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Listed by Preet Ballagan • KW Advisors • 510-796-7900
$2,900,000
Est. payment /mo
5,582 SqFt
UPDATED:
Key Details
Property Type Multi-Family
Sub Type OTHER
Listing Status Active
Purchase Type For Sale
Square Footage 5,582 sqft
Price per Sqft $519
Subdivision Not Listed
MLS Listing ID 41127432
HOA Y/N No
Year Built 1948
Lot Size 0.878 Acres
Property Sub-Type OTHER
Source BAY EAST
Property Description
*** Seller financing available *** Seller financing for up to 75% of the purchase price to a qualified buyer, at a 5.5% interest rate for a 3-year term. A rare investment opportunity in the heart of San Rafael, Marin County, one of California's most supply-constrained rental markets. This exceptional 17-bedroom, 9-bath income property sits on 1.66 acres across two parcels with pro forma gross rental income potential of $296,400/year. The property features a main structure with 16 bedrooms and 8 baths operating on a room-by-room rental model, 14 standard rooms at $1,300/mo and 2 premium rooms at $2,000/mo, plus a fully detached 1BD/1BA private residence with a market rent of $2,500/mo. Pro forma owner-managed NOI of approximately $185,888/year supports the $2,900,000 asking price at a 6.41% projected cap rate. All figures are pro forma projections based on market rents; buyer to verify.
Location
State CA
County Marin
Interior
Heating None
Cooling No Air Conditioning
Flooring Laminate
Fireplace No
Appliance Dryer, Washer
Building
Lot Description 2 Houses / 1 Lot
Water Public
Others
Special Listing Condition Offer As Is
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Eric & Janelle Boyenga
Realtors DRE01254724 / 01254725
Realtors DRE01254724 / 01254725