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    509 Canal Street

    San Rafael, CA 94901
    • $6,000,000
    • STATUS: Active
    • ON SITE: 56 days
    • ID#: 22017028
    UPDATED: 40 min ago
    $6,000,000
    • 0
      BEDS
    • 0.62
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    • 21,236
      SQFT
    • $283
      $/SQFT
    Neighborhood:
    Type:
    Multi-Family
    Built:
    1961
    County:
    Area:

    School Ratings & Info

    Description

    The Harbor View Apartments is a 28-unit complex in the Canal area of San Rafael offering significant upside for the long term buyer. There are 3-3BR apartments and 25-2BR units. Overall, the building is in average condition and in need of remodeling and upgrading. 13 of the units are set aside as low income for a period of time. The building was built in 1961 with a garden courtyard design around a center swimming pool with 28 covered parking spaces. The building has two water heaters, a common laundry room, gas fired wall heaters, and kitchens have a gas stove. Rents are significantly below the market. Projected market rents in the brochure assume the same current condition. Remodeling should result in significantly higher rents. The property is priced giving consideration to the current low rents, need of work and the deed restriction for below market rents on 13 of the 28 units. The financial analysis assumes an additional $400,000 is spent on current repair needs.

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    © 2020 Bay Area Real Estate Information Services, Inc. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Zephyr Real Estate. Data last updated: 2020-09-21T13:56:22.473.
    www.teamobrienre.com/homes/108252775
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    509 Canal Street San Rafael, CA 94901

    • Price: $6,000,000
    • Status: Active
    • Updated: 40 min ago
    • ID#: 22017028
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.62
    Acres
    21,236
    SQFT
    $283
    $/SQFT
    1961
    Built
    Neighborhood:
    San Rafael
    County:
    Marin
    Area:
    San Rafael
    Property Description
    The Harbor View Apartments is a 28-unit complex in the Canal area of San Rafael offering significant upside for the long term buyer. There are 3-3BR apartments and 25-2BR units. Overall, the building is in average condition and in need of remodeling and upgrading. 13 of the units are set aside as low income for a period of time. The building was built in 1961 with a garden courtyard design around a center swimming pool with 28 covered parking spaces. The building has two water heaters, a common laundry room, gas fired wall heaters, and kitchens have a gas stove. Rents are significantly below the market. Projected market rents in the brochure assume the same current condition. Remodeling should result in significantly higher rents. The property is priced giving consideration to the current low rents, need of work and the deed restriction for below market rents on 13 of the 28 units. The financial analysis assumes an additional $400,000 is spent on current repair needs.
    Exterior Features

    Carports 28 Drainage Sump Pump Exterior Stucco Foundation Construct Cc Slab Garages 0 Lot Description Level On Site Parking Carports Open Uncovered Spaces 0 Roof Tar & Gravel Rv Boat Spaces 0 Type 2 StoryApartments Underground Spaces 0

    Interior Features

    Heat Cool Wall Furnace

    Property Features

    1 Bdrm Ann Occupancy 0.00 1 Bdrms Occupied 0 1 Bedroom Rent Range 0 1 Bedrooms 0 2 Bdrm Ann Occupancy 100.00 2 Bdrms Occupied 25 2 Bedroom Rent Range 1193-2200 2 Bedrooms 25 3 Bdrm Ann Occupancy 100.00 3 Bdrms Occupied 3 3 Bedroom Rent Range 1689-2600 3 Bedrooms 3 4 Bdrm Ann Occupancy 0.00 4 Bdrms Occupied 0 4 Bedroom Rent Range 0 4 Bedrooms 0 Actual Or Projected Actual Auction No Cap Rate 4.50 City Transfer Tax Yes City Transfer Tax Rate 0.00 Comm Units Rent Rang 0 Commercial Units 0 Common Int Dev No Common Rec Swim Pool Est Insurance Exp 17400.00 Est Maintenance Exp 31300.00 Est Management 32900.00 Est Misc Expenses 0.00 Est Net Income 286300.00 Est Taxes 101400.00 Est Total Annual Exp 234500.00 Est Utilities Exp 51500.00 Expense Source Owner Furnished Units 0 GRM 11.52 Gross Scheduled Inc 520800.00 Guest Spaces 0 Laundry Appliance Coin OperatedCommon Room Lease Deposit 0.00 Lot Size Source (Unknown) Monthly Expenses 19541.67 Monthly Income 43400.00 Multifamily Type Multi Unit 5+ New Construction Or Resale Resale Operating Exp Inc ElectricityGarbageGasInsuranceMaintenanceManagementTaxes/AssessmentsVacancy FactorWater Planned Unit Develop No Separate Meters ElectricityGas Sewer Septic Sewer Public Special Zones Flood Zone Square Footage Source Appraiser Studio Ann Occupancy 0.00 Studio Rent Range 0 Studios 0 Studios Occupied 0 Subject To Crt Conf No Tenant Pays ElectricityGas Transaction Type Sale Water Source Water-Public Year Built Source Realist Public Rec

    Listing information © 2020 Bay Area Real Estate Information Services.
    Listing courtesy of Michael Burke of Golden Gate Sotheby's International Realty.


    © 2020 Bay Area Real Estate Information Services, Inc. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Zephyr Real Estate. Data last updated: 2020-09-21T13:56:22.473.
     
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    Greenbrae CA, 94904