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Katherine J.
Higgins
The Market Leader in
North Bay Apartments
Investment
Broker
Bradley Real
Estate - Luxury Division
(415) 721-2595
office
(415) 302-7730
cell
(415) 721-2596
fax
851 Irwin Street,
Suite 104
San Rafael,
CA 94901
www.khiggins.com |
Apartment Investor's Advisor
December 2007
EZine |
Dear
Investors,
Happy
Holidays!!!
Marin
County real estate investors are expanding their search for
good deals and the softening housing market is ripe for deals
right now!! I participated in a sale last month that reflects
just what kind of great deals can be found with a little bit
of luck and the help of a knowledgeable agent! A 2300 square
foot home plus separate cottage sold in Mill Valley in 2005
for $1,725,000. Last month, after the property had been on the
market for nine months at $1,599,000 the price was dropped to
$1,100,000!!! A flurry of offers came in just after the price
drop and my winning bid came in at $1,200,000. The house was
rented in five days for $4,000 per month and the cottage for
$1,250.
The deals extend also to the apartment
market. One of my investors will close next month on a
property that was listed at 14 times rents, but will sell at
13.5 times rents with a great combination of large one and two
bedroom apartments with views! The upside on the rents is
about 15%. This will bring the GRM down in to the 12 times
rent range, clearly a better deal than two years ago when
GRM's were 15 in San Rafael.
Interest rates on
5+ units are from 6-6.5, interest only for 5-10 years, and are
being offered by local savings and loans, as well as the big
national lenders. On 4 units or less, the rates for investors
are bit higher, with rates at 6.5-6.75% with 25% down
required.
Please give me a call if you wish to begin
searching for good deals! There are lots of them out there! My
cell number is 415-302-7730.
The following listings are
available through my office.
Happy
hunting!
Regards,
Katherine J.
Higgins
Investment
Broker
Mobile: (415) 302-7730
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 Prime Bay View Six
Units
311-321 Valley Street,
Sausalito
Six
renovated units in Old Town with bay views, parking and walk
to waterfront.
Listed at:
$2,550,000 |
Pride of Ownership
Complex 
252
Red Hill, San Anselmo
Six spacious units with modern kitchens. Huge
enclosed parking garage and laundry. Close to the Hub
and Highway 101 access.
Listed at:
$1,550,000 |
Charming Downtown 4-Plex
53-59 West Blithedale, Mill Valley
Fabulous downtown location for this 4 units.
Offstreet parking and laundry. Significant rental
upside.
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Please call the office for more information on
apartment inventory that is not on MLS but available for
sale.
Other
interesting deals with upside. Call me at 415-302-7730 for
details.
124 East
Blithedale, Mill Valley - $1,199,000 2
houses on one lot zoned PA. Current use
is residential in front house and a
dentist office in the rear. Significant rental upside and motivated seller who
has completed his
exchange.
1040 Sixth Street, Novato -
$1,295,000
8
units Just Reduced!! In downtown location! Great price at 13.8 times
current
rents.
417 1st street, San
Rafael Great Deal for 8 units in
Gerstle Park. Units need
updating, so rents can be raised. Offered at
12 times rents!!
81 Woodland, San Rafael -
$1,775,000 Reduced $150,000
recently! Bread and butter 12 units
in 2 separate buildings. 11.7
GRM
105-109 Ross Street, San
Rafael - $2,499,000 13 units, includes big
Victorian house with 5 units and a duplex
and six unit building in the rear.
I sold this in 2003 and it is a great
location for tenants.
83 Pixley, Corte Madera -
$3,000,000 11
units on large level corner lot in super location in
Corte Madera. Tons of
rental upside, offstreet parking and
laundry.
210 Lower Via Casitas,
Greenbrae - $6,000,000 Trophy property with 23 units,
including a two story town house
style owners unit. Very spacious units,
covered parking, storage, pool and elevator. Significant work
done to the property in the last
several years. Just raise
rents!!! If any of these properties look interesting to you,
don't hesitate to call our office for information and a
showing.
Call me with your special needs - we
handle anything from 2-50 units and are always happy to help
with your sale or purchase. Contact me at 415-302-7730
or e-mail me at katherine@khiggins.com for more details and an appointment to
show!
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