Quality five-unit building in an ideal downtown Novato location.
Ample off-street parking and extra storage rooms for tenants. On-site coin-operated laundry. Apartments are separately metered for PG&E.
Tenants enjoy the close proximity to the shops and restaurants of downtown Novato.
One 2BR/1.5 BA townhouse unit and four1BR/1BA flats. Upper apartments feature a private deck. Ample off-street uncovered parking.
The apartments were built in 1963 and are two-story, wood-frame, and stucco construction with a flat roof behind a decorative mansard roof. Overall, the property seems to be in very good condition. The main electrical panel was replaced in 2018. The building’s water heater was replaced also in 2018.
At least two of the tenants have been in occupancy for over 20 years and are paying below-market rents. These two units will need to be upgraded and remodeled but offer a value-add opportunity by bringing these ultimately up to market rents.