San Rafael – Marin County apartment rents continued their three year climb by moving up 9.6% in the first quarter of 2015 according to the rental survey company, Real Facts, of Novato, CA. Despite double digit increases the past three years of more than 35%, Marin County rents continue to rise as supply has tightened with the growing local economy.

The apartment occupancy factor for Marin currently stands at 97.1%, the highest it has ever been, according to Real Facts. With only 185 new apartment units slated to come online in the County, industry experts believe that rents will continue to climb as supply dwindles.

In the meantime, real estate investors continue to search for Marin County apartment investments, which are also in short supply. Most of the few properties that have come on the market recently have received multiple offers, with some properties going over the asking price.

The most recent apartment activity, in the months of March and April, 2015 include:

Sales of 2-4 Units, Marin County

  • 2 Marin Rd., Fairfax  |  2 units  |  $572,500  |  COE 4/15
  • 1616-1618 Center, Novato  |  2 units  |  $651,000  |  COE 4/15
  • 835 Sir Francs Drake, San Anselmo  |  4 units  |  $1,325,000  |  COE 4/15
  • 203 Picnic, San Rafael  |  2 units  |  $   862,000  |  COE 3/15
  • 101 4th St. Sausalito  |  2 units  |  $1,185,000  |  COE 4/15

Sales of 5+ Units, Marin County

  • 54 Magnolia, San Anselmo  |  5 units  |  $1,500,000  |  COE 4/15  |  14.5 GRM
  • 211 San Anselmo Ave., San Anselmo  |  8 units  |  $1,530,000  |  COE 3/15  |  13.8 GRM
  • 78 Novato, San Rafael  |  5 units  |  $970,000  |  COE 4/15  |  10.7 GRM
  • 1440 Lincoln, San Rafael  |  8 units  |  $1,655,000  |  COE 4/15  |  12.9 GRM

Currently, there are three apartment complexes pending:

  • 420 Canal St. San Rafael  |  10 units  |  $1,295,000
  • 7 Wilkins, San Rafael  |  8  units  |  $1,350,000
  • 52-67 Lower Via Casitas, Greenbrae  |  16 units  |  $5,000,000

Those closing prices will be reported in my next newsletter.

If you would like to discuss any real estate investment needs, just give me a call at 415-302-7730 or email me at katherine@khiggins.com.