1129 3rd St, Novato, CA 94945

Massive rental upside, estimated at 94% above current rents. 1129 3rd Street is a rarely available four-unit multifamily property located in downtown Novato, just 1.5 blocks from Grant Avenue. The property consists entirely of 2-bedroom, 1.5-bathroom townhouse-style units. Each unit has a private patio, a dedicated carport parking spot, and an exterior storage closet. These home-like units cater to long-term tenants who appreciate the immediate proximity to the amenities of Novato's thriving downtown, including dining, shopping, and employment opportunities. The current tenants have all been calling the property home for eight or more years. In-place rents at the property are almost 50% below what are believed to be market rents, offering the potential of significant upside to a new owner. Once stabilized at market rents, 1129 3rd Street should provide above market cash flow and an opportunity for significant appreciation due to it's excellent location in Downtown Novato, where only one other fourplex has been sold in the past five years.