Five two-bedroom townhouse apartments on a level lot close to downtown Novato. The property is in very good condition but needs some modernization.
A few long-term tenants have very low rents creating an incredible upside in rental income and building value for someone patient enough to see the rents come up to the market.
On-site laundry, separately metered for PG&E, fenced-in private patios, and off-street parking.
Five identical 2BR/1BA townhouse apartments were constructed in 1965. First time on the market for sale – same family ownership since built.
The building is two-story wood frame construction with a perimeter concrete foundation. The building appears to be in good condition, however, some of the apartments are original and would benefit from upgrading and remodeling. The vacant apartment #1 would reflect an average condition apartment within the building; some have been remodeled more, some are more original or dated.
Each apartment features a private fenced-in patio area off of the dining area. Heating is gas-fired wall units. Separately metered for and tenants pay their own PG&E. Owner provides water and refuse service.
There is a common leased coin-operated laundry room and one water heater for the building. There are separate individual storage closets for the tenant’s use.
Parking is open, off-street, with each apartment having a two-car tandem parking space.
Some of the tenants have been in the building for decades and have very low rents. All are on month-to-month tenancies.