1506 Vallejo Avenue

Description

With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Novato Court presents a compelling opportunity to acquire a stabilized multifamily asset with rental upside at a low entry price. The 7-unit apartment complex is conveniently located 1.5 blocks from Grant Ave in downtown Novato, a thriving strand of restaurants, retail shops, and local business offices. The property is comprised of (2) two-story buildings situated on a corner parcel in a neighborhood of primarily single family homes and small multifamily properties. One building contains (6) one-bed, one-bath apartments, and the second building consists of (1) studio apartment sitting above a 6-car carport structure. Novato Court has fresh exterior paint and appears to be well maintained and in good overall condition. The demonstrated high rent for a 1-bed unit at the property is $2,100, which is on average $459 higher than the other 1-bed units. Overall, the in-place rents are approximately 18% below market rate providing a new owner with ample upside. Priced at $1,950,000, the investment represents a 4.54% Cap Rate on in-place rents, and a 5.90% Cap Rate with all rents at market rates.