1129 3rd St

3,728 Sq. Ft.
$362 / Sq. Ft.
3,728
Sq. Ft.
$362
per Sq. Ft.

Description

Massive rental upside, estimated at 94% above current rents. 1129 3rd Street is a rarely available four-unit multifamily property located in downtown Novato, just 1.5 blocks from Grant Avenue. The property consists entirely of 2-bedroom, 1.5-bathroom townhouse-style units. Each unit has a private patio, a dedicated carport parking spot, and an exterior storage closet. These home-like units cater to long-term tenants who appreciate the immediate proximity to the amenities of Novato's thriving downtown,...Massive rental upside, estimated at 94% above current rents. 1129 3rd Street is a rarely available four-unit multifamily property located in downtown Novato, just 1.5 blocks from Grant Avenue. The property consists entirely of 2-bedroom, 1.5-bathroom townhouse-style units. Each unit has a private patio, a dedicated carport parking spot, and an exterior storage closet. These home-like units cater to long-term tenants who appreciate the immediate proximity to the amenities of Novato's thriving downtown, including dining, shopping, and employment opportunities. The current tenants have all been calling the property home for eight or more years. In-place rents at the property are almost 50% below what are believed to be market rents, offering the potential of significant upside to a new owner. Once stabilized at market rents, 1129 3rd Street should provide above market cash flow and an opportunity for significant appreciation due to it's excellent location in Downtown Novato, where only one other fourplex has been sold in the past five years.
  1. Listed by John W Garrett • DRE #01421403 • Marcus & Millichap

Property Details for 1129 3rd Street

Cross Street
Vallejo Ave
Total Parking Spaces
6
LISTING UPDATED: 01/26/2023 05:30 PM

Property Details for 1129 3rd Street

StatusClosed
MLS #322091194
Days on Compass100
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / Quadruplex
Year Built1973
Lot Size0.17 AC / 7,501 SF
CountyMarin County

Location

Listing Courtesy of Marcus & Millichap, John W Garrett, DRE #01421403

Sold By Compass, Ben Faber, DRE #01913767

Add your commute

Building Information for 1129 3rd Street

Stories2Residences-Year Built1973Building Size-Lot Size0.17 AC / 7,501 SF

Payment Calculator

Get preapproved with
OriginPoint Mortgage or Rocket Mortgage1

$8,217 per month

30 year fixed, 6.11% Interest

Principal and Interest

$6,552

Property Taxes

$1,665

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Know your buying power with a preapproval and custom rate in minutes

Rocket Mortgage1

Property Information for 1129 3rd Street

Summary
Location and General Information
  • Area/District: Novato
  • Area Short Display: A1700
  • Directions to Property: West on Vallejo Ave, North on 3rd St.
Taxes and HOA Information
  • Association: No
  • Association Fee: $0
  • APN: 141-241-22
  • City Transfer Tax Rate: .00%
  • County Transfer Tax Rate: .00%
Parking
  • Parking Features: Covered, Uncovered
  • Carport Spaces: 4
  • Garage Spaces: 0
  • Open Parking Spaces: 2
  • Covered Spaces: 0
  • Independent Parking Spaces: 0
  • Tandem Parking Spaces: 0
Virtual Tour
  • Virtual Media Count: 0
Property
Lot Information
  • Square Footage: 3728.0
  • Square Footage Source: Assessor Auto-Fill
  • Year Built Source: Assessor Auto-Fill
  • Lot Size Source: Assessor Auto-Fill
  • Lot Size Square Feet: 7501.0
  • Lot Features: Garden
Property and Assessments
  • Buyer Financing: Conventional
  • Picture Count: 25
  • Property Disclaimer: Information has not been verified, is not guaranteed, and is subject to change. Any offer of compensation is made exclusively to Broker Participants of the MLS where the subject listing is filed.<BR> Copyright &copy; 2023 Bay Area Real Estate Information Services, Inc. All rights reserved.<BR>Copyright</A> &copy;2023 <A name="trans">Rapattoni Corporation. All rights reserved.</A><BR>U.S. Patent 6,910,045
  • Actual or Scheduled: Scheduled
  • Gross Rent Multiplier: 0.0
Utilities
  • Sewer: Sewer Public
  • Water Source: Water Public
Interior and Exterior Features
Exterior Features
  • Stories: 2
  • Levels: 2 Story
  • # of Floors: 2
Interior Features
  • Heating: Central
  • Cooling: Central
  • Laundry Features: Coin Operated, In Common Area, Washer/Dryer Leased
  • # of Guest Space(s): 0
Multi Family
1 Bedroom Unit
  • # of 1 Bedroom Units: 0
  • 1 Bedroom Rent Range: 0
  • 1 Bedroom Annual Occupancy: .00%
  • # of 1 Bedrooms Occupied: 0
2 Bedroom Unit
  • # of 2 Bedroom Units: 4
  • 2 Bedroom Rent Range: 1250-1600
  • 2 Bedroom Annual Occupancy: 100.00%
  • # of 2 Bedrooms Occupied: 4
3 Bedroom Unit
  • # of 3 Bedroom Units: 0
  • 3 Bedroom Rent Range: 0
  • 3 Bedroom Annual Occupancy: .00%
  • # of 3 Bedrooms Occupied: 0
4 Bedroom Unit
  • # of 4 Bedroom Units: 0
  • 4 Bedroom Rent Range: 0
  • 4 Bedroom Annual Occupancy: .00%
  • # of 4 Bedrooms Occupied: 0
Income & Expenses
  • Gross Scheduled Income: $66,780.00
Multi-Family Information
  • # Commercial Units: 0
  • # Of Buildings: 1
  • # Of Units Total: 4
  • # of Studio Units: 0
  • # Studios Occupied: 0
Unit 1
  • Unit 1 Bedrooms: 2
  • Unit 1 Description: 2-Bdr / 1.5-Bath
  • Unit 1 Full Baths: 1
  • Unit 1 Partial Baths: 1
  • Unit 1 # of Rooms: 4
  • Unit 1 Approx SqFt: 930
  • Unit 1 Type: Apartment
Unit 2
  • Unit 2 Bedrooms: 2
  • Unit 2 Description: 2-Bdr / 1.5-Bath
  • Unit 2 Full Baths: 1
  • Unit 2 SqFt Source: Not Measured
  • Unit 2 # of Rooms: 4
  • Unit 2 Approx SqFt: 930
  • Unit 2 Type: Apartment
Unit 3
  • Unit 3 Bedrooms: 2
  • Unit 3 Description: 2-Bdr / 1.5-Bath
  • Unit 3 Full Baths: 1
  • Unit 3 Partial Baths: 1
  • Unit 3 SqFt Source: Not Measured
  • Unit 3 # of Rooms: 4
  • Unit 3 Approx SqFt: 930
  • Unit 3 Type: Apartment
Unit 4
  • Unit 4 Bedrooms: 2
  • Unit 4 Description: 2-Bdr / 1.5-Bath
  • Unit 4 Full Baths: 1
  • Unit 4 Partial Baths: 1
  • Unit 4 # of Rooms: 4
  • Unit 4 Approx SqFt: 930
  • Unit 4 Type: Apartment

Property History for 1129 3rd Street

DateEvent & SourcePriceAppreciation
Dec 13, 2024

Expired

EBRD #ML81978903

Dec 12, 2024

Expired

MLSListings #ML81978903

$1,750,000
Oct 1, 2024

Temporarily Off Market

EBRD #ML81978903

Oct 1, 2024

Temporarily Off Market

MLSListings #ML81978903

$1,750,000
Sep 3, 2024

Listed (Active)

EBRD #ML81978903

$1,750,000
Sep 3, 2024

Listed (Active)

MLSListings #ML81978903

$1,750,000
Jan 26, 2023

Sold

REBAREIS #322091194

$1,350,000
Jan 26, 2023

Sold

RESFAR #322091194

$1,350,000
Jan 26, 2023

Sold (Public Record)

Public Record #1504856082

$1,350,000

-3.9% / yr

Jan 14, 2023

Pending

RESFAR #322091194

Jan 14, 2023

Pending

REBAREIS #322091194

Dec 27, 2022

Contingent - No Show

RESFAR #322091194

Dec 27, 2022

Contingent - No Show

REBAREIS #322091194

Oct 6, 2022

Listed (Active)

RESFAR #322091194

$1,500,000
Oct 6, 2022

Listed (Active)

REBAREIS #322091194

$1,500,000
Jul 18, 2019

Sold

REBAREIS #21913111

$1,556,600
Jul 2, 2019

Sold (Public Record)

Public Record #648879816

$1,557,000
Jun 18, 2019

Pending

REBAREIS #21913111

May 24, 2019

Price Change

REBAREIS #21913111

$1,575,000
May 24, 2019

Listed (Active)

REBAREIS #21913111

$1,556,600
Oct 13, 2000

Sold

RESFAR #80308

$680,000
Sep 15, 2000

Pending

RESFAR #80308

Aug 23, 2000

Listed (Active)

RESFAR #80308

$695,000
DateEvent & SourcePrice
12/13/2024

Expired

EBRD #ML81978903

12/12/2024

Expired

MLSListings #ML81978903

$1,750,000
10/01/2024

Temporarily Off Market

EBRD #ML81978903

10/01/2024

Temporarily Off Market

MLSListings #ML81978903

$1,750,000
09/03/2024

Listed (Active)

EBRD #ML81978903

$1,750,000
09/03/2024

Listed (Active)

MLSListings #ML81978903

$1,750,000
01/26/2023

Sold

REBAREIS #322091194

$1,350,000
01/26/2023

Sold

RESFAR #322091194

$1,350,000
01/26/2023

Sold (Public Record)

Public Record #1504856082

$1,350,000

-3.9% / yr

01/14/2023

Pending

RESFAR #322091194

01/14/2023

Pending

REBAREIS #322091194

12/27/2022

Contingent - No Show

RESFAR #322091194

12/27/2022

Contingent - No Show

REBAREIS #322091194

10/06/2022

Listed (Active)

RESFAR #322091194

$1,500,000
10/06/2022

Listed (Active)

REBAREIS #322091194

$1,500,000
07/18/2019

Sold

REBAREIS #21913111

$1,556,600
07/02/2019

Sold (Public Record)

Public Record #648879816

$1,557,000
06/18/2019

Pending

REBAREIS #21913111

05/24/2019

Price Change

REBAREIS #21913111

$1,575,000
05/24/2019

Listed (Active)

REBAREIS #21913111

$1,556,600
10/13/2000

Sold

RESFAR #80308

$680,000
09/15/2000

Pending

RESFAR #80308

08/23/2000

Listed (Active)

RESFAR #80308

$695,000

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Public Records for 1129 3rd Street

Taxable ValueLand$627,777Additions$776,698Total$1,404,475
Tax Record2025$19,986 ($1,665 / month)
Home Facts
Total Finished SqFt3,728 SqFtAbove Grade Finished SqFt3,728 SqFtLot Size7,500 SqFtStyleDuplexYear Built1973Year Renovated1985CountyMARINAPN141-241-22

Schools near 1129 3rd Street

This home is within Novato Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Olive Elementary School
PublicK to 5

Sinaloa Middle School
Public6 to 8

San Marin High School
Public9 to 12

Marin Oaks High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

Similar Sold Homes

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass, Inc., its subsidiaries, affiliates and their agents and associated third parties expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Marcus & Millichap, John W Garrett, DRE #01421403

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.