195 Los Robles Rd, Novato, CA 94949
39 Unit Apartment Building | $16,995,000 ($435,769/Unit) | 6.42% Cap Rate | Novato, CA 94949
For Sale
Active
Asking Price $16,995,000
- Property Type
-
Multifamily
- Square Feet
- 35,346 SF
Listing Contacts
Steven Pinza
- Property Info
Property Overview
$12MM IN ASSUMABLE LOAN PROCEEDS AT 3.3% FOR FOUR YEARS & MOTIVATED 1031 EXCHANGE SELLER
Ignacio Pines is an exceptionally well-maintained 39 unit multifamily property boasting a prime location in Novato, CA. These buildings feature an ideal unit mix of (33) 2bd/1bth, (3) 2bd/2bth, and (3) 1bd/1bth units. There is 35,346 SF of rentable space set on over an acre of land, boasting a 3:1 off-street parking ratio, onsite coin-operated laundry, meticulously-maintained common areas, and an elevator for convenient tenant access. Current ownership has invested in substantial capital improvements, including: recently-replaced roof(s), upgraded plumbing fixtures, a well-maintained community pool, new storm drains, windows, and various unit renovations throughout.
The property is 100% occupied by table tenants paying close to market rate, allowing future ownership to take advantage of tenant turnover, annual adjustments, and utility passthroughs in order to maximize return on investment. Additionally, prospective investors have the option to take advantage of an assumable loan option with excellent terms. Ignacio Pines offers a prime location to residents, with close proximity to restaurants, retail shopping outlets, commute options such as U.S. Route 101, and just a short drive to San Pablo Bay.
Email [email protected] for a complete marketing package.
Ignacio Pines is an exceptionally well-maintained 39 unit multifamily property boasting a prime location in Novato, CA. These buildings feature an ideal unit mix of (33) 2bd/1bth, (3) 2bd/2bth, and (3) 1bd/1bth units. There is 35,346 SF of rentable space set on over an acre of land, boasting a 3:1 off-street parking ratio, onsite coin-operated laundry, meticulously-maintained common areas, and an elevator for convenient tenant access. Current ownership has invested in substantial capital improvements, including: recently-replaced roof(s), upgraded plumbing fixtures, a well-maintained community pool, new storm drains, windows, and various unit renovations throughout.
The property is 100% occupied by table tenants paying close to market rate, allowing future ownership to take advantage of tenant turnover, annual adjustments, and utility passthroughs in order to maximize return on investment. Additionally, prospective investors have the option to take advantage of an assumable loan option with excellent terms. Ignacio Pines offers a prime location to residents, with close proximity to restaurants, retail shopping outlets, commute options such as U.S. Route 101, and just a short drive to San Pablo Bay.
Email [email protected] for a complete marketing package.
Property Details
- Class
- C
- Year Built/Renovated
- 1964/2017
- Stories
- 3
- Property Subtype
- Storefront Retail/Residential, Manufactured Housing/Mobile Home, Dormitory
- Lot Size (sq. ft)
- 45,302 SF
- Units
- 39
Highlights
- Rare Opportunity to Assume Existing Financing w/ Excellent Terms: 3.3% Interest with a Remaining Loan Balance of $12MM
- New Roofs, Upgraded Plumbing, Water Mains, Storm Drains, Dual Pane Windows, and New Landscaping
- 2:1 Off-street Parking, On Site Laundry, Elevator, & Community Courtyard & Pool
- Highly Sought-After Novato Lo cation Near an Array o f Restaurants, Retail Shopping Outlets, & Commute Options
- Extensive Unit Renovations Completed in 2017
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