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Multifamily

Woodland Apartments

75 Woodland Ave, San Rafael, CA 94901

Listing Price: $3,670,000

Cap Rate
5.48%
Number of Units
16
GRM
10.33
Occupancy
97.0%
Price/Unit
$229,375

Investment Overview

Woodland Apartments is a sixteen unit multifamily property located in one of the wealthiest suburbs in the country - Marin County, California. Woodland Apartments presents a compelling opportunity to acquire a stabilized multifamily asset with substantial rental upside. The property is conveniently located less than 1 mile from downtown San Rafael and immediately proximate to neighborhood retail and employment opportunities.

The property is comprised of two 8-unit residential buildings, on two adjoining parcels, that mirror one another across a central driveway and parking area. The combined unit mix incudes (8) studio apartments, (4) 1-bed/1-bath apartments, and (4) 2-bed/1-bath apartments. The buildings benefit from recent upgrades - nine of the units have been updated since 2020 with select units being improved with new paint, flooring, cabinetry, countertops, lighting, dual-pane windows, and stainless steel appliances. Seven of the current tenants have resided at the property for five or more years, a testament to the desirability of the property and its location. In-place rents are approximately 18% below market rate (or $330/unit) relative to comparable properties in the immediate area, providing a new operator with ample upside to capture at the next annual rent increase.

Woodland Apartments is a bread and butter 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

  • Less Than 1 mile to Downtown San Rafael
  • Substantial Rental Upside - Current Rents Estimated to be 16% Below Market
  • Appears to be Well Maintained by Hands On Resident Manager with Strong Trade Skills
  • Turnkey with Competent 3rd Party Management In-place
  • Highly Desirable Unit Mix of Studios, One and Two-Bedroom Apartments
  • Very Stable Tenant Profile - 44% of Tenants in Residency for 5+ Years

Exclusively Listed By

Multifamily

Woodland Apartments

Listing Price: $3,670,000

Cap Rate
5.48%
Number of Units
16
GRM
10.33
Occupancy
97.0%
Price/Unit
$229,375

Investment Highlights

  • Less Than 1 mile to Downtown San Rafael
  • Substantial Rental Upside - Current Rents Estimated to be 16% Below Market
  • Appears to be Well Maintained by Hands On Resident Manager with Strong Trade Skills
  • Turnkey with Competent 3rd Party Management In-place
  • Highly Desirable Unit Mix of Studios, One and Two-Bedroom Apartments
  • Very Stable Tenant Profile - 44% of Tenants in Residency for 5+ Years

Investment Overview

Woodland Apartments is a sixteen unit multifamily property located in one of the wealthiest suburbs in the country - Marin County, California. Woodland Apartments presents a compelling opportunity to acquire a stabilized multifamily asset with substantial rental upside. The property is conveniently located less than 1 mile from downtown San Rafael and immediately proximate to neighborhood retail and employment opportunities. The property is comprised of two 8-unit residential buildings, on two adjoining parcels, that mirror one another across a central driveway and parking area. The combined unit mix incudes (8) studio apartments, (4) 1-bed/1-bath apartments, and (4) 2-bed/1-bath apartments. The buildings benefit from recent upgrades - nine of the units have been updated since 2020 with select units being improved with new paint, flooring, cabinetry, countertops, lighting, dual-pane windows, and stainless steel appliances. Seven of the current tenants have resided at the property for five or more years, a testament to the desirability of the property and its location. In-place rents are approximately 18% below market rate (or $330/unit) relative to comparable properties in the immediate area, providing a new operator with ample upside to capture at the next annual rent increase. Woodland Apartments is a bread and butter 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

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