15 San Rafael Ave, San Anselmo, CA

Investment Overview

Pride of Ownership 9-Unit Apartment Community

This turnkey apartment property in the heart of San Anselmo consists of 8 one bed-room/one bath units and a fully permitted ADU. The current owner has recently made major improvements to the property and increased income substantially. In the current robust Marin County rental market, there remains significant rental upside at the property. The technology hiring for AI specialists has affected the demand for rental housing in Marin, and rents are increasing as evidenced by the large spread between current rents and potential rents at this well-located property. Demographics for San Anselmo include an affluent community with median household incomes of $158,000 and median home prices topping nearly $1,500,000. Rental housing is about one third of total housing available in this small, exclusive community of less than 6,000 residents.

Investment Highlights:

• 9 legal units (8 one bedrooms + fully permitted ADU)
• Walking distance to downtown San Anselmo
• Spacious 563 square-foot apartments with front and back door access
• Hardwood floors, updated kitchens and baths, cozy wood stoves
• Low tenant turn over/minimal vacancy
• Separate storage unit and common area laundry on site
• Abundant off-street parking
• Lush landscaping and attractive common area with barbeque
• Property shows pride of ownership throughout

Major Capital Improvements:

• Updated kitchens and baths
• New roof
• New skylights in upper unit kitchens
• New water heaters
• Upper deck professionally repaired and compliant with current California balcony safety regulations
• New sewer lateral to meet City of San Anselmo requirements
• Fully permitted ADU
• New driveway and parking lot paving
• New landscaping and irrigation system
• New exterior paint and updated paint as tenancies change
• Over $500,000 in improvements since purchase in 2015

Investor Highlights:
This turnkey property is attractive to 1031 exchange investors seeking stable cash flow, family offices adding to their investment portfolios, and long-term wealth preservation investors seeking a real estate investment with minimal maintenance and strong rental upside.