Apartment Inventory Low; Prices Continue To Rise with Flat Rents
Greenbrae-Apartment sellers are reaping big profits this year as the few properties that come to market get snapped up quickly with many multiple offer scenarios.
The properties in the 2-4 unit category are being purchased by frustrated house hunters that need the additional income of a multi-unit property to qualify for financing. The majority of sales in this category have been multiple offers driving prices higher.
2-4 Unit Sales in Marin County from January-May 2016
| Price | Address | Details of Sale | # of Units |
|---|---|---|---|
| $465,000 | 95 Live Oak, Fairfax | Major fixer | 2 |
| $1,388,100 | 10 Stadium, Mill Valley | Remodeled | 2 |
| $1,350,000 | 29 N Knoll, Mill Valley | Fixer house + duplex | 3 |
| $1,100,000 | 1014 3rd, Novato | Large 2b/1.5ba | 4 |
| $1,145,000 | 1046 5th, Novato | Fixer downtown | 4 |
| $967,000 | 111 Laurel Pl, San Rafael | Victorian Fixer | 4 |
| $1,425,000 | 26 Elizabeth, San Rafael | 3 large units, garages | 3 |
| $1,305,000 | 128 Woodward, Sausalito | Bay view | 2 |
| $1,950,000 | 215 Woodward, Sausalito | 2 houses on 1 lot | 2 |
| $2,800,000 | 102 Hi Vista, Sausalito | Bay views, garages | 2 |
5+ Unit Sales in Marin County from January-May 2016
| Price | Address | Details of Sale | # of Units | GRM |
|---|---|---|---|---|
| $3,730,000 | 10 Ash, Mill Valley | 10 unit fixer | 10 | 17.3 |
| $3,020,000 | 729 Cherry, Novato | 15 unit fixer | 15 | 14.2 |
| $5,075,000 | 310 Bayview, San Rafael | Remodeled 2b/2ba | 14 | 14.2 |
| $2,950,000 | 1805 Mar West, Tiburon | Remodeled bay view | 6 | 15.1 |
Demand for North Bay Apartment Properties
I have several buyers actively looking for apartment properties right now. If you would consider an off market sale that would give you time to locate a trade property these buyers are NOT in exchanges or under time constraints.
Current Buyer Needs
- Smaller complex (5-8 units) central Marin up to $1,600,000-fixer okay.
- All cash buyer ($1,800,000) wants apartments, mixed use or leased industrial anywhere in Marin or Sonoma County.
- Buyer wants Southern Marin units, mixed use or fully leased investment up to $5,000,000.
Please contact me to discuss any of your investment needs and we can find a solution. My email is katherine@khiggins.com or cell number is 415-302-7730.
Katherine J. Higgins
Broker Associate Investments