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Lanai Apartments 2555 Sir Francis Drake Blvd 33 Unit Apartment Building $8,300,000 ($251,515/Unit) 5.16% Cap Rate Fairfax, CA 94930
Investment Highlights
- 1 Mile to Downtown
- Ample Parking
- Spacious Floorplans
- Manicured Grounds
- Pool
Executive Summary
Located in coveted Marin County, just 1 mile to downtown Fairfax, Lanai Apartments is a 33-unit apartment community consisting of a desirable mix of 9 - 2 x 1 and 24 - 1 x 1 units on a spacious 1.27-acre parcel. The property features well-manicured grounds, abundant parking, on-site laundry, a central courtyard with swimming pool, proximity to local retail, dining, and outdoor recreation, while maintaining a tranquil residential setting that attracts a high caliber tenant base. Current ownership has completed a number of significant capital improvements, including a new roof, dual-pane windows, new water heaters, newer exterior paint, parking lot resurfacing, updated unit interiors (in approx. 28 units), and upgraded electrical main and subpanels—providing a strong foundation for future ownership and minimizing near-term capital expenditure needs. Available for the first time in over forty years, and attractively priced at $251,515 per unit, this pride-of-ownership asset presents a compelling investment opportunity with strong in-place fundamentals and long-term upside. Showings by appointment only - do not disturb tenants.
Property Facts
| Price | $8,300,000 | Apartment Style | Low-Rise |
| Price Per Unit | $251,515 | Building Class | C |
| Sale Type | Investment | Lot Size | 1.27 AC |
| Cap Rate | 5.16% | Building Size | 26,108 SF |
| Gross Rent Multiplier | 9.39 | Average Occupancy | 97% |
| No. Units | 33 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 2.22/1,000 SF |
| Price | $8,300,000 |
| Price Per Unit | $251,515 |
| Sale Type | Investment |
| Cap Rate | 5.16% |
| Gross Rent Multiplier | 9.39 |
| No. Units | 33 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.27 AC |
| Building Size | 26,108 SF |
| Average Occupancy | 97% |
| No. Stories | 2 |
| Year Built | 1959 |
| Parking Ratio | 2.22/1,000 SF |
Amenities
Unit Amenities
- Heating
- Refrigerator
- Range
- Tub/Shower
- Breakfast Nook
- Double Pane Windows
- Linen Closet
- Large Bedrooms
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Bicycle Storage
- Sundeck
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 24 | - | 657 |
| 2+1 | 9 | - | 800 |
1 1
Somewhat walkable
30/100
Very drivable
80/100
Limited public transit
20/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 174-051-18 | Improvements Assessment | $657,989 |
| Land Assessment | $323,620 | Total Assessment | $981,609 |
Property Taxes
Parcel Number
174-051-18
Land Assessment
$323,620
Improvements Assessment
$657,989
Total Assessment
$981,609
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Lanai Apartments | 2555 Sir Francis Drake Blvd
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