1506 Vallejo Avenue

Novato, CA 94945

$1,840,762
Last Sold Price
4
Beds
4
Baths
3,980 Sq. Ft.
$463 / Sq. Ft.
3,980
Sq. Ft.
$463
per Sq. Ft.

Description

With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Novato Court presents a compelling opportunity to acquire a stabilized multifamily asset with rental upside at a low entry price. The 7-unit apartment complex is conveniently located 1.5 blocks from Grant Ave in downtown Novato, a thriving strand of restaurants, retail shops, and local business offices. The property is comprised of (2) two-story buildings situated on a corner parcel in a neighborhood...With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Novato Court presents a compelling opportunity to acquire a stabilized multifamily asset with rental upside at a low entry price. The 7-unit apartment complex is conveniently located 1.5 blocks from Grant Ave in downtown Novato, a thriving strand of restaurants, retail shops, and local business offices. The property is comprised of (2) two-story buildings situated on a corner parcel in a neighborhood of primarily single family homes and small multifamily properties. One building contains (6) one-bed, one-bath apartments, and the second building consists of (1) studio apartment sitting above a 6-car carport structure. Novato Court has fresh exterior paint and appears to be well maintained and in good overall condition. The demonstrated high rent for a 1-bed unit at the property is $2,100, which is on average $459 higher than the other 1-bed units. Overall, the in-place rents are approximately 18% below market rate providing a new owner with ample upside. Priced at $1,950,000, the investment represents a 4.54% Cap Rate on in-place rents, and a 5.90% Cap Rate with all rents at market rates.
  1. Listed by John W Garrett • DRE #01421403 • Brokerage DRE #00662084 • Marcus & Millichap

Property Details for 1506 Vallejo Avenue

Cross Street
Jade Ct
Total Parking Spaces
9

Location

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

Sold By Golden Gate Sotheby's International Realty, John Zeiter Jr, DRE #01325942

Add your commute
LISTING UPDATED: 10/16/2023 05:09 PM

Property Details for 1506 Vallejo Avenue

StatusClosed
MLS #322091460
Days on Compass80
Taxes-
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS TypeResidential Income / 5 or More Units
Year Built1958
Lot Size0.26 AC / 11,351 SF
CountyMarin County

Location

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

Sold By Golden Gate Sotheby's International Realty, John Zeiter Jr, DRE #01325942

Add your commute

Building Information for 1506 Vallejo Avenue

Stories-Residences-Year Built1958Building Size-Lot Size0.26 AC / 11,351 SF

Payment Calculator

$12,594 per month

30 year fixed, 7.25% Interest

Principal and Interest

$10,046

Property Taxes

$2,548

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 1506 Vallejo Avenue

Summary
Location and General Information
  • Area/District: Novato
  • Area Short Display: A1700
  • Directions to Property: North on 5th Ave, West on Vallejo Ave.
  • Area Long Display: Novato
Taxes and HOA Information
  • Association: No
  • Association Fee: $0
  • APN: 141-221-60
  • City Transfer Tax Rate: .00%
  • County Transfer Tax Rate: .00%
Parking
  • Parking Features: Carport, Uncovered
  • Carport Spaces: 6
  • Garage Spaces: 0
  • Open Parking Spaces: 3
  • Covered Spaces: 0
  • Independent Parking Spaces: 0
  • Tandem Parking Spaces: 0
Virtual Tour
  • Virtual Media Count: 0
Property
Lot Information
  • Square Footage: 3980.0
  • Square Footage Source: Assessor Auto-Fill
  • Year Built Source: Assessor Auto-Fill
  • Lot Size Source: Assessor Auto-Fill
  • Lot Size Square Feet: 11352.0
  • Lot Features: Sidewalk
Property and Assessments
  • Buyer Financing: 1031 Exchange
  • Picture Count: 41
  • 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: 13.93
Utilities
  • Sewer: Sewer Public
  • Water Source: Water Public
Interior and Exterior Features
Exterior Features
  • Stories: 2
  • # of Floors: 2
Interior Features
  • Heating: Wall Furnace
  • Cooling: Wall Unit(s)
  • Laundry Features: Other
  • # of Guest Space(s): 0
Multi Family
1 Bedroom Unit
  • # of 1 Bedroom Units: 6
  • 1 Bedroom Rent Range: 1500-2100
  • 1 Bedroom Annual Occupancy: 97.00%
  • # of 1 Bedrooms Occupied: 5
2 Bedroom Unit
  • # of 2 Bedroom Units: 0
  • 2 Bedroom Rent Range: 0
  • 2 Bedroom Annual Occupancy: .00%
  • # of 2 Bedrooms Occupied: 0
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: $139,968.00
Multi-Family Information
  • # Commercial Units: 0
  • # Of Buildings: 2
  • # Of Units Total: 7
  • # of Studio Units: 1
  • # Studios Occupied: 1
Unit 1
  • Unit 1 Bedrooms: 1
  • Unit 1 Description: 1-Bdr/1-Bath
  • Unit 1 Full Baths: 1
  • Unit 1 Partial Baths: 0
  • Unit 1 # of Rooms: 4
  • Unit 1 Approx SqFt: 525
  • Unit 1 Type: Apartment
Unit 2
  • Unit 2 Bedrooms: 1
  • Unit 2 Description: 1-Bdr/1-Bath
  • Unit 2 Full Baths: 1
  • Unit 2 SqFt Source: Not Measured
  • Unit 2 # of Rooms: 4
  • Unit 2 Approx SqFt: 525
  • Unit 2 Type: Apartment
Unit 3
  • Unit 3 Bedrooms: 1
  • Unit 3 Description: 1-Bdr/1-Bath
  • Unit 3 Full Baths: 1
  • Unit 3 Partial Baths: 0
  • Unit 3 SqFt Source: Not Measured
  • Unit 3 # of Rooms: 4
  • Unit 3 Approx SqFt: 525
  • Unit 3 Type: Apartment
Unit 4
  • Unit 4 Bedrooms: 1
  • Unit 4 Description: 1-Bdr/1-Bath
  • Unit 4 Full Baths: 1
  • Unit 4 Partial Baths: 0
  • Unit 4 # of Rooms: 4
  • Unit 4 Approx SqFt: 525
  • Unit 4 Type: Apartment

Property History for 1506 Vallejo Avenue

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Public Records for 1506 Vallejo Avenue

Taxable ValueLand$694,620Additions$1,447,324Total$2,141,944
Tax Record2023$30,578 ($2,548 / month)
Home Facts
Total Finished SqFt3,980 SqFtAbove Grade Finished SqFt3,980 SqFtLot Size11,350 SqFtStyleDuplexYear Built1958Year Renovated1975CountyMARINAPN141-221-60

Schools near 1506 Vallejo Avenue

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
Lu Sutton 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

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Similar Sold Homes

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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 expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. 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.