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1506 Vallejo Ave
Novato, CA 94945
Novato Court · Multifamily Property For Sale
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7 Units
Investment Highlights
- Excellent Downtown Novato Location - 1.5 Blocks to Grant Avenue
- Very Stable Tenant Profile - Majority in Residence for 10+ Years
- Starting Cap Rate of 4.51% Based on Conservative Underwriting
- Property Appears to be Well Maintained and in Good Overall Condition
- Ample Upside - Current Rents Estimated to be 16%+ Below Market
- $489 Rent Upside from Average In-Place 1-Bdr Rents to In-Place High Rent of $2,100
Property Facts
| No. Units | 7 | Building Size | 3,930 SF |
| Property Type | Multifamily | Average Occupancy | 100% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built | 1955 |
| Building Class | C | Parking Ratio | 1.29/1,000 SF |
| Lot Size | 0.26 AC | ||
| Zoning | R3-G1, Novato | ||
| No. Units | 7 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.26 AC |
| Building Size | 3,930 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1955 |
| Parking Ratio | 1.29/1,000 SF |
| Zoning | R3-G1, Novato |
Amenities
Unit Amenities
- Air Conditioning
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,360 | 340 |
| 1+1 | 6 | $1,800 | 525 |
Property Taxes
| Parcel Number | 141-221-60 | Improvements Assessment | $691,926 |
| Land Assessment | $1,112,836 | Total Assessment | $1,804,762 |
Property Taxes
Parcel Number
141-221-60
Land Assessment
$1,112,836
Improvements Assessment
$691,926
Total Assessment
$1,804,762
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