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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
October 2007
EZine |
Dear
Investors,
Local apartment investors have recognized the
great opportunities in the market in the past several months
as activity in Marin has increased over this time last
year. Apartment interest rates (for 5 units and up) are now
being offered by many lenders at 5.74-6.1 % for interest only
loans for 3-10 year terms.
At
the same time, apartment rents moved up another 5.4% in the
last quarter in Marin, making returns on these investments
more attractive as compared to the overall investment market
place. Cap rates on apartments are currently averaging 4.6% of
existing rents, but don't take in to account increasing rents
which will continue for at least the next three years.
Listed below are both my own offerings and that
of other brokers in the area. If any look interesting to you
or you have questions, please do not hesitate to call me to
discuss them. I can be reached at
415-302-7730.
Regards,
Katherine J.
Higgins
Investment
Broker
Mobile: (415) 302-7730
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After many months of slowing sales, apartment
properties of five units or more are selling once again, as
smart investors have come back in to the market to take
advantage of rising rents all over the county. In the past 24
months, rents have risen from 20-30% in Southern Marin and
from 15-20% in central Marin. For example, a typical two
bedroom, one bath apartment in Sausalito was renting for
$1600-1700 24 months ago. Now, the same apartment is
commanding rent as high as $2,300 per month.
In
central Marin, two bedroom rents were advertised on Craig's
List for $1250-1350 for the past two years. At the beginning
of this year, landlords started raising rents aggressively,
and are now getting from $1,550 to $1,750 for San Rafael and
San Anselmo two bedroom apartments.
You
can compute the gain in property values by multiplying your
new income stream times 16-18 for Southern Marin properties,
and 14-15 for central Marin properties. By just increasing the
income stream, you can raise the value of your property by
many hundreds of thousands of dollars.
Here
are my featured Southern Marin listings
below.
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 Charming Downtown 4-Plex 53-59 West Blithedale, Mill Valley 4 units in dowtown!!!
Outstanding opportunity to increase rents with a little TLC. Property includes a 3br/2bath owner's unit which needs updating but can add tremendous value to the property. Two blocks to downtown Mill Valley with huge tenant demand. Never a vacancy.
Listed at: $1,695,000
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 Prime Bay View Six
Units
311-321 Valley Street,
Sausalito
Remodeled 6
units with bay views and parking! Just 5 minutes to the
Golden Gate Bridge, easy stroll to the waterfront.
Strong rental upside over the next 3
years.
Listed at:
$2,550,000 |
 Pride of Ownership
Complex 252
Red Hill, San Anselmo
6 spacious units with huge garage and laundry.
Well built two story apartment property with 20% upside in the
rents.
Listed at:
$1,550,000 | |
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Interesting Deals:
Please call the office for more information on
apartment inventory that is not on MLS but available for
sale.
Interesting properties for sale. By that I mean,
there is upside in rents or a rehab opportunity to increase
values substantially.
Sausalito
- Just listed! Duplex with Bay Views - $895,000
Great price for this view duplex just three blocks to
Caledonia shops and restaurants.
108-112 Carmel Court, Novato -
$849,950 Newer
duplex built in 1985 with
2 car garages on over 2 acres!! Walk to town
location!
16 Thomas Court,
San Rafael - Reduced to
$859,000 Great duplex
on private, fenced corner lot in Sun Valley. Redone with
granite counters in
kitchens, fireplace in living/dining area. Rental upside! Great starter
property.
507 Easterby, Sausalito -
4 plex - $1,389,000 Charming 4 plex with big
backyard in convenient
location. Great Price for
a So. Marin 4 plex.
16-20 Walnut,
Larkspur - $1,480,000 Great walk to down location,
significant upside in
rents. Current gross is
$79,200, at market rents, $90,000
annually.
5 Units and Above - Best
Deals:
Just Listed! Clean 8 units
in Novato - $1,400,000 15x low rents. Covered parking,
near
downtown.
Just Listed! 12 units in San
Rafael - $1,925,000 12 units listed at 12.7 times rents,
C+
area.
Prime 10 units in San
Anselmo - $2,495,000 Spacious units in need of updating.
16.4 times actual rents.
Parking and laundry.
Prime Gerstle
Park in San Rafael - $6,750,000 36 Units, majority
2br/1 bath with rental upside! Call for complete
package.
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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