Property Details
About this Property
With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Novato Court presents a compelling opportunity to acquire a stabilized multifamily asset with rental upside at a low entry price. The 7-unit apartment complex is conveniently located 1.5 blocks from Grant Ave in downtown Novato, a thriving strand of restaurants, retail shops, and local business offices. The property is comprised of (2) two-story buildings situated on a corner parcel in a neighborhood of primarily single family homes and small multifamily properties. One building contains (6) one-bed, one-bath apartments, and the second building consists of (1) studio apartment sitting above a 6-car carport structure. Novato Court has fresh exterior paint and appears to be well maintained and in good overall condition. The demonstrated high rent for a 1-bed unit at the property is $2,100, which is on average $459 higher than the other 1-bed units. Overall, the in-place rents are approximately 18% below market rate providing a new owner with ample upside. Priced at $1,950,000, the investment represents a 4.54% Cap Rate on in-place rents, and a 5.90% Cap Rate with all rents at market rates.
MLS Listing Information
MLS #
BA322091460
MLS Source
Bay Area Real Estate Information Services, Inc.
Interior Features
Appliances
Other
Cooling
Window/Wall Unit
Heating
Wall Furnace
Parking, School, and Other Information
Garage/Parking
Carport, Garage: 0 Car(s)
Sewer
Public Sewer
Water
Public
HOA Fee
$0
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 2 | 0 | 7 |
| Type | Sq Ft | Beds | Baths | Min Rent | Max Rent | Units Like This |
|---|---|---|---|---|---|---|
| 1 | 525 | 1 | 1/0 | $1,632 | – | – |
| 2 | 525 | 1 | 1/0 | $2,100 | – | – |
| 3 | 525 | 1 | 1/0 | $1,500 | – | – |
| 4 | 525 | 1 | 1/0 | $1,795 | – | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
1506 Vallejo Ave is a Residential Income in Novato, CA 94945. This 3,980 square foot property sits on a 0.26 Acres Lot and features – bedrooms & – full bathrooms. It is currently priced at $1,840,762 and was built in 1958. This address can also be written as 1506 Vallejo Ave, Novato, CA 94945.
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This listing information is up-to-date as of February 25, 2025. For the most current information, please contact John Garrett, (415) 652-8431
