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Listing Summary
Listing
#324007623
$9,400,000
(LP)
707 Diablo Ave, Novato, CA 94947-4067
Active
(02/06/24)
SqFt:
16215
Lot Size SqFt:
33250
Area/District
:
A1700
Yr
:
1971
*
Remarks
Newly renovated 24-Unit apartment complex with rental upside located in affluent Marin County, one of the strongest and most coveted rental markets in the Bay Area. Comprised of an excellent unit mix of twenty-one (21) 2-bedroom, 1-bath units and three (3) 1-bedroom, 1-bath units, the complex features a swimming pool, on-site laundry room, carport parking, individual meters for gas and electric and RUBS utility billing. Fourteen (14) of the units have been fully remodeled with updated kitchens, bathrooms, flooring, paint, fixtures, and lighting. Eleven (11) of the remodeled units have been upgraded with an in-unit stacked washer and dryer. All the units feature forced air heating, wall AC units in the living rooms, dual-pane windows throughout and most units have either a deck or fenced patio. Recent property improvements include new decks and patios, hardscaping, landscaping, exterior paint, parking surface and striping, perimeter fencing, mailboxes, and building signage. The current ownership has invested over $800,000 in overall property improvements, and the previous ownership fully replaced the swimming pool and installed new roofs on both buildings in 2018.
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Showing Information
Directions to Property
Corner of Diablo Ave and Hill Rd in Novato, CA
Remarks
Agent and Office Information
Agent
Steven Level
Primary:415-747-2150 Secondary:415-747-2150 Lic: 01184232
Office
Berkshire Hathaway
Phone: 415-329-6790 Office Lic: 01499008
Price, Dates and Commissions
Broker Co-op
Broker Co-op
1.5
# Of Units Total
24
Unit Information
# Of Buildings
2
# Of Units Leased
24
# Of Units Month to Month
0
# Of Units Vacant
0
# of 1 Bedroom Units
3
# of 2 Bedroom Units
21
# of 3 Bedroom Units
0
# of 4 Bedroom Units
0
# of Studio Units
0
# Commercial Units
0
Unit 1 Bedrooms
0
Unit 1 Full Baths
0
Unit 1 Partial Baths
0
Unit 1 Rent
$
0
Unit 1 Description
0
Unit 1 # of Rooms
0
Unit 1 Occupancy
Tenant
Unit 1 SqFt Source
Not Measured
Unit 1 Type
Apartment
Unit 2 Bedrooms
0
Unit 2 Full Baths
0
Unit 2 Partial Baths
0
Unit 2 Rent
$
0
Unit 2 Description
0
Unit 2 # of Rooms
0
Unit 2 Occupancy
Tenant
Unit 2 SqFt Source
Not Measured
Unit 3 Bedrooms
0
Unit 3 Full Baths
0
Unit 3 Partial Baths
0
Unit 3 Rent
$
0
Unit 3 # of Rooms
0
Unit 4 Bedrooms
0
Unit 4 Full Baths
0
Unit 4 Partial Baths
0
Unit 4 Rent
$
0
Unit 4 # of Rooms
0
# Of Furnished Units
0
Total # Owner Occupied
0
# of 1 Bedrooms Occupied
3
# of 2 Bedrooms Occupied
22
# of 3 Bedrooms Occupied
0
# of 4 Bedrooms Occupied
0
# Studios Occupied
0
Studio Annual Occupancy
0
%
Unit Income and Expense
Gross Scheduled Income
$
772875
Gross Rent Multiplier
12.40
Net Operating Income
$
496702
Income Includes
Laundry, Other
Operating Expense
$
261230
Total Deposit
$
0
Total # Leasable
0
Total # Section 8
0
Utilities Expense
$
33783
Operating Expense Includes
Electricity, Gas, Insurance, Maintenance Grounds, Maintenance Structure, Manager, Pool/Spa, Professional Management, Property Tax, Repairs, Trash, Utilities, Vacancy Allowance, Water/Sewer
Tax Annual Amount
$
128612
Separate Meters
Electricity, Gas
Actual or Scheduled
Actual
Lease Deposit
$
0
Financial Information
City Transfer Tax Rate
0.00
County Transfer Tax Rate
0.00
Possession
Close Of Escrow, Subject To Tenant Rights
Property Information
Subtype Description
Apartments
Approx SqFt
16,215
SqFt Source
Appraiser
Price / SqFt
579.71
Lot Sq Ft
(
approx
)
33,250
Lot Acres
(
approx
)
0.7633
Lot Size Source
(Assessor Agent-Fill)
# of Rooms
0
Year Built
1971*
Year Built Source
Assessor Agent-Fill
Stories
2
Special Listing Conditions
Offer As Is
Property Location
County
Marin
Cross Street
Hill Rd
Area/District
Novato
Subdistrict
Interior Information
Cooling
Wall Unit(s)
Heating
Other
Laundry Features
In Common Area, Varies by Unit, Washer/Dryer Hookups
Construction Information
Roof
Composition, Shingle
Water Source
Public
Sewer
Public Sewer
Parking Information
Garage Spaces
0
Total Parking Spaces
36
Covered Spaces
0
Carport Spaces
24
Open Parking Spaces
12
# of RV/Boat
0
# Underground
0
# of Guest Space(s)
0
Tandem Parking Spaces
0
Independent Parking Spaces
0
Parking Features
Carport, Covered, Off Street, Open, Street
Lot and Outdoor Information
Lot Features
Landscape Front, Shape Irregular, Sidewalk
Association Information
Association
No
School Information
Green Information
Other Listing Information
Mortgage Info
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