Multifamily
Ignacio Lane Apartments
49 Ignacio Ln, Novato, CA 94949
Listing Price: $3,000,000
Investment Overview
With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Ignacio Lane Apartments presents a compelling opportunity to acquire a stabilized multifamily asset with a starting cap rate that provides immediate positive cash flow. The ten unit apartment complex is conveniently located adjacent to the Ignacio Center neighborhood shopping center, and a short distance from the Pacheco Plaza Shopping Center, anchored by Nugget Markets and home to numerous local
favorite retailers and restaurants. The property is comprised of a single two-story building situated on a secluded parcel in a neighborhood of primarily luxury single family homes and condominium properties. The unit mix consists of (10) loft-like studio, one-bath apartments, and a 10-car carport with an attached laundry room.
Ignacio Lane Apartments benefits from recent important improvements including a new roof and central water heater in 2019, and all new electrical subpanels in 2022. The units have all electric appliances, including wall mounted A/C, heaters, and ranges. Five of the 10 tenants have resided in their units for 3 or more years, a testament to the desirability of the location and quality of the property. The demonstrated high rent for the property is $2,000, which has been achieved on the four most recent leases - that is $217 higher than the average rent of the remaining units. Over all, the current rents are approximately 6.25% below market rate providing a new operator with additional upside to capture at the next annual rent increase. Priced at $3,000,000, the investment as underwritten represents a 5.01% Cap Rate on current rents, and a 5.63% Cap Rate with all rents at the demonstrated high of $2,000. Ignacio Lane Apartments is a quality 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
- Very well located property adjacent to open space and neighborhood retail, offering 10 stylish, loft-like studios, each with private outdoor areas.
- Select units are updated with vinyl plank flooring, granite countertops, and stainless steel electric appliances.
- Property is stabilized with demonstrated high rents of $2,000 plus a seasoned RUBs program to offset water and garbage expenses.
- The building appears to be well maintained, with recently replaced electrical subpanels, roof, common water heater, and new card/app operated laundry machines.
Exclusively Listed By
Listing Price: $3,000,000
Investment Highlights
- Very well located property adjacent to open space and neighborhood retail, offering 10 stylish, loft-like studios, each with private outdoor areas.
- Select units are updated with vinyl plank flooring, granite countertops, and stainless steel electric appliances.
- Property is stabilized with demonstrated high rents of $2,000 plus a seasoned RUBs program to offset water and garbage expenses.
- The building appears to be well maintained, with recently replaced electrical subpanels, roof, common water heater, and new card/app operated laundry machines.
Investment Overview
With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Ignacio Lane Apartments presents a compelling opportunity to acquire a stabilized multifamily asset with a starting cap rate that provides immediate positive cash flow. The ten unit apartment complex is conveniently located adjacent to the Ignacio Center neighborhood shopping center, and a short distance from the Pacheco Plaza Shopping Center, anchored by Nugget Markets and home to numerous local favorite retailers and restaurants. The property is comprised of a single two-story building situated on a secluded parcel in a neighborhood of primarily luxury single family homes and condominium properties. The unit mix consists of (10) loft-like studio, one-bath apartments, and a 10-car carport with an attached laundry room. Ignacio Lane Apartments benefits from recent important improvements including a new roof and central water heater in 2019, and all new electrical subpanels in 2022. The units have all electric appliances, including wall mounted A/C, heaters, and ranges. Five of the 10 tenants have resided in their units for 3 or more years, a testament to the desirability of the location and quality of the property. The demonstrated high rent for the property is $2,000, which has been achieved on the four most recent leases - that is $217 higher than the average rent of the remaining units. Over all, the current rents are approximately 6.25% below market rate providing a new operator with additional upside to capture at the next annual rent increase. Priced at $3,000,000, the investment as underwritten represents a 5.01% Cap Rate on current rents, and a 5.63% Cap Rate with all rents at the demonstrated high of $2,000. Ignacio Lane Apartments is a quality 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

