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Woodland Park Apartments 45 Woodland Ave 65 Unit Apartment Building $11,875,000 ($182,692/Unit) 5.01% Cap Rate San Rafael, CA 94901
Investment Highlights
- Major Upside: 9%+ Market Cap Rate
- New Subpanels, Paint, Windows, 8 of 10 Roofs
- SB-721 Compliance Complete
- Mix of 1-3x1, 30-2x1, 32-1x1 & 2-Studio
- Swimming Pool, Laundry, Picnic Areas
- Level 2.18 Acre Site
Executive Summary
Showings by appointment only. Offering Memorandum available upon request. Contact Kate at (415) 259-9891 or kate@norcalre.com
Located in the heart of highly sought-after Marin County, this 65-unit multifamily community offers investors the rare combination of scale, location, and long-term upside in one of the Bay Area’s most affluent and supply-constrained rental markets. Situated on approximately 2.18 acres across three parcels, the property is comprised of 10 well-maintained residential buildings located just moments from downtown shopping, dining, public transit, and major commuter routes.
The property features a desirable and balanced unit mix consisting of 1 three-bedroom unit, 30 two-bedroom units, 32 one-bedroom units and 2 studio units, providing broad market appeal and durable occupancy fundamentals. Residents benefit from a strong amenity package including a swimming pool, multiple outdoor picnic and recreation areas, on-site laundry facilities, covered and open parking.
Recent capital improvements have significantly enhanced the asset’s condition and curb appeal, including vinyl dual-pane windows throughout, updated two-tone exterior paint, replastered swimming pool, new electrical subpanels and eight new roofs. The property presents an attractive blend of stabilized cash flow and future value-add potential through continued operational optimization and significant rental upside.
Opportunities to acquire a multifamily asset of this size in Marin County are exceptionally limited. With its premier Central Marin location, strong physical infrastructure, and attractive resident amenities, the property is well-positioned to benefit from continued demand drivers and long-term rental growth within one of Northern California’s most resilient apartment markets.
Located in the heart of highly sought-after Marin County, this 65-unit multifamily community offers investors the rare combination of scale, location, and long-term upside in one of the Bay Area’s most affluent and supply-constrained rental markets. Situated on approximately 2.18 acres across three parcels, the property is comprised of 10 well-maintained residential buildings located just moments from downtown shopping, dining, public transit, and major commuter routes.
The property features a desirable and balanced unit mix consisting of 1 three-bedroom unit, 30 two-bedroom units, 32 one-bedroom units and 2 studio units, providing broad market appeal and durable occupancy fundamentals. Residents benefit from a strong amenity package including a swimming pool, multiple outdoor picnic and recreation areas, on-site laundry facilities, covered and open parking.
Recent capital improvements have significantly enhanced the asset’s condition and curb appeal, including vinyl dual-pane windows throughout, updated two-tone exterior paint, replastered swimming pool, new electrical subpanels and eight new roofs. The property presents an attractive blend of stabilized cash flow and future value-add potential through continued operational optimization and significant rental upside.
Opportunities to acquire a multifamily asset of this size in Marin County are exceptionally limited. With its premier Central Marin location, strong physical infrastructure, and attractive resident amenities, the property is well-positioned to benefit from continued demand drivers and long-term rental growth within one of Northern California’s most resilient apartment markets.
Property Facts
| Price | $11,875,000 | Apartment Style | Garden |
| Price Per Unit | $182,692 | Building Class | C |
| Sale Type | Investment | Lot Size | 2.18 AC |
| Cap Rate | 5.01% | Building Size | 41,445 SF |
| Gross Rent Multiplier | 8.22 | Average Occupancy | 100% |
| No. Units | 65 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1957/2007 |
| Property Subtype | Apartment | Parking Ratio | 2.08/1,000 SF |
| Price | $11,875,000 |
| Price Per Unit | $182,692 |
| Sale Type | Investment |
| Cap Rate | 5.01% |
| Gross Rent Multiplier | 8.22 |
| No. Units | 65 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.18 AC |
| Building Size | 41,445 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1957/2007 |
| Parking Ratio | 2.08/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Storage Space
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Yard
- Double Pane Windows
Site Amenities
- Courtyard
- Laundry Facilities
- Picnic Area
- Pool
- Property Manager on Site
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 3+1 | 1 | - | - |
| 2+1 | 30 | - | - |
| 1+1 | 32 | - | - |
| Studios | 2 | - | - |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Numbers | Improvements Assessment | $4,959,735 | |
| Land Assessment | $2,830,677 | Total Assessment | $7,790,412 |
Property Taxes
Parcel Numbers
Land Assessment
$2,830,677
Improvements Assessment
$4,959,735
Total Assessment
$7,790,412
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Woodland Park Apartments | 45 Woodland Ave
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