$ 13,000,000
129-137 Canal ST San Rafael, CA 94901
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$ 13,000,000
Est. payment /mo
Price Dropped by $2.2M
129-137 Canal ST San Rafael, CA 94901
2 Beds
1 Bath
36,000 SqFt
UPDATED:
11/18/2024 02:14 AM
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 36,000 sqft
Price per Sqft $361
MLS Listing ID ML81984892
Bedrooms 2
Full Baths 1
Year Built 1962
Lot Size 1.150 Acres
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 San Rafael
Interior
Heating Central Forced Air - Gas
Cooling Central Forced Air - Gas
Exterior
Parking Features Covered Parking
Utilities Available Individual Electric Meters, Individual Gas Meters
Roof Type Flat / Low Pitch
Building
Foundation Concrete Slab
Sewer Sewer in Street
Water Individual Water Meter
Others
Restrictions None
Tax ID 017-262-18
Security Features None
Special Listing Condition Not Applicable
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Listed by Jefrey Henderson • Jefrey Henderson, Broker