Multifamily

408 Keller Street

408 Keller St, Petaluma, CA 94952

Listing Price: $2,995,000

Cap Rate
4.69%
Number of Units
6
GRM
16.03
Occupancy
98.0%
Price/Unit
$499,167
Price/Gross SF
$504.21
Gross SF
5,940

Investment Overview

Marcus & Millichap is proud to present 408 Keller Street, a six-unit Multifamily property in the heart of Petaluma, California. The property consists of six, fully remodeled two-bedroom 1.5-bath, townhouse-style units with eight newly paved parking spaces (one per unit, plus two additional rentable spaces). The building and units have been extensively updated. Unit renovations include new flooring, trims and two-tone paint and blinds throughout, new stainless-steel appliances and countertops in the kitchen, new electrical finishes and lighting throughout and new bathrooms. Additionally, the property offers coin-laundry and storage units on-site for additional annual income as well as the potential to add in-unit laundry to further increase property cash flow.

The property is conveniently located just a short distance from public transportation as well as the new SMART Rail and many downtown West-Side amenities. Petaluma boasts little to no vacancy and a growing tenant profile due to proximity to multiple freeways, local schools, Santa Rosa Universities, and Highway 37 a major hub for employment. The property is ideal for local families with many neighboring parks and several schools nearby, including St. Vincents a well-known private High School.

A strong economy has bolstered apartment demand in the North Bay Market, which encompasses Marin Sonoma and Napa Counties. Occupancy has reached an expansion-cycle high, and nearly matches its pre-recession peak rate. Landlords continue to benefit from the markets strong rental demand as families flee San Francisco in search of a more suburban lifestyle. Rent growth has remained positive throughout the expansion period and has increased in 2020 in response to tightening fundamentals. With limited development prospects and residents attracted to the areas intangible benefits (recreation opportunities and public education), Petalumas multifamily market will continue to prosper in conjunction with the regional economy despite the effects of Covid-19.

Investment Highlights

  • Highly Sought-After Petaluma Historical Downtown Location
  • Fully Remodeled Units (2020 Remodel)
  • Strong Petaluma Rent Growth over the last three years
  • Compelling Valuation and Attractive Financing Options
  • 10 Minute Distance to SMART Train

Exclusively Listed By

Listing Price: $2,995,000

Cap Rate
4.69%
Number of Units
6
GRM
16.03
Occupancy
98.0%
Price/Unit
$499,167
Price/Gross SF
$504.21
Gross SF
5,940

Investment Highlights

  • Highly Sought-After Petaluma Historical Downtown Location
  • Fully Remodeled Units (2020 Remodel)
  • Strong Petaluma Rent Growth over the last three years
  • Compelling Valuation and Attractive Financing Options
  • 10 Minute Distance to SMART Train

Investment Overview

Marcus & Millichap is proud to present 408 Keller Street, a six-unit Multifamily property in the heart of Petaluma, California. The property consists of six, fully remodeled two-bedroom 1.5-bath, townhouse-style units with eight newly paved parking spaces (one per unit, plus two additional rentable spaces). The building and units have been extensively updated. Unit renovations include new flooring, trims and two-tone paint and blinds throughout, new stainless-steel appliances and countertops in the kitchen, new electrical finishes and lighting throughout and new bathrooms. Additionally, the property offers coin-laundry and storage units on-site for additional annual income as well as the potential to add in-unit laundry to further increase property cash flow.

The property is conveniently located just a short distance from public transportation as well as the new SMART Rail and many downtown West-Side amenities. Petaluma boasts little to no vacancy and a growing tenant profile due to proximity to multiple freeways, local schools, Santa Rosa Universities, and Highway 37 a major hub for employment. The property is ideal for local families with many neighboring parks and several schools nearby, including St. Vincents a well-known private High School.

A strong economy has bolstered apartment demand in the North Bay Market, which encompasses Marin Sonoma and Napa Counties. Occupancy has reached an expansion-cycle high, and nearly matches its pre-recession peak rate. Landlords continue to benefit from the markets strong rental demand as families flee San Francisco in search of a more suburban lifestyle. Rent growth has remained positive throughout the expansion period and has increased in 2020 in response to tightening fundamentals. With limited development prospects and residents attracted to the areas intangible benefits (recreation opportunities and public education), Petalumas multifamily market will continue to prosper in conjunction with the regional economy despite the effects of Covid-19.

Exclusively Listed By

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