Property Detail

129137 Canal

San Rafael CA 94901

$13,000,000

Status: Active

Property Details

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.

Map Location

Listing provided courtesy of Jefrey Henderson of Jefrey Henderson, Broker. Last updated 2024-11-22 10:37:27.000000. Listing information © 2024 CRMLS.

Linda Lederer Bernstein

Linda Lederer Bernstein

DRE #1527365
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