236 C St San Rafael, CA 94901

Property Details for 236 C St

Year built

1964

Property size

3,354 SF

Property type

Commercial real estate

Description

This exceptional investment opportunity presents a meticulously maintained, two-unit apartment building ideally situated in San Rafael's coveted Gerstle Park neighborhood. The property boasts a total of 3,354 square feet, encompassing two identical, spacious two-story townhouses, each measuring 1,677 square feet. Each unit features a desirable layout with two bedrooms and 1.5 bathrooms. The ground floor of each unit showcases an open kitchen, dining area, and a stepped-up living room perfect for entertaining, seamlessly flowing to a private backyard deck via sliding glass doors. Upstairs, two generously sized bedrooms, each with ample closet space, share a full bathroom, a linen closet, and a separate laundry room with additional storage. A second deck, accessible from the front bedroom, offers a picturesque view of the tree-lined street. Built in 1964, the building features dual-pane windows and an eight-year-old roof, ensuring minimal maintenance needs. Currently operating at 100% occupancy, the property generates a strong net operating income (NOI) of $39,382, with a pro-forma NOI of $78,190. The asking price is $1,500,000, translating to $750,000 per unit and $477 per square foot. The 4,800 square foot lot provides ample space. The absence of current rent control in San Rafael further enhances the investment potential. This property presents a compelling owner-user opportunity or a lucrative investment in a highly sought-after location.