255 Channing Way San Rafael, CA 94903
- Apartment buildings
- 13,300 SF
Current Use by Public Records
- Bella Vista Apartments / Apartment Building
- Reflection Audio / Home Audio Store
Property Details for 255 Channing Way
- Year built
- 1965
- Property size
- 13,300 SF
- Property type
- Apartment buildings
Description
This exceptional 14-unit apartment building at 255 Channing Way, San Rafael, CA 94903 presents a compelling investment opportunity. Boasting 13,300 square feet, the two-story, 1965-built property commands a $6,000,000 asking price, translating to $451.13 per square foot and $428,571.43 per unit. Currently operating at a 93% occupancy rate, the building generates a Net Operating Income (NOI) of $328,730, yielding a 5.5% cap rate and a pro-forma cap rate of 6.1%. The property features recently remodeled units, complete with new flooring, updated kitchens, and modern appliances. Each unit is generously sized and benefits from abundant natural light. To enhance efficiency and reduce operating costs, the building incorporates separate PG&E meters and a partial Ratio Utility Billing System (RUBS). Located in a highly desirable San Rafael neighborhood within Marin County, this property benefits from strong rental demand and a history of high occupancy, ensuring long-term stability and a significant return on investment. This turnkey investment is ideal for those seeking a stable, income-producing asset in a prime location.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- San Rafael
- County
- Marin
- State
- California
- Longitude
- -122.536
- Latitude
- 38.0093
