- Property Type: Multifamily Residential 5+ Units
- Offer Status: Sold!
- City: San Rafael
- Units: 6
- GRM: 13.1
Investment Overview
The Courtyard Apartments
Location: This outstanding two story boutique complex of six renovated apartments is located in the lively downtown area of San Rafael, within an easy stroll to shops,
restaurants, and a restored Art Deco movie theatre. The property is also within a five minute drive of the Highway 101 leading north and south.
Description: The property is a two-story wood frame and stucco six-unit complex built sometime in the early 1900s and has since been lovingly restored. Each unit has beautiful hardwood floors, new kitchens and baths with fresh tile, and new fixtures and hardware.
The six units include one smaller studio, one large one bedroom with dining room and private patio and four medium sized one bedrooms. The three lower units have their own entrances and private outdoor spaces. The units on the upper story have beautiful Mt. Tam views and wonderful light.
The exterior of the property is surrounded by a redwood fence and trellis, mature landscaping that includes blooming roses, a towering Redwood tree and an assortment of blooming perennials. A curving concrete walkway takes the resident to their own private entrance.
Off street parking includes six places to the west of the property. The tenants pay their own gas and electric utilities and cable. The owner pays for garbage, water and the house utility meter. An onsite washer and dryer are provided by the owner for the private use of the residents.
The current owner has completed many improvements: complete structural rebuild of the entire exterior of the property, electrical upgrades, pergo floors in the kitchens, new kitchen tiled counter tops, new fixtures throughout the apartments. Also upgraded were hardware and light fixtures and paint both interior and exterior. The roof is ten years old and is flat with a membrane coating.
Financing: Several local lenders, including First Federal of San Rafael and Circle Bank, would have an interest in loaning on this property.
Features:
- Six Remodeled Units
- Prime Downtown Location
- Turnkey property with Improvements
- 13.1 GRM—$93,000 Annual Income
- Beautifully Landscaped and Maintained
Property Photos
