Multifamily
Novato Court Apartments
1506 Vallejo Ave, Novato, CA 94945
Listing Price: $1,950,000
Investment Overview
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 seven unit apartment complex is conveniently located 1.5 blocks from Grant Street 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-bedroom, one-bath apartments, and the second building consists of (1) studio apartment sitting above a six-car carport structure. Novato Court appears to be well maintained and in good overall condition. Five of the seven tenants have resided in their units for 10 or more years, a testament to the desirability of the location and quality of the property. In-place rents are approximately 18% below market rate relative to comparable properties in the immediate area, providing a new operator with ample upside to capture at the next annual rent increase. Priced at $1,950,000, the investment as underwritten represents a 4.32% Cap Rate on in-place rents, and a 5.34% Cap Rate at proforma market rents. Novato Court is a worthy investment asset, positioned to provide its new owner with immediate, reliable cash flow and long-term appreciation in a highly constrained, blue-chip Bay Area submarket.
Investment Highlights
- Excellent Downtown Novato Location - 1.5 Blocks to Grant Street
- Property Appears to be Well Maintained and in Good Overall Condition
- Very Stable Tenant Profile - Majority in Residence for 10+ Years
- Ample Upside - Current Rents Estimated to be 18%+ Below Market
- Starting Cap Rate of 4.32% Based on Conservative Underwriting
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Listing Price: $1,950,000
Investment Highlights
- Excellent Downtown Novato Location - 1.5 Blocks to Grant Street
- Property Appears to be Well Maintained and in Good Overall Condition
- Very Stable Tenant Profile - Majority in Residence for 10+ Years
- Ample Upside - Current Rents Estimated to be 18%+ Below Market
- Starting Cap Rate of 4.32% Based on Conservative Underwriting
Investment Overview
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 seven unit apartment complex is conveniently located 1.5 blocks from Grant Street 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-bedroom, one-bath apartments, and the second building consists of (1) studio apartment sitting above a six-car carport structure. Novato Court appears to be well maintained and in good overall condition. Five of the seven tenants have resided in their units for 10 or more years, a testament to the desirability of the location and quality of the property. In-place rents are approximately 18% below market rate relative to comparable properties in the immediate area, providing a new operator with ample upside to capture at the next annual rent increase. Priced at $1,950,000, the investment as underwritten represents a 4.32% Cap Rate on in-place rents, and a 5.34% Cap Rate at proforma market rents. Novato Court is a worthy investment asset, positioned to provide its new owner with immediate, reliable cash flow and long-term appreciation in a highly constrained, blue-chip Bay Area submarket.
Exclusively Listed By

