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$ 13,000,000
Est. payment /mo
Price Dropped by $2.2M
129137 Canal ST San Rafael, CA 94901
1.15 Acres Lot
UPDATED:
12/05/2024 05:12 AM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML81984892
HOA Y/N No
Year Built 1962
Annual Tax Amount $205,000
Lot Size 1.150 Acres
Property Description
129-137 Canal St Apartments (the Property) comprised of 40 market rate units in San Rafael, California. Situated at the southern end of the North Bay, the Property provides residents convenient access to surrounding job-rich & high salaried communities in Marin County and San Francisco County. 129- 137 Canal offers attractive high in-place yields with the opportunity to increase rents Day 1 and capture a near 6% cap rate. Upon unit turnovers, strategic renovations of the 900 SF 2x1 floorplans can achieve +/- $3,200 market rents, increasing NOI by another $144,000 or 10.3%. Current ownership does not implement RUBS, allowing prospective buyers potentially $64k in future utility reimbursements annually. 129 Canal (0.57AC) and 137 Canal (0.58AC) are on separate APNs and have potential space for ADU development.
Location
State CA
County Marin
Area 699 - Not Defined
Interior
Cooling Gas
Fireplace No
Exterior
Carport Spaces 40
Roof Type Flat
Total Parking Spaces 5
Schools
School District Other
Others
Tax ID 01726218
Special Listing Condition Standard
Listed by Jefrey Henderson • Jefrey Henderson, Broker