The charming creek side town of San Anselmo in central Marin County has been attracting well healed buyers who are looking for strong locations for their apartment investments.
In the past six months a number of properties have changed hands yielding prices per unit from $257,000 to $335,000 for smaller buildings where tenants can walk to the lively downtown area.
This month I closed an 8 unit property with off street parking and mostly remodeled units, for $2,600,000. The out of area buyer, from Silicon Valley, completed an exchange and paid all cash. In another transaction in the downtown area a local investor paid $2,575,000 for a house and nine additional units with below market rents.
Currently one bedroom rents in the downtown area are $1800-$1850 per month, with some extensively remodeled one bedrooms offered at over $2,000 per month. Extensively remodeled two bedrooms are being offered at $2,995 and landlords report they are getting the full asking price for those units.
With the wonderful variety of great restaurants, boutiques and specialty shopping in San Anselmo it’s no wonder the area is a magnet for renters. It also helps to have popular hiking and biking trails only 10 minutes away.
For more information about investing in Marin County apartment properties contact me at katherine@khiggins.com or 415-302-7730.