129-137 Canal Street

San Rafael, CA 94901

$13,000,000
Price
Beds
36,000 Sq. Ft.
$361 / Sq. Ft.
36,000
Sq. Ft.
$361
per Sq. Ft.

Description

129-137 Canal St Apartments (the Property) comprised of 40 market rate units in San Rafael, California. Situated at the southern end of the North Bay, the Property provides residents convenient access to surrounding job-rich & high salaried communities in Marin County and San Francisco County. 129- 137 Canal offers attractive high in-place yields with the opportunity to increase rents Day 1 and capture a near 6% cap rate. Upon unit turnovers, strategic renovations of the 900 SF 2x1 floorplans can...129-137 Canal St Apartments (the Property) comprised of 40 market rate units in San Rafael, California. Situated at the southern end of the North Bay, the Property provides residents convenient access to surrounding job-rich & high salaried communities in Marin County and San Francisco County. 129- 137 Canal offers attractive high in-place yields with the opportunity to increase rents Day 1 and capture a near 6% cap rate. Upon unit turnovers, strategic renovations of the 900 SF 2x1 floorplans can achieve +/- $3,200 market rents, increasing NOI by another $144,000 or 10.3%. Current ownership does not implement RUBS, allowing prospective buyers potentially $64k in future utility reimbursements annually. 129 Canal (0.57AC) and 137 Canal (0.58AC) are on separate APNs and have potential space for ADU development.
  1. Listed by Jefrey Henderson • DRE #01483399 • Brokerage DRE #01483399 • Jefrey Henderson, Broker • 415-535-7414

Property Details for 129-137 Canal Street

MLS City Name
SAN RAFAEL
Building Type
Other
Garage Spaces
0
Parking Spaces
5
LISTING UPDATED: 11/17/2024 07:14 PM

Property Details for 129-137 Canal Street

StatusActive
MLS #ML81984892
Days on Compass57
Taxes$205,000 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family 5+
MLS Type5+ Units / Five or More Units
Year Built1962
Lot Size1.15 AC / 50,094 SF
CountyMarin County

Building Information for 129-137 Canal Street

Stories-Residences-Year Built1962Building Size-Lot Size1.15 AC / 50,094 SF

Property Information for 129-137 Canal Street

Features
Features
  • Fireplace: No
  • Living SqFt: 36000
  • Pool: No
  • Security Features: None
  • Special Features: Parking
Utilities
  • Cooling: Central Forced Air - Gas
  • Heating: Central Forced Air - Gas
  • Meters: Separate Electric, Separate Gas, Separate Water
  • Sewer Septic: Sewer in Street
  • Utilities: Individual Electric Meters, Individual Gas Meters
  • Water: Individual Water Meter
Carport and Parking
  • Carport Min: 40
Garage
  • Garage and Parking: Covered Parking
Property Details
Homeowners Association
  • HOA Exists: 0
  • HOA Fee: $0
Property Details
  • Min Num Of Units in Complex: 40
  • Area Text: San Rafael
  • Restrictions: None
  • Roof: Flat / Low Pitch
  • Subclass: Five or More Units
  • Year Built Source: Assessor
  • Street Number: 129-137
  • Street Name: Canal
  • Street Suffix: Street
  • Area ID: 21162
Lot / Property Details
Building Information
  • Number of Buildings: 2
  • Structure SqFt: 36000
  • Structure SqFt Source: Other
  • Age: 62
Development Information
  • Zoning Detail: N/A
Location Information
  • Parcel Number: 017-262-18
  • County Name: Marin
  • City Name: SAN RAFAEL
  • City Postal ID: 225
  • Postal Code: 94901
  • Elementary School District: 1884
  • High School District Text: San Rafael City High
Lot Information
  • Foundation: Concrete Slab
  • Lot Acres: 1.15
  • Lot Size Area Maximum Units: Square Feet
  • Lot Size Area Minimum Units: Square Feet
  • Lot Size Source: Other
Multi Family Information
Building Information
  • No Of Leased: 40
General Information
  • Annual Tax Amount: $205,000
  • Capitalization Rate: 6.23
  • Tenant Expenses: Utilities - Electric
  • Income Includes: Rents
  • Vacancy Factor: 3
Income / Expense Details
  • Expense Insurance: $52,000
  • Expense Landscape: $15,000
  • Expense Maintenance: $23,000
  • Expense Management: $47,000
  • Expense Trash: $50,000
  • Expenses Other: $20,000
  • Expenses Utility: $50,000
  • Expenses Total: $462,000
  • Operating Expenses Include: Insurance, Maintenance, Utilities - Electric, Utilities - Water
  • Gross Rent Multiplier: 9.92
  • Income Annual Gross: $1,271,346
  • Income Annual Rental: $1,296,666
  • Income Gross Scheduled: $1,310,666
  • Income Other: $14,000
Unit 1 Information
  • Unit 1 Full Bathrooms: 1
  • Unit 1 Half Bathrooms: 0
  • Unit 1 Number of Bedrooms: 2
  • Unit 1 Rent: $2,400
Unit Type 1
  • Unit Type1 Approx SqFt: 900

Property History for 129-137 Canal Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 129-137 Canal Street

This home is within San Rafael City Elementary School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Bahia Vista Elementary School
PublicK to 5

James B. Davidson Middle School
Public6 to 8

Terra Linda High School
Public9 to 12

San Rafael High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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129-137 Canal Street is for sale in San Rafael, CA 94901. This property was listed for sale on October 25, 2024 by Jefrey Henderson, Broker, it's currently listed at $13,000,000. This listing's school districts are San Rafael City Elementary School District, San Rafael City High School District. Nearby schools include Bahia Vista Elementary School, James B. Davidson Middle School and Terra Linda High School. 129-137 Canal Street is a 0-bed, 0-bath, 36,000 sqft built in 1962.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Jefrey Henderson, Broker, Jefrey Henderson, DRE #01483399

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.