729-733 Cherry St - Apartments FOR SALE


Novato, CA 94945
$4,395,000 USD
415-747-2150
729-733 Cherry St, Novato, CA for Sale
$4,395,000 USD
Apartments - FOR SALE
1/31
null | 5.26% Cap Rate

729-733 Cherry St
Novato, CA 94945


HIGHLIGHTS

  • Prime Marin County Location
  • All Upgraded Units
  • Dual Pane Windows & Pitched Roofs
  • Carport Parking & Tenant Storage
  • On-Site Laundry Room

OVERVIEW

Excellent investment opportunity to acquire a well-maintained 15-unit apartment complex located on a corner lot in Novato, CA. Highlighted by a unit mix of thirteen (13) 1-bedroom, 1-bath townhouse-style units and two (2) 2-bedroom, 1-bath townhouse-style units, the subject property consists of three buildings located on over a half-acre parcel in the coveted Marin County rental market. All units have updated interiors including flooring, paint, appliances and fixtures. A stucco skim coat and exterior paint was completed in 2021 and the water heaters were replaced in 2022. There are dual-pane windows throughout and each building has a pitched composite shingle roof. The apartment complex features separate storage units for each apartment, an on-site laundry room, abundant carport parking and separate meters for gas and electric. The property is located minutes away from Downtown Novato, which includes Whole Foods Market, Trader Joe’s, Rustic Bakery, Starbucks, and many other shops, restaurants and entertainment activities. Located just 25 miles north of San Francisco and less than 20 miles from the town of Sonoma, this apartment complex is surrounded by everything Northern California has to offer. In this extremely low inventory market, the subject property provides an excellent opportunity for the new or experienced investor to acquire a premium multi-family asset in a high demand location. Marin County is one of the most difficult communities for new multi-family construction in Northern California.

FOR SALE DETAILS

PRICE

$4,395,000 USD

PRICE/SF

$435 USD /SF

# OF UNITS

15

PRICE/UNIT

$293,000

CAP RATE

5.26%

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1966

PARKING SPACES

22

LAND DETAILS

LAND ACRES

0.53 AC

LAND SF

23,000 SF

ZONING

-

APN/PARCEL ID

143-072-41

ASK ABOUT THIS PROPERTY

Steven LevelBerkshire Hathaway Drysdale PropertiesMore Info
415-747-2150

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Steven LevelBerkshire Hathaway Drysdale PropertiesMore Info
415-747-2150

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.