Sold
1129 3rd St
Novato CA, 94945
$1,350,000
$362.12 per sqft
Sold
3,728 sqft
Multi-family
Built in 1973
Massive rental upside, estimated at 94% above current rents. 1129 3rd Street is a rarely available four-unit multifamily property located in downtown Novato, just 1.5 blocks from Grant Avenue. The property consists entirely of 2-bedroom, 1.5-bathroom townhouse-style units. Each unit has a private patio, a dedicated carport parking spot, and an exterior storage closet. These home-like units cater to long-term tenants who appreciate the immediate proximity to the amenities of Novato's thriving downtown, including dining, shopping, and employment opportunities. The current tenants have all been calling the property home for eight or more years. In-place rents at the property are almost 50% below what are believed to be market rents, offering the potential of significant upside to a new owner. Once stabilized at market rents, 1129 3rd Street should provide above market cash flow and an opportunity for significant appreciation due to it's excellent location in Downtown Novato, where only one other fourplex has been sold in the past five years.
322091194
MLSⓇ ID
February 16, 2024
Updated
Map
1129 3rd St
Novato CA, 94945
Interior Features
Total Stories
2
Laundry Description
Coin Operated, In Common Area, Washer/Dryer Leased
Fireplace
No
Cooling
Yes
Cooling Description
Central
Heating
Yes
Heating Description
Central
Exterior/Building Features
Lot Size
0.17 Acres
Exterior Features
Garden
Lot Features
Garden
Sewer
Public Sewer
Other Property Details
Area Name
Novato
Garage
No
Parking
Covered, Uncovered
Parking Total
6
View
No
County
Marin
Water Source
Public
Pool
No
Buyer Agency Compensation
2.5%
Bought with Faber Real Estate Team with Compass and Listed by John W Garrett with Marcus & Millichap
Listing Contact:
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