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