Marin County Apartment Investors Snap Up Great Deals this Year
San Rafael–While interest rates have risen dramatically, and the property insurance industry is in turmoil a number of savvy Marin County investors are buying properties at great prices and terms. Most are boldly making the numbers work for them and presenting offers that work with lower pricing and favorable terms.
Many sellers are now aware of how interest rates affect values and cash flow and are selling now rather than waiting for the market to change. Property insurance is readily available if you know where to look. Some sellers are willing to carry paper, for either a first or second, to make the deals work.
I participated in two of the most discounted apartment property sales this summer where a four unit building in Mill Valley, originally listed for $2,500,000, sold recently for $1,875,000. The sales price was 30% off the original asking price. Deferred maintenance and below market rents made the property a challenge for buyers and high interest rates did not help. The new owner intends to complete major remodeling to increase the cash flow.
The property was located at 15-17 Gomez in Mill Valley and was being sold by the successor trustee.
The second heavily discounted sale was a triplex plex and duplex located on a single parcel at 250 Redhill in San Anselmo. The historic triplex, an old train station that served San Anselmo in the early 1900’s, was vacant and needed a complete remodel. The duplex on the property was fully occupied.
The purchasing partnership acquired the property for $1,225,000 or $245,000 per unit, a full 30% below the original asking price of $1,750,000. The buyers intend to complete the remodel and offer the renovated apartments at market rents.
I have included in the chart below a list of some of the best deals in Marin County apartment sales so far this year-we have six times more inventory right now just waiting for buyers! A great time to get a bargain and increase cash flow in your real estate portfolios!
Best Closed Apartment Transactions in Marin County Year to Date 2023
| City | Address | # Units | Price | % Price Off Asking |
|---|---|---|---|---|
| Novato | 699 Logan | 6 | $1,780,000 | 11% |
| Mill Valley | 405 Maple | 8 | $1,925,000 | 8% |
| Mill Valley | 10 Gardner | 5 | $2,500,000 | Full price (30% upside on rents) |
| Mill Valley | 14-17 Gomez Way | 4 | $1,875,000 | 25% |
| Kentfield | 11 Hillside | 5 | $2,850,000 | 8% |
| San Anselmo | 250 Redhill | 5 | $1,225,000 | 30% |
| San Rafael | 147 Ross | 6 | $3,900,000 | 5% |
| San Rafael | 532 5th | 3 | $1,400,000 | 11% |
| San Rafael | 608 C | 5 | $2,300,000 | 8% |
