199 Posada Del Sol Novato, CA 94949

This exceptional investment opportunity presents Hillcrest Apartments, a 65-unit apartment building located at 199 Posada Del Sol, Novato, CA 94949. The property consists of five, two-story buildings situated on a 5-acre lot (174,240 sq ft) and features 64 spacious two-bedroom, 1.5-bathroom units and one one-bedroom unit. Built in 1970, the property boasts 69,088 square feet and offers a generous 2:1 parking ratio. Recent upgrades include new roofs on two buildings, new siding and paint on all upper levels, updated plumbing, and landscaping enhancements. The pool and pool house have also been recently refurbished. Many units feature luxury vinyl plank flooring, new appliances, updated kitchens and bathrooms. 44 units have had popcorn ceilings removed and replaced. Balconies have been inspected to comply with AB 721 requirements, with new railings installed in 2014. The property is zoned PD. The asking price is $21,000,000, representing a price per unit of $323,076.92 and a price per square foot of $303.96. The current Net Operating Income (NOI) is $1,115,409, resulting in a 5.30% cap rate. The pro-forma NOI is $1,320,281, yielding a 6.29% pro-forma cap rate. The property's location in Marin County offers a strong rental market with significant potential for future rent increases. The APN is 160-020-38 & 160-020-20.