Sold
Closed
49 Ignacio Ln
Novato CA, 94949
$2,900,000
$426.47 per sqft
Sold
Closed
2 Baths
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
July 11, 2023
Listed
December 10, 2024
Updated
Map
49 Ignacio Ln
Novato CA, 94949
Interior Features
Total Bathrooms
2
Full Bathrooms
2
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
Bought with John W Garrett with Marcus & Millichap and Listed by John W Garrett with Marcus & Millichap
Listing Contact:
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