129137 Canal Street

San Rafael, CA 94901

$15,250,000

List Price

N/A

bed Beds

shower Baths

N/A sqft

straighten / sqft

1962

calendar_month Built

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.

Listing Information

List Price $15,250,000
Status Active
MLS ML81984892
HOA $0
Type Commercial
Year Built 1962
Lot Size 50,094
Structure Size N/A
Courtesy Of Jefrey Henderson, Broker
Listing Agent Jefrey Henderson DRE#01483399

Interior Features

Total Bedroom
Bedrooms N/A
Cooling Type
Cooling Type Gas

Exterior Information

Maps

Listing information courtesy of: Jefrey Henderson, Jefrey Henderson, Broker 408-306-3228. *Based on information from the Association of REALTORS/Multiple Listing as of Oct 26th, 2024 at 12:09 AM and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.