Renovated 18-Unit Apartment
19 Merrydale Court San Rafael, CA 94903
New
19 Merrydale Court, San Rafael, CA, 94903
$5,600,000
For Sale
$5,600,000
18-unit multifamily property with a mix of one- and two-bedroom units, plus on-site laundry and recent capital improvements.
Property Size11,568 SF
Price / SF$484.09
Days on Market7
Property Features for 19 Merrydale Court
General Information
- Standard status
- Active
- Size
- 11,568 SF
- Property subtype
- 5+ Units / Five or More Units
Building Details
- Year Built
- 1962
Listing agency
CBRE, Inc.
(408) 893-8063
Listed by
Adam Foley · License #02144332
(408) 893-8063
Source
Compass
Added: Jul 16 Updated: Jul 21 at 8:08PM Checked: Jul 22 at 7:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE, Inc.
Investment Insights
Based on property information with market context.
19 Merrydale Court is a 1965-built multifamily apartment property on a generously sized lot, offering eighteen total units. The unit mix includes twelve one-bedroom/one-bath floorplans and six two-bedroom/one-bath floorplans. Several units have been tastefully renovated over recent tenant turns. Recent capital improvements include new electrical subpanels, water heaters, and furnaces, with each unit having its own individual water heater and furnace. The property also features on-site laundry.
Marin Heights is positioned in San Rafael, with convenient access to Highway 101 and proximity to major employment centers across the North Bay and broader Bay Area. The property is also described as having commanding views of the surrounding Marin hillsides.
The current configuration provides a straightforward 18-unit rental profile with independent heating and hot water at the unit level, designed to support tenant satisfaction while helping limit owner utility exposure.
Marin Heights is positioned in San Rafael, with convenient access to Highway 101 and proximity to major employment centers across the North Bay and broader Bay Area. The property is also described as having commanding views of the surrounding Marin hillsides.
The current configuration provides a straightforward 18-unit rental profile with independent heating and hot water at the unit level, designed to support tenant satisfaction while helping limit owner utility exposure.
Key Highlights
- 18‑unit multifamily built in 1965 with a unit mix of 12 one‑bed/one‑bath and 6 two‑bed/one‑bath units
- Recent capital improvements include new electrical subpanels, water heaters, and furnaces throughout
- Each unit has its own water heater and furnace for independent heating and hot water
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $323.4k | $27.96 |
| − Vacancy | −$18.8k | −$1.62 |
| EGI | $304.7k | $26.34 |
| − OpEx | −$137.1k | −$11.85 |
| NOI | $167.6k | $14.49 |
11,568 SF · lease $27.96/SF/yr · vacancy 5.80% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.39M
$2.09M – $2.79M
NOI $167,575 @ 7.0% cap · market cap 2.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$56.50M
$49.44M – $65.92M
NOI $3,955,345 @ 7.0% cap · market cap 70.63%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
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FAQs
What type of property is this?
Apartment building - 18-unit multifamily property with a mix of one- and two-bedroom units, plus on-site laundry and recent capital improvements.
Where is this apartment building located?
The property is located at 19 Merrydale Court San Rafael, CA.
What is the asking price?
The asking price for this property is $5,600,000.
What are key features of this property?
This property features: 18‑unit multifamily built in 1965 with a unit mix of 12 one‑bed/one‑bath and 6 two‑bed/one‑bath units; Recent capital improvements include new electrical subpanels, water heaters, and furnaces throughout; Each unit has its own water heater and furnace for independent heating and hot water
