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1129 3rd Street

Novato, CA 94945
  • $1,500,000
  • STATUS: Active
  • ON SITE: 63 Days
  • ID#: 322091194
UPDATED: 7 min ago
$1,500,000
  • 8
    BEDS
  • 0.17
    ACRES
  • 4
    BATHS
  • 0
    1/2 BATHS
  • 3,728
    SQFT
  • $402
    $/SQFT
Neighborhood:
Type:
Multi-Family
Built:
1973
County:
Area:

School Ratings & Info

Description

Massive rental upside, estimated at 94% above current rents. 1129 3rd Street is a rarely available four-unit multifamily property located in downtown Novato, just 1.5 blocks from Grant Avenue. The property consists entirely of 2-bedroom, 1.5-bathroom townhouse-style units. Each unit has a private patio, a dedicated carport parking spot, and an exterior storage closet. These home-like units cater to long-term tenants who appreciate the immediate proximity to the amenities of Novato's thriving downtown, including dining, shopping, and employment opportunities. The current tenants have all been calling the property home for eight or more years. In-place rents at the property are almost 50% below what are believed to be market rents, offering the potential of significant upside to a new owner. Once stabilized at market rents, 1129 3rd Street should provide above market cash flow and an opportunity for significant appreciation due to it's excellent location in Downtown Novato, where only one other fourplex has been sold in the past five years.

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© 2022 Bay Area Real Estate Information Services, Inc. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Hiraeth Homes. Data last updated: 2022-12-09T16:56:38.843.
www.hiraethhomes.com/homes/133730548
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1129 3rd Street Novato, CA 94945

  • Price: $1,500,000
  • Status: Active
  • On Site: 63 Days
  • Updated: 7 min ago
  • ID#: 322091194
8
Beds
4
Baths
0
½ Baths
0.17
Acres
3,728
SQFT
$402
$/SQFT
1973
Built
Neighborhood:
Novato
County:
Marin
Area:
Novato
Property Description
Massive rental upside, estimated at 94% above current rents. 1129 3rd Street is a rarely available four-unit multifamily property located in downtown Novato, just 1.5 blocks from Grant Avenue. The property consists entirely of 2-bedroom, 1.5-bathroom townhouse-style units. Each unit has a private patio, a dedicated carport parking spot, and an exterior storage closet. These home-like units cater to long-term tenants who appreciate the immediate proximity to the amenities of Novato's thriving downtown, including dining, shopping, and employment opportunities. The current tenants have all been calling the property home for eight or more years. In-place rents at the property are almost 50% below what are believed to be market rents, offering the potential of significant upside to a new owner. Once stabilized at market rents, 1129 3rd Street should provide above market cash flow and an opportunity for significant appreciation due to it's excellent location in Downtown Novato, where only one other fourplex has been sold in the past five years.
Exterior Features

Carport Spaces 4 Covered Spaces 0 Independent Parking Spaces 0 Lot Features Garden Open Parking Spaces 2 Parking Features CoveredUncovered Parking Total 6 Tandem Parking Spaces 0

Interior Features

1 Bedroom Units Total 0 2 Bedroom Units Total 4 3 Bedroom Units Total 0 4 Bedroom Units Total 0 Commercial Units Total 0 Cooling Central Heating Central Laundry Features Coin OperatedIn Common AreaWasher/Dryer Leased Studio Units Total 0

Property Features

Association Fee 0 Association YN No Auction No Availability Date 1800-01-01T00:00:00 Gross Income 66780 Property Sub Type Quadruplex Property Type Residentialincome Sewer Public Sewer Subtype Description ApartmentsTownhouses Water Source Public

Listing information © 2022 Bay Area Real Estate Information Services. Listing courtesy of John W Garrett of Marcus & Millichap: .


© 2022 Bay Area Real Estate Information Services, Inc. All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or Hiraeth Homes. Data last updated: 2022-12-09T16:56:38.843.
 
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