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$4,050,000

Est. payment - /mo

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9,988 Sqft Lot

Active

1476 Lincoln AVE San Rafael, CA 94901

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Chris Mardelli

chris@therealupside.com +1(310) 571-5761

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Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

MLS Listing ID ML82009415

HOA Y/N No

Year Built 1950

Annual Tax Amount $63,300

Lot Size 9,988 Sqft

Property Description

1476 Lincoln Ave The Property is an 11-unit multifamily core asset situated in the heart of San Rafael, California. Built in the 1980s, the property is comprised of exclusively 1-bed 1-bath well-maintained residential units with a total of 7,700 rentable square feet. The generous units average 700 square feet and have not marked to market. This a prime opportunity for a new buyer to immediately increase yield by conservatively pushing rents to $2,500/unit without any renovation plan. The property is 100% occupied with strong in-place rents of $2,360 per unit, supported by robust market fundamentals and integral high demand rental environment. 1476 Lincoln has a lot of rental appreciation potential as home prices continue to remain well out of reach for most residents in the area. The average price for homes in the San Rafael market start above $1,000,000 and with banks tightening their credit boxes the cost to borrow is at a decade high level. This investment opportunity is priced to just north of $4,000,000, reflecting a compelling $368,182 per unit and an attractive 5%+ in place cap rate.

Location

State CA

County Marin

Area 699 - Not Defined

Interior

Heating Central

Cooling Central Air

Fireplace No

Exterior

Carport Spaces 13

Roof Type Flat

Total Parking Spaces 2

Schools

School District Other

Others

Tax ID 01110346

Special Listing Condition Standard

Listed by Jefrey Henderson Jefrey Henderson, Broker

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