1506 Vallejo Avenue
1506 Vallejo Avenue
$1,840,762
4
4
3,980
3,980
$463
Closed 10/13/23
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.
- Listed by John W Garrett • DRE #01421403 • Brokerage DRE #00662084 • Marcus & Millichap
Property Details for 1506 Vallejo Avenue
Cross Street
Jade Ct
Total Parking Spaces9
Location
LISTING UPDATED: 10/16/2023 05:09 PM
Property Details for 1506 Vallejo Avenue
Status | Closed |
---|---|
MLS # | 322091460 |
Days on Compass | 80 |
Taxes | - |
HOA Fees | - |
Condo/Co-op Fees | - |
Compass Type | Multi Family |
MLS Type | Residential Income / 5 or More Units |
Year Built | 1958 |
Lot Size | 0.26 AC / 11,351 SF |
County | Marin County |
Location
Building Information for 1506 Vallejo Avenue
Stories-Residences-Year Built1958Building Size-Lot Size0.26 AC / 11,351 SF
Payment Calculator
$12,594 per month
The Payment Calculator is for illustrative purposes only.
Property Information for 1506 Vallejo Avenue
Property History for 1506 Vallejo Avenue
Date | Event & Source | Price | Appreciation |
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Date | Event & Source | Price |
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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 |
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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.
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