1-bed 1-bath well-maintained residential units with a total of 7,700 rentable square feet. The generous units average 700 square feet and have not marked to market. This a prime opportunity for a new buyer to immediately increase yield by conservatively pushing rents to $2,500/unit without any renovation plan. The property is 100% occupied with strong in-place rents of $2,360 per unit, supported by robust market fundamentals and integral high demand rental environment. 1476 Lincoln has a lot of rental appreciation potential as home prices continue to remain well out of reach for most residents in the area. The average price for homes in the San Rafael market start above $1,000,000 and with banks tightening their credit boxes the cost to borrow is at a decade high level. This investment opportunity is priced to just north of $4,000,000, reflecting a compelling $368,182 per unit and an attractive 5%+ in place cap rate.
Location
State CA
County Marin
Interior
Heating Forced Air
Fireplace No
Building
Sewer Private Sewer
New Construction No
Others
Tax ID 01110346
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Listed by Jefrey Henderson • Jefrey Henderson, Broker
9030 BRENTWOOD BLVD, BRENTWOOD, California, 94513, United States