175 & 195 Nova Albion Way San Rafael

1st time on the market since construction by the same ownership family. Oakview & Monte Vista apartments are located at 175 & 195 Nova Albion Way in the Terra Linda, San Rafael Sub-Market. The combined buildings total 70 units (Thirty Five 1/1 Apartments, Twenty Six 2/1 Apartments, Nine 2/2 Apartments), comprising 57,918 square feet on 2.49 acres of land.

This is a rare opportunity to acquire two stabilized, turnkey and best-in-class apartment buildings on two distinctly separate parcels in the exclusive San Rafael market… that still have upside potential. Oakview and Monte Vista Apartments (OVMV) have been under the same ownership since they were built in 1961 and have been maintained with pride of ownership. Therefore, unlike most apartment investments, there is virtually no deferred maintenance and no hidden costs, so no necessary capital expenditures reducing the cap rate and decreasing cash flow.
All the major systems have been updated or replaced: Electrical system upgrade in progress, sewer laterals in progress, new hot water boilers, complete property drainage system(s), new energy efficient pool equipment, refurbished car ports & laundry rooms. Unit wise each is updated with new carpet, flooring, paint, appliances and dual pane windows as a tenant moves out. Again, there is no deferred maintenance.

OVMV also has approved permits to add two additional ADU units immediately and easily by demising two oversized units. Additionally, 10 existing storage units can be rented, increasing the NOI by $60k+, which raises the CAP rate to 5.64%. OVMV’s operational costs can be reduced to market standard by implementing a RUBS program, driving the CAP Rate close to 6%. This is truly a one-of-a-kind investment opportunity.

For further financial information please execute the attached NDA and return to MikeP@CPI-RE.com.