1476 Lincoln Avenue,San Rafael, CA 94901
San Rafael, CA 94901
Description
1476 Lincoln Ave The Property is an 11-unit multifamily core asset situated in the heart of San Rafael, California. Built in the 1980s, the property is comprised of exclusively 1-bed 1-bath well-maintained residential units with a total of 7,700 rentable square feet. The generous units average 700 square feet and have not marked to market. This a prime opportunity for a new buyer to immediately increase yield by conservatively pushing rents to $2,500/unit without any renovation plan. The property is 100% occupied with strong in-place rents of $2,360 per unit, supported by robust market fundamentals and integral high demand rental environment. 1476 Lincoln has a lot of rental appreciation potential as home prices continue to remain well out of reach for most residents in the area. The average price for homes in the San Rafael market start above $1,000,000 and with banks tightening their credit boxes the cost to borrow is at a decade high level. This investment opportunity is priced to just north of $4,000,000, reflecting a compelling $368,182 per unit and an attractive 5%+ in place cap rate.
Details
| MLS # | ML82009415 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active |
| Year | 1950 |
| Days On Site | 18 |
| Listing Provided By | Jefrey Henderson, Broker | Jefrey Henderson |
Features
| SQ Feet | 6,380 |
|---|---|
| Car Port | Yes |
| Building(s) | 1 |
| Zoning | N/A |
| Acreage | 0.23 |
Interior
| Cooling | Central Air |
|---|---|
| Heating | Central |
| Heating Yes / No | Yes |
| Cooling Yes / No | Yes |
Exterior
| Roof | Flat |
|---|
Taxes
| Property | 63300 |
|---|
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Learn More About This Property
| State | CA |
|---|---|
| County | Marin |
| City | San Rafael |
| Zip Code | 94901 |
| Area | 699 Not Defined |
| School District | Other |
| Listing VS Median (in 94901) | |
Price: $4,050,000 low | high Med: $2,650,000 SqFt: 6,380 low | high Med: 8,568 $ / SqFt: $635 low | high Med: $309 On site: 18 low | high Med: 72.000000 | |