Multifamily

20 Green Way

20 Green Way, San Rafael, CA 94901

Listing Price: $5,400,000

Cap Rate
4.21%
Number of Units
16
GRM
13.85
Occupancy
97.0%
Price/Unit
$337,500
Price/Gross SF
$452.79
Gross SF
11,926

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 20 Green Way, a 16-unit multifamily property located in San Rafael, California. San Rafael is the largest city in Marin County offering numerous local employment opportunities, in addition to providing an easy commute to employment in San Francisco. 20 Green Way has an exceptional location in the Dominican neighborhood of San Rafael, walkable to all the conveniences of downtown. The property has been held by the same family for over 30 years and is being offered for sale for the first time during their stewardship of the property. The buildings and improvements have been well maintained, but there is a clear opportunity to remodel the unit interiors to modern, luxury finishes and capture significantly higher rents due to the propertys superior location.

20 Green Way is in a secluded mid-block location on a quiet side street in the Dominican neighborhood of San Rafael. The property consists of eight 2-Bdr/1-Bath, and eight 1-Bdr/1-Bath apartments. The transit-oriented location provides tenants convenient access to the downtown San Rafael SMART Train station and bus depot, as well as, quick access to Highway 101. Abundant shopping, dining, and entertainment exists within short walking distance, including all the destinations of downtown, plus Whole Foods Market and Trader Joe's. Average rents at the property are approximately 8.5% below market for as-is condition, and 21% below market for remodeled units, offering a value-add investment opportunity in a coveted location in Central Marin.

The upper units have wonderful vaulted ceilings with open beams and skylights. Most of the units also have original oak hardwood floors that are in good condition and could remain as part of a luxury upgrade to the property without having to install new flooring.

20 Green Way offers an exceptional opportunity to acquire a superbly located property with attractive upside potential in one of Bay Areas most desirable suburbs. With excellent debt options available, the property should provide the successful buyer an above market yield on their initial equity, and an avenue to superior returns by investing in a unit remodel program.

Investment Highlights

  • Excellent Location in Dominican Neighborhood Near Downtown San Rafael
  • Ideal Unit Mix of Eight 1-Bdr/1-Bath, and Eight 2-Bdr/1-Bath Apartments
  • 93 Walk Score - All Tenant Conveniences Just a Short Stroll Away
  • Secluded Location on Side Street with No Through Traffic
  • Healthy Rental Upside Estimated at 8.5% in As-is Condition
  • Opportunity to Remodel Units and Capture Estimated 21% Higher Rents

Exclusively Listed By

Financing By

Listing Price: $5,400,000

Cap Rate
4.21%
Number of Units
16
GRM
13.85
Occupancy
97.0%
Price/Unit
$337,500
Price/Gross SF
$452.79
Gross SF
11,926

Investment Highlights

  • Excellent Location in Dominican Neighborhood Near Downtown San Rafael
  • Ideal Unit Mix of Eight 1-Bdr/1-Bath, and Eight 2-Bdr/1-Bath Apartments
  • 93 Walk Score - All Tenant Conveniences Just a Short Stroll Away
  • Secluded Location on Side Street with No Through Traffic
  • Healthy Rental Upside Estimated at 8.5% in As-is Condition
  • Opportunity to Remodel Units and Capture Estimated 21% Higher Rents

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 20 Green Way, a 16-unit multifamily property located in San Rafael, California. San Rafael is the largest city in Marin County offering numerous local employment opportunities, in addition to providing an easy commute to employment in San Francisco. 20 Green Way has an exceptional location in the Dominican neighborhood of San Rafael, walkable to all the conveniences of downtown. The property has been held by the same family for over 30 years and is being offered for sale for the first time during their stewardship of the property. The buildings and improvements have been well maintained, but there is a clear opportunity to remodel the unit interiors to modern, luxury finishes and capture significantly higher rents due to the propertys superior location.

20 Green Way is in a secluded mid-block location on a quiet side street in the Dominican neighborhood of San Rafael. The property consists of eight 2-Bdr/1-Bath, and eight 1-Bdr/1-Bath apartments. The transit-oriented location provides tenants convenient access to the downtown San Rafael SMART Train station and bus depot, as well as, quick access to Highway 101. Abundant shopping, dining, and entertainment exists within short walking distance, including all the destinations of downtown, plus Whole Foods Market and Trader Joe's. Average rents at the property are approximately 8.5% below market for as-is condition, and 21% below market for remodeled units, offering a value-add investment opportunity in a coveted location in Central Marin.

The upper units have wonderful vaulted ceilings with open beams and skylights. Most of the units also have original oak hardwood floors that are in good condition and could remain as part of a luxury upgrade to the property without having to install new flooring.

20 Green Way offers an exceptional opportunity to acquire a superbly located property with attractive upside potential in one of Bay Areas most desirable suburbs. With excellent debt options available, the property should provide the successful buyer an above market yield on their initial equity, and an avenue to superior returns by investing in a unit remodel program.

Exclusively Listed By

Financing By

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