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Multifamily

West End Villas

1600 - 1606 Third St, San Rafael, CA 94901

Listing Price: $7,660,000

Cap Rate
5.00%
Number of Units
25
GRM
12.06
Price/Unit
$306,400

Investment Overview

West End Villas offers an exceptional opportunity to acquire an attractive, well constructed 25-unit apartment community, with a stellar location in downtown San Rafael in Marin County. This pride of ownership investment offers upside through the implementation of streamlined, cost-effective management and cosmetic enhancements. Further, the possibility to assume the in-place, low interest rate financing until January 2027 allows for higher up front cash flow and the ability to refinance at a point in the future when interest rates will likely be much more attractive.

West End Villas commands a prominent presence on Third Street with its extensive street frontage, providing excellent visibility and easy access for people moving to and from downtown San Rafael. With its proximity to major employers like Kaiser Permanente and BioMarin, the quality and location of West End Villas position it well to appeal to tenants with local, professional employment.

The property was built in 1986 and benefits from more modern systems and construction methods that require less maintenance and capital expense compared to the bulk of Marin County's apartment stock. The buildings are constructed with a ground level concrete podium that supports two wood framed residential floors above. At the ground level are lobby entrances for each building, the gated parking area, the laundry room, and a single ADA accessible unit. The unit mix consists of (8) studio apartments, (13) 1-bed/1-bath apartments, (2) 2-bed/1-bath apartments, and (2) 2-bed/2-bath apartments. Unit interiors are nicely appointed and configured with electric ranges, dishwashers, microwaves, baseboard heaters, ceiling fans, and garbage disposals. Common amenities include a panoramic view roof deck with BBQ and patio furniture.

Investment Highlights

  • Stellar location on the western edge of downtown San Rafael
  • Immediate access to retail, dining, and entertainment venues
  • 1986 vintage property with building systems and construction methods that should minimize maintenance and capital expenditures
  • Opportunity to add value by implementing new management and making cosmetic upgrades

Exclusively Listed By

Multifamily

West End Villas

Listing Price: $7,660,000

Cap Rate
5.00%
Number of Units
25
GRM
12.06
Price/Unit
$306,400

Investment Highlights

  • Stellar location on the western edge of downtown San Rafael
  • Immediate access to retail, dining, and entertainment venues
  • 1986 vintage property with building systems and construction methods that should minimize maintenance and capital expenditures
  • Opportunity to add value by implementing new management and making cosmetic upgrades

Investment Overview

West End Villas offers an exceptional opportunity to acquire an attractive, well constructed 25-unit apartment community, with a stellar location in downtown San Rafael in Marin County. This pride of ownership investment offers upside through the implementation of streamlined, cost-effective management and cosmetic enhancements. Further, the possibility to assume the in-place, low interest rate financing until January 2027 allows for higher up front cash flow and the ability to refinance at a point in the future when interest rates will likely be much more attractive. West End Villas commands a prominent presence on Third Street with its extensive street frontage, providing excellent visibility and easy access for people moving to and from downtown San Rafael. With its proximity to major employers like Kaiser Permanente and BioMarin, the quality and location of West End Villas position it well to appeal to tenants with local, professional employment. The property was built in 1986 and benefits from more modern systems and construction methods that require less maintenance and capital expense compared to the bulk of Marin County's apartment stock. The buildings are constructed with a ground level concrete podium that supports two wood framed residential floors above. At the ground level are lobby entrances for each building, the gated parking area, the laundry room, and a single ADA accessible unit. The unit mix consists of (8) studio apartments, (13) 1-bed/1-bath apartments, (2) 2-bed/1-bath apartments, and (2) 2-bed/2-bath apartments. Unit interiors are nicely appointed and configured with electric ranges, dishwashers, microwaves, baseboard heaters, ceiling fans, and garbage disposals. Common amenities include a panoramic view roof deck with BBQ and patio furniture.

Exclusively Listed By

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