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$15,250,000

Est. payment - /mo

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36,000 SqFt

New

129137 Canal ST San Rafael, CA 94901

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Nathan King Real Estate Group

info@kingrealestate.group +1(559) 396-0000

UPDATED:

10/26/2024 12:09 AM

Key Details

Property Type Commercial

Listing Status Active

Purchase Type For Sale

Square Footage 36,000 sqft

Price per Sqft $423

MLS Listing ID ML81984892

HOA Y/N No

Year Built 1962

Annual Tax Amount $205,000

Lot Size 1.150 Acres

Acres 1.15

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

Area 699 - Not Defined

Interior

Cooling Gas

Fireplace No

Exterior

Carport Spaces 40

Roof Type Flat

Total Parking Spaces 5

Schools

School District Other

Others

Tax ID 01726218

Special Listing Condition Standard

Listed by Jefrey Henderson • Jefrey Henderson, Broker

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Nathan King Real Estate Group

Broker | License ID: 01878277

+1(559) 396-0000

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