129 Canal St San Rafael, CA 94901
- Commercial real estate
- 36,000 SF
- 1.15 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 129 Canal St
- Year built
- 1962
- Lot size
- 1.15 lot acres
- Property size
- 36,000 SF
- Property type
- Commercial real estate
Description
This exceptional value-add multifamily investment opportunity presents a portfolio of 40 market-rate units situated at 129-137 Canal Street in San Rafael, California. The property comprises four buildings, totaling 36,000 square feet on a 1.15-acre lot. Built in 1962, the two-story buildings boast a current 100% occupancy rate, with an occupancy date of October 14, 2024. The asking price is $13,000,000, representing a compelling 5.20% capitalization rate. Each unit is approximately 900 square feet, offering a significant opportunity to increase net operating income (NOI) through strategic renovations and market rent adjustments. Potential rent increases of approximately $3,200 per unit are achievable, resulting in a substantial boost to NOI. Furthermore, the absence of a utility reimbursement system (RUBS) presents an additional avenue for increasing NOI by approximately $64,000 annually. The property consists of two parcels with separate assessor's parcel numbers (APN), offering potential for future accessory dwelling unit (ADU) development. This property is ideally located in San Rafael, providing convenient access to employment centers in Marin and San Francisco counties, ensuring strong market fundamentals and favorable in-place returns. This is a proven value-add opportunity with significant upside potential.
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
- -122.5007832
- Latitude
- 37.9674377
