Lincoln

1476 Lincoln Ave The Property is an 11-unit multifamily core
asset situated in the heart of San Rafael, California. Built in the
1980s, the property is comprised of exclusively 1-bed 1-bath
well-maintained residential units with a total of 7,700 rentable
square feet. The generous units average 700 square feet and
have not marked to market. This a prime opportunity for a new
buyer to immediately increase yield by conservatively pushing
rents to $2,500/unit without any renovation plan. The property
is 100% occupied with strong in-place rents of $2,360 per unit,
supported by robust market fundamentals and integral high
demand rental environment.
1476 Lincoln has a lot of rental appreciation potential as home
prices continue to remain well out of reach for most residents
in the area. The average price for homes in the San Rafael
market start above $1,000,000 and with banks tightening their
credit boxes the cost to borrow is at a decade high level. This
investment opportunity is priced to just north of $4,000,000,
reflecting a compelling $368,182 per unit and an attractive 5%+
in place cap rate.