107 Marin St San Rafael, CA 94901

Property Details for 107 Marin St

Year built

1975

Property size

6,136 SF

Property type

Commercial real estate

Description

This exceptional 11-unit apartment building, located at 107 Marin Street in San Rafael, California, presents a compelling investment opportunity. Built in 1975, this Class B property boasts 6,136 square feet on an 11,250 square foot lot and offers a compelling mix of ten one-bedroom/one-bathroom units and one two-bedroom/one-bathroom unit. Each unit features updated kitchens with granite countertops, newer cabinets, stainless steel appliances, built-in microwaves, and dishwashers. Residents enjoy en-suite bathrooms, private patios with sliding doors, and dual-paned windows. The property also includes thirteen designated parking spaces, an on-site shared washer/dryer, updated exterior paint, and refinished wood stairways. The building benefits from a 100% occupancy rate, generating a current NOI of $198,000 and a pro-forma NOI of $209,867, resulting in a 4.40% cap rate and a pro-forma cap rate of 4.66%. The asking price is $4,500,000, representing a price per unit of $409,090.91 and a price per square foot of $733.38. Situated in the desirable Gerstle Park neighborhood, this property enjoys a Walk Score of 83, offering easy access to downtown San Rafael, Highway 101, and the San Rafael SMART train station. The property is sold fee simple and is suitable for a 1031 exchange. This is a stabilized, core investment with strong in-place income and significant upside potential. Utilities are separately metered for PG&E.