- Property Type: Multifamily Residential 5+ Units
- Offer Status: Sold!
- City: San Rafael
- Units: 7
- Cap Rate: 5.00
- GRM: 13.7
Investment Overview
Prime Gerstle Park — 7 Units
Location: The well maintained seven unit apartment building is located on one of the best streets in San Rafael’s historic neighborhood-Gerstle Park. The neighborhood is a mix of small rental properties and renovated turn of the century Victorian’s just a short stroll to downtown San Rafael’s many shops and outstanding restaurants. San Rafael is the hub city of Marin County, with easy free way access to the East Bay, San Francisco and the north Bay cities.
Description: This two-story wood frame and stucco building is built over covered carport parking and includes seven junior one-bedroom apartments with all electric efficiency kitchens, pergo floors, and wood-burning wood stoves in all but one of the remodeled units.
There is a separate space for a bed and bathroom with shower over tub just adjacent to the bedroom area. Two large closets line the entrance to the bathroom. The two units are the front of the building have either a private patio or deck. The two rear units have access to a private patio for relaxing and entertaining.
At the end of the driveway is the entrance to the on site laundry facility and private storage closets for each of the apartments.
Tenants pay their own utilities and the owner is responsible for exterior lights, laundry room utilities, garbage, water, insurance, taxes and maintenance.
The property has been family owned and operated since the 1980’s. The building was painted in the past several years and in preparation for market, all trim was painted, fence was repaired and all original windows were replaced with new vinyl windows. The property is well maintained and according to the owners is very easy to operate and keep running full.
Available Apartment Financing: Apartment loans for this investment can be obtained from local apartment lenders, such as First Federal Savings and Loan of San Rafael and Circle Bank in Novato. Other lenders are Bank of Marin and Tamalpais Bank located in San Rafael. Owner will carry a $100,000 second for 10 years at 7% interest only.
Features:
- Walk to Downtown
- Seven Junior 1 Bedrooms
- Carports, Laundry & Storage
- Owner Financing
- 13.7 GRM
- 5% Cap Rate
- Long Term Tenants
- New Windows, Pergo Floors & Fireplaces
Property Photos
