Prime Gerstle Park located 9-unit apartment complex. Close-in location to downtown San Rafael and its restaurants and shops. Easy commute or access to transportation.
Apartments are above average in size and most have been remodeled and updated. There is a private pool in the back of the building for the tenant’s use.
Reasonable current rents with significant upside.
The property was originally built in 1960 and has been lovingly cared for by the current owners. Most apartments have been remodeled and updated. There are 8 large 1BR apartments and 1 incredibly special 2BR unit. A private pool in the back of the building provides relief to San Rafael’s hot summers. All apartments feature large private decks.
Construction is three-story wood-frame with a pitched tar and gravel roof. Two stories of apartments over the ground floor covered parking; one assigned parking space for each apartment. On-site coin-operated leased laundry room for the tenant’s use as well as individual storage lockers.
Overall, the building appears to be in exceptionally good condition. The windows have been replaced with a modern dual pane. All except one of the apartments has been upgraded and remodeled. The building’s water heater has been recently replaced. The roof, while not leaking, is 20 years old and at the end of its serviceable life. Some of the furnaces have been replaced, however many are original.
Apartments are individually metered for and tenants pay for their own electricity. The building has one gas meter, and this is paid for by the owners.
While the rents are reasonable, they are most certainly below the current market and offer tremendous upside to an investor.