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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
March 2008 EZine |
Dear
Real Estate Investors,
The spring market
has begun and buyers are out in droves looking at apartment
properties. Returns on other investments are anemic (2-3% for
CD's, bonds are sliding) and the stock market volatility is
making investors nervous. Apartment investments are perfectly
positioned now as interest rates are historically low (in the
high 5's and low 6's) and rental rates are seeing double digit
increases in the North Bay.
Last week, in an
interview with the North Bay Business Journal, Ken Rosen, a
well known real estate guru and professor at the University of
California, said that "apartments are the most attractive
investments in commercial real estate right
now."
Why?
Because, with all the housing foreclosures and uncertainty in
the housing market, more and more people are being forced to
rent rather than purchase new homes. This situation, although
not ideal for renters, is certainly a good sign for apartment
investors who want some assurance that their properties will
remain running full and the opportunity to raise rents is
there for the future.
Regards,
Katherine J.
Higgins
Investment
Broker
Mobile: (415) 302-7730
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Marin Apartment Market
Update
Here in Marin we
are seeing well located properties priced in the 15x rents
range. Lesser locations are priced in the high 13's to 14's.
Activity in the market has increased dramatically over this
quarter last year, with many people trading out of smaller
properties in to larger properties with a larger income
stream. Turn key, remodeled properties are commanding top
dollar, as well as those properties in excellent walk to town
locations.
For instance, I
listed a small five unit property in February in downtown San
Anselmo and received multiple offers within 30 days of listing
the property. It should sell very close to the asking
price.
In
another instance, I listed a well located downtown small
property in the second quarter last year, but after numerous
showings and some low offers, it did not sell. Now that
apartment buyers have watched the market through the
transition they are moving back in to the market, and this
property will sell this year at very near the asking price.
The seller did some minor remodeling and raised the rents to
make the investment more attractive to today's
buyer.
Below are a list of my listings, which can be
accessed on my website at www.khiggins.com.
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5 Units 
194 Tunstead, San
Anselmo
Clean, downtown 5 units, rental upside.
Listed at:
$1,295,000
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 6
Units
289 Woodland, San
Rafael
Remodeled turnkey fourplex and duplex.
Listed at:
$1,590,000
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6
Spacious Units 
252
Red Hill, San Anselmo
Hill views, garage parking, walk to town and
shopping. Rental upside!
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 Remodeled Victorian
Triplex
531 D Street, San Rafael
Gerstle Park
With fabulous top floor owner's unit, designer
kitchen.
Listed at:
$1,399,000 | |
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Charming 4 Units in Downtown Mill
Valley
53-59 West Blithedale, Mill
Valley
4 downtown units on flat, sunny lot, big
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.
Below are some properties not
listed by this office, but may be of interest to you. Please
call me at my office if any of these properties look
interesting. My number is 415-302-7730.
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!
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