408 Keller St 6 Unit Apartment Building $2,695,000 ($449,167/Unit) 5.37% Cap Rate Petaluma, CA 94952

Marcus & Millichap is proud to present 408 Keller Street, a six-unit Multifamily property in the heart of Petaluma, California. The property consists of six, fully remodeled two-bedroom 1.5-bath, townhouse-style units with 8 newly paved parking spaces (one per unit, plus two additional rentable spaces). The building and units have been extensively updated. Unit renovations include new flooring, trims and two-tone paint and blinds throughout, new stainless-steel appliances and countertops in the kitchen, new electrical finishes and lighting throughout and new bathrooms. Additionally, the property offers coin-laundry and storage units on-site for additional annual in-come as well as the potential to add in-unit laundry to further increase property cash flow.
The property is conveniently located just a short distance from public transportation as well as the new SMART Rail and many downtown West-Side amenities. Petaluma boasts little to no vacancy and a growing tenant profile due to proximity to multiple freeways, local schools, Santa Rosa Universities, and Highway 37, is considered a major hub for employment. The property is ideal for local families with many neighboring parks and several schools nearby, including St. Vincent's a well-known private high school.
A strong economy has bolstered apartment demand in the North Bay Market, which encompasses Marin, Sonoma and Napa Counties. Positive demand and falling vacancy are likely to continue in 2027. Tighter market conditions will improve landlord leverage and lead to higher rent growth figures in the metro. Overall, market conditions are expected to improve with increasing rental rates throughout the year into 2027.