Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    199 Posada Del Sol Novato, CA 94949
    Back to Search
    Property profile & analytics

    199 Posada Del Sol, Novato, CA 94949

    View on Map
    • Apartment buildings
    • 69,088 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Hillcrest Apartment Complex / Apartment Building
    • Four The Paws / Animal Training
    • Cal Shred / Atm
    • Pacific Cabinetry / General Contractor / Renovation Specialist

    Property Details for 199 Posada Del Sol

    Year built
    1970
    Property type
    Apartment buildings

    Description

    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.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Novato
    County
    Marin
    State
    California
    Longitude
    -122.534
    Latitude
    38.0592

    Comparable in this City

    • Value Estimation by Request
      0.48 Acres

      401 Enfrente Rd

      COMMERCIAL (GENERAL)
      401 Enfrente Rd, Novato, CA 94949-7206
      View Details
    • Value Estimation by Request
      0.02 Acres

      300 Entrada Dr

      VACANT COMMERCIAL LAND
      300 Entrada Dr, Novato, CA 94949-5520
      View Details
    • Value Estimation
      $1,025,000
      6,100 SF

      405 Enfrente Rd

      COMMERCIAL (GENERAL)
      405 Enfrente Rd, Novato, CA 94949-7201
      View Details
    • Value Estimation
      $2,055,000
      12,641 SF

      300 Entrada Dr

      COMMERCIAL (GENERAL)
      300 Entrada Dr, Novato, CA 94949-5520
      View Details
    • Value Estimation
      $1,495,000
      9,360 SF

      92 Hamilton Dr

      INDUSTRIAL (GENERAL)
      92 Hamilton Dr, Novato, CA 94949-5623
      View Details
    • Value Estimation
      $11,290,000
      56,321 SF

      3 Hamilton Lndg

      COMMERCIAL (GENERAL)
      3 Hamilton Lndg, Novato, CA 94949-8248
      View Details

    Similar Nearby for Sale

    • $1,625,000

      Turn-Key Novato 4-Plex Townhouses

      Well-maintained 4-plex near Highway 101 in Novato, CA.
      46 Grass Ct, Novato, CA 94949
      View Details
    • Contact for pricing
      3,900 SF

      Turn-Key Novato 4-Plex Townhouse

      Well-maintained 4-unit property in Novato, easy access to Highway 101.
      46 Grass Ct, Novato, CA 94949
      View Details
    • Contact for pricing
      9,440 SF

      Novato Industrial/Manufacturing/Distribution Center

      Established light industrial, manufacturing, and distribution center in Novato, CA.
      4 Commercial Blvd, Novato, CA 94949
      View Details
    • Contact for pricing
      2,187 SF

      Light Industrial/Flex Condo For Sale

      2,187 SF light industrial/flex condo divided into two units.
      14 Commercial Blvd, Novato, CA 94949
      View Details
    • Contact for pricing

      Novato Office Building For Sale

      Office building in Novato with easy freeway access.
      250 Bel Marin Ky Blvd -, Novato, CA 94949
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      CA, Novato - Bel Marin Keys Blvd

      Discover many ways to work your way in CA, Novato - Bel Marin Keys Blvd
      371 Bel Marin Keys Blvd, Novato, CA 94949
      View Details
    • Contact for pricing
      5,360 SF

      Warehouse with Adjoining Office Space

      Warehouse with office space available in Marin County.
      16 Digital Dr, Novato, CA 94949
      View Details
    • Contact for pricing
      1,625 SF

      Novato Office/Studio Space For Rent

      Second floor office/studio with full kitchen and bathroom.
      74 Digital Dr, Novato, CA 94949
      View Details
    • Contact for pricing
      13,461 SF

      Unique Office Space in Novato

      Adaptable office space with modern amenities and convenient transportation access.
      7 Hamilton Lndg, Novato, CA 94949
      View Details
    • Contact for pricing
      1,976 SF

      Office Space for Lease

      Office space available for lease at a prominent intersection.
      6 Hangar Ave, Novato, CA 94949
      View Details
    • Contact for pricing
      33,664 SF

      Adaptive Reuse Office Space Available

      Unique office spaces with soaring ceilings and unmatched amenities.
      10 Hamilton Lndg, Novato, CA 94949
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    199 Posada Del Sol
    Novato, CA 94949
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    199 Posada Del Sol, Novato, CA, 94949
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!