Agent photo

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
February 2008 EZine

Dear Real Estate Investors,

The Marin county apartment market is poised for a robust selling season, as retiring apartment owners and trade up buyers enter the market after a very slow 2006. Prices have slipped slightly, as indicated by average gross rent multipliers of 13.5-14.5 times current rents.

Local investors who have been monitoring rent increases in the county and falling interest rates have a "perfect storm" this year as all the right buying indicators are falling in to place.

If you have been sitting on the sidelines for the past year or so now is the time to jump back in to the market here in Marin!

Please visit my website site at www.khiggins.com for complete packages on my inventory and read through all available inventory listed below to survey properties currently available in Marin.

Happy Hunting!

Regards,

Katherine J. Higgins

Investment Broker

Mobile: (415) 302-7730

Marin Apartment Market Update

Apartment inventory in the 2-4 unit category is tightening this spring, which will result in prices staying firm. Owner occupants are still purchasing 2, 3, and 4 unit properties to occupy one of the units and reduce their housing costs. This trend has continued from 2006 as Marin single family housing costs have prevented many first time buyers from purchasing a home. The median price of home ownership in the county is around $1 million and has only dipped slightly in the past several months.

In the 5+ apartment category, inventory is increasing, as sellers wanting to trade up or retire from apartment ownership are entering the market.

Downpayments required for investors are 25% of the sales price for 2-4 units and 30% or more for properties in the 5 plus category. Interest rates begin at 5.9% for a five year interest only product for 5 units or more. For 2-4 units interest rates are in the mid 6% range.

Listed below are my available listings.

Just Listed!  194 Tunstead
194 Tunstead, San Anselmo
 
5 units.  Prime downtown location.
Big Units!
 
Listed at:  $1,295,000

                                                  Pride of Ownership Complex
 252 Red Hill, San Anselmo 

 Not on MLS - 6 units.   Hill views, garage parking, huge units.

 
 Listed at:  $1,550,000
Blithedale
Charming Downtown 4-Plex
53-59 West Blithedale, Mill Valley
 
Not on MLS - 4 units. Prime downtown location!  Owner's unit! 
  
Listed at:  $1,695,000
Prime Bay View Six Units
311-321 Valley Street, Sausalito
 
Not on MLS - 6 units,  Totally redone in and out.  Bay views, parking!  
 
Listed at:  $2,550,000
Interesting Deals:
 
Please call the office for more information on apartment inventory that is not on MLS but available for sale.

Below are listed available properties in the 2-4 unit range that are best buys or added value situations from my viewpoint. Some have owner's units (added value) and some have a great location and potential for increased rents. These are not my listings; call me for further information.

4 Plex in Mill Valley - Includes a 3br/1.5 bath unit - $1,125,000 

Great Strawberry location, fully managed fourplex near shopping and restaurants.

4Plex in Novato - Units are condos - $899,000  Bread and butter property with all 2 bedroom, 2 bath units

4 Plex  in Novato - Includes a 3br unit! - $1,100,000  Pride of ownership property in downtown!

3 Plex in San Anselmo - Well maintained with views - $899,000  Well priced 3 units, with decks, laundry, nice units

Duplex in San Rafael - Includes 3br unit - $1,040,000  Classic building in Forbes area!! Great entry level property!

3 Plex in San Rafael - Three large units w/views - $1,095,000  Great brown shingled property with garages and laundry!

Duplex in Sausalito - Bay views and garages! - $895,000  Finally priced right!   Great starter investment!

Below are larger projects, from 5 units and up. These make great trade up properties or the larger ones can be bought by several partners and converted to condos or sold off as TIC's. There are many different ways to make money with these properties. Call for further information.

11 units in Corte Madera - Corner lot, across from park - $3,000,000  17.3 GRM  Remodel and sell off as TIC's

5 units in Fairfax - Mixed use, totally remodeled - $1,100,000  15GRM   Reduced twice! Motivated owner!

23 units in Greenbrae - Prime location for conversion! - $6,000,000  12.6 GRM Great project for partners!

8 units in Novato - Bread and butter downtown! - $1,295,000   Needs work but 13.8 GRM

12 units in Novato - On 2 separate parcels - $2,100,000  12.8 GRM Lot split?

17 units in Novato - Bread and butter property in C location - $2,380,000   12 GRM

58 units in Novato - Spectacular hillside setting - $9,850,000  11.1 GRM Best deal for the money!

8 units in San Rafael - Bread and butter units, needs work! - $1,295,000   12 GRM

12 units in San Rafael - C- property, needs work - $1,775,000  11.7 GRM

13 units in San Rafael - Best location in Gerstle Park!!! - $2,499,000  13.9 GRM Owner is motivated!

15 units in San Rafael - Large units/ w owner's unit - $2,900,000  11 times projected rents

18 units in San Rafael - Central location - $3,300,000 11.1 GRM

21 units in San Rafael - waterfront in the Canal area - $3,750,000  10.4 GRM Always rented, big units

32 units in San Rafael - C- property in industrial area - $5,695,000  12.2 GRM

36 units in San Rafael - Great Gerstle Park location - $6,750,000  12 GRM Needs work, portfolio sale

43 units in San Rafael - Central San Rafael - $7,200,000  11.6 GRM Same portfolio sale, needs work

43 units in San Rafael - Canal area bread and butter units - $8,975,000  11.6 GRM

6 units in Sausalito - Totally renovated - $2,550,000  20 GRM - Can be sold as TIC's, views, parking

9 units in Sausalito - Gorgeous, spacious units w/parking - $4,250,000  21.6 GRM Huge units with spectacular views

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!     
Quick Links