August 2015 Marin County Apartment Market Update – Marin Apartment Prices Continue Climb; Rents Leveling Off

San Rafael–Prices for Marin County apartment properties are continuing to climb with per unit pricing now as high as $356,000 for larger buildings in prime locations. In January an eight unit property closed at $262,500 per unit in a prime San Rafael neighborhood and by May, buyers jumped on a Greenbrae 16 unit property and paid $500,000 over the $5,000,000 asking price.

Most apartment properties over 5 units are now selling within 15-30 days of coming on the market. Buyers are coming from outside Marin County to purchase these properties, many with 30-40% upside in rents.

Pricing on smaller, 2-4 unit properties, have also shot up with duplexes in San Rafael’s historic neighborhood of Gerstle Park now selling for $975,000-$1,135,000. Two years ago these same properties were selling for $700,000-$825,000.

Current Pending Units

Address Units Asking Price
57 Sunnyside, Mill Valley 4 Units $1,425,000
40 Canyon, San Anselmo 3 Units $899,000

Current Sold 2-4 Units

Address Units Sold Price
91 Forrest Avenue, Fairfax 2 Units $642,000
1133 3rd Street, Novato 2 Units $768,000
3 Fairfax Street, San Rafael 4 Units $768,000
110-112 Treanor Ct., San Rafael 2 Units $1,135,000
601-603 Main St., Sausalito 2 Units S$1,135,000
110-112 Treanor Ct., San Rafael 2 Units $1,132,500

Current Pending 5+ Units

Address Units Asking Price
114 Sycamore, San Anselmo 10 Units $2,650,000
833 Bridgeway, Sausalito 8 Units $4,500,000

If you are considering an exchange or sale, please give me a call for a no obligation valuation of your property. I have rental data for all Marin County communities and can discuss how to maximize your returns.

Regards,
Katherine J. Higgins,
Marin County Real Estate Investment Broker

PENDING SALES:

  • 40 Canyon Road, San Anselmo
    Three units and off street parking.
    Offered at $899,000
  • 359 Madrone, Larkspur
    Single family with heritage redwoods.
    Offered at $1,775,000

SOLD:

  • 835 Sir Francis Drake Blvd., San Anselmo
    4 units in San Anselmo
    Sold for $1,325,000
  • 608 C Street, San Rafael
    4 Units
    Sold for $1,485,000
  • 10-24 Davenport, San Rafael
    8 Units
    Sold for $2,100,000
  • 328 D Street, San Rafael
    4 Units
    Sold for $1,300,000