5 F STREET - 8 UNIT BUILDING
8 UNITS • $1,995,000 SOLD
5 F Street, San Rafael, CA
Located just blocks west of downtown San Rafael, this property is ideally situated for tenants to enjoy all of the benefits of San Rafael while being in a residential neighborhood.
This is a very low maintenance, low management design with minimal landscaping, no decks and no covered parking. Apartments are a mix of four large 1BR floor plans and 4 large Junior 1BR floor plans. All apartments are individually metered for gas and electricity. There is a common coin operated laundry room for the tenants use.
The property was originally built in 1961 as a commercial building. In 1972 it was rebuilt and configured as eight apartments. Construction is two story concrete block on a concrete slab. The property appears to be in very good condition, lovingly maintained by a long-term owner. The windows have been replaced with dual pane. The Sewer lateral was just replaced this year.
Rents are below market due to the long-term occupancy of some tenants. There is significant upside in the rental income. Units are easily upgraded for top rents.
Property sits along a creek and is therefore in a flood zone. They Seller has no knowledge of the property ever flooding.