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$13,250,000
Est. payment /mo
36,000 SqFt
UPDATED:
01/28/2025 06:24 AM
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 36,000 sqft
Price per Sqft $368
MLS Listing ID ML81984892
HOA Y/N No
Year Built 1962
Lot Size 1.150 Acres
Acres 1.15
Property Sub-Type Other
Property Description
129-137 Canal St Apartments (the Property) comprised of 40 market rate units in San Rafael, California. Situated at the southern end of the North Bay, the Property provides residents convenient access to surrounding job-rich & high salaried communities in Marin County and San Francisco County. 129- 137 Canal offers attractive high in-place yields with the opportunity to increase rents Day 1 and capture a near 6% cap rate. Upon unit turnovers, strategic renovations of the 900 SF 2x1 floorplans can achieve +/- $3,200 market rents, increasing NOI by another $144,000 or 10.3%. Current ownership does not implement RUBS, allowing prospective buyers potentially $64k in future utility reimbursements annually. 129 Canal (0.57AC) and 137 Canal (0.58AC) are on separate APNs and have potential space for ADU development.
Location
State CA
County Marin
Interior
Heating Forced Air
Cooling Central Air
Fireplace No
Building
New Construction No
Others
Tax ID 01726218
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Listed by Jefrey Henderson • Jefrey Henderson, Broker
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Parisa Samimi
Founder & Real Estate Broker | License ID: 01858122
Founder & Real Estate Broker License ID: 01858122