San Rafael – Despite tight inventory and rising prices, apartment investors continued their buying spree in Marin County in the first quarter. With rents continuing to push upward and most buildings with below market rents, investors were willing to pay upwards of $364,000 per unit for the best locations.

Buying activity in the 2-4 unit categories was somewhat subdued in the first quarter due to a lack of inventory but several properties changed hands that included:

  • 31 Reed Blvd, Mill Valley | 4 units | $1,215,000 | 17.1 GRM
  • 149 Arroyo, Lagunitas | 4 units | $ 1,249,000 | 15.4 GRM
  • 203 Picnic, San Rafael | 2 units | $862,000 | 14.0 GRM
  • 66 Willow, Fairfax | 2 units | $431,000
  • 2304 Mar East, Tiburon | 2 units | $3,550,000

Units including 5 and above that sold in the first quarter included:

  • 396 Pine Hill, Mill Valley | 38 units | $13,850,000 | $364,000 PU | 12.8 GRM
  • 30 Central, Mill Valley | 12 units | $3,318,000 | $276,000 PU | 15.8 GRM
  • 1308 Leafwood, Novato | 12 units | $1,930,000 | $160,000 PU | 10.3 GRM
  • 120 Park, San Rafael | 10 units | $2,650,000 | $265,000 PU
  • 10-24 Davenport, SR | 8 units | $2,100,000 | $262,000 PU | 14.0 GRM
  • 54 Magnolia, SA | 5 units | $1,500,000 | $300,000 PU | 14.5 GRM
  • 608 C, San Rafael | 5 units | $1,485,000 | $297,000 PU | 15.7 GRM

There are currently five additional transactions pending in the 2-4 unit categories and two in the five or more unit categories.

Many sellers are exchanging in to larger properties outside of Marin County or cashing out from family estate sales.

Now is an opportune time to take advantage of this strong seller’s market with attractive low interest rates for buyers.

For a comparative market analysis of your property or to discuss you investment goals give me a call at 415-302-7730 or email me at: katherine@khiggins.com.

Our recent activity in this office:

  • Pending – 835 Sir Francis Drake
    4 units offered at $1,354,000
    4 large, remodeled one bedrooms with
    Covered carport parking and laundry
  • Sold – 608 C Street
    5 remodeled units in Gerstle Park
    Yard, charm, walk to town location
    Sold for full price-$1,485,000
  • Sold – 10-24 Davenport
    4 duplexes on once acre lot
    Large units with charm and privacy
    Sold off market for $2,100,000
  • Sold – 328 D Street
    4 units in Gerstle Park
    Sold for $1,300,000 with large
    Rental upside, walk to town location