185 Los Ranchitos Rd, San Rafael, CA 94903
374 Unit Apartment Building | $2,400,000 ($6,417/Unit) | 4.12% Cap Rate | San Rafael, CA 94903
For Sale
Active
Asking Price $2,400,000
- Property Type
-
Multifamily
- Square Feet
- 3,830 SF
Listing Contacts
Michael Burke
Property Overview
An incredible Marin County investment opportunity. The property is located on 1.38 acres (60,000 sf) of land, and features a spacious 2BR home with tall ceilings, inlaid hardwood floors, oversized bedrooms, a large country kitchen and a 50’s “purple” bath that the tenants love.
In addition to the main house, there are four, updated and in great condition 1BR cottages. Each unit has its own laundry room and attached 1-car garage.
While the current price reflects the property’s existing income, the true value lies in its untapped potential. – keep as is, or add two additional “ADU” cottages, or divide the property into 6-8 lots with the house on one and 5-7 building sites available for construction.
Built in approximately 1948, the site includes a 1,394sf 2BR house and four 609sf one-bedroom cottages. Each featuring a private garage and laundry.
The property is zoned single-family - 7,500. It is, of course, grandfathered in for the multi-family use. Being multi-family you are generally allowed to add two detached ADUs (additional cottages). The 7,500 minimum lot size would also allow one to divide the parcel into up to eight lots. Buyer to confirm with the City of San Rafael.
Overall, the property seems to be in excellent condition with the electrical service and panels having been updated.
In addition to the main house, there are four, updated and in great condition 1BR cottages. Each unit has its own laundry room and attached 1-car garage.
While the current price reflects the property’s existing income, the true value lies in its untapped potential. – keep as is, or add two additional “ADU” cottages, or divide the property into 6-8 lots with the house on one and 5-7 building sites available for construction.
Built in approximately 1948, the site includes a 1,394sf 2BR house and four 609sf one-bedroom cottages. Each featuring a private garage and laundry.
The property is zoned single-family - 7,500. It is, of course, grandfathered in for the multi-family use. Being multi-family you are generally allowed to add two detached ADUs (additional cottages). The 7,500 minimum lot size would also allow one to divide the parcel into up to eight lots. Buyer to confirm with the City of San Rafael.
Overall, the property seems to be in excellent condition with the electrical service and panels having been updated.
Property Details
- Class
- C
- Year Built
- 1948
- Stories
- 1
- Lot Size (sq. ft)
- 60,113 SF
- Units
- 374
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