CA > San Rafael
San Rafael, CA 94901,129-137 Canal ST
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San Rafael, CA 94901,129-137 Canal ST
San Rafael, CA 94901,129-137 Canal ST
San Rafael, CA 94901,129-137 Canal ST
San Rafael, CA 94901,129-137 Canal ST
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$ 13,250,000
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129-137 Canal ST San Rafael, CA 94901

2 Beds

1 Bath

36,000 SqFt

UPDATED:

01/27/2025 06:06 PM

Key Details

Property Type Multi-Family, Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 36,000 sqft

Price per Sqft $368

MLS Listing ID ML81984892

Bedrooms 2

Full Baths 1

Originating Board MLSListings, Inc.

Year Built 1962

Lot Size 1.150 Acres

Property Sub-Type Five or More Units

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

Garage Spaces 5.0

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

Tax ID 017-262-18

Special Listing Condition Not Applicable

MLS Listing IDX PLUS
© 2025 MLSListings Inc. All rights reserved.
Listed by Jefrey Henderson • Jefrey Henderson, Broker
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129-137 Canal ST