Sold

49 Ignacio Ln

Novato CA, 94949

$2,900,000


$426.47 per sqft

Sold

6,800 sqft

Multi-family

Built in 1974

Ignacio Lane Apartments is a well located property adjacent to open space and neighborhood retail, offering 10 stylish, loft-like studios, each with private outdoor areas. Well maintained and fully occupied, the property presents an excellent investment opportunity that provides immediate cash flow. The building benefits from recently replaced electrical subpanels, roof, common water heater, and new card operated laundry machines. Select units are updated with vinyl plank flooring, granite countertops, and stainless steel electric appliances. The property is turnkey with demonstrated high rents of $2,000/mo plus a utility reimbursement program to offset water and garbage expenses. 5.01% Cap Rate on current rents, and a 5.63% Cap Rate with all rents at the demonstrated high of $2,000. Ignacio Lane Apartments is a quality investment asset, positioned to provide its new owner with immediate, reliable cash flow and long-term appreciation in a highly constrained, blue-chip Bay Area submarket.

323047566

MLS ID

April 27, 2024

Updated

Map

49 Ignacio Ln
Novato CA, 94949

Interior Features

Laundry Description

Coin Operated, Washer/Dryer Leased


Fireplace

No


Cooling

Yes


Cooling Description

Wall Unit(s)


Heating

Yes


Heating Description

Wall Furnace

Exterior/Building Features

Lot Size

0.68 Acres


Exterior Features

None


Lot Features

None


Sewer

Public Sewer

Other Property Details

Area Name

Novato


Garage

No


Parking

Covered


View

No


County

Marin


Water Source

Public


Pool

No


Buyer Agency Compensation

3%

Bought with John W Garrett with Marcus & Millichap and Listed by John W Garrett with Marcus & Millichap

Listing Contact:  

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