210 Lower ViaLarkspur, CA 94904

This exceptional 23-unit apartment building, situated on a 0.8-acre lot in Larkspur, California (zip code 94904), presents a compelling investment opportunity. Built in 1975 and extensively renovated in 2022, the property boasts a total net rentable area of 21,270 square feet, with units averaging over 900 square feet. The unit mix includes studios, one-bedroom/one-and-a-half-bathroom units with dens, two-bedroom/one-and-a-half-bathroom units, and a two-bedroom/two-and-a-half-bathroom townhome. Amenities include a pool, elevator, laundry facilities (cash and credit card accepted), and individual storage lockers. Each unit features a spacious living room, all-electric kitchen with dishwasher, walk-in closet, and a balcony or patio. The property offers 33 parking spaces. Its strategic location adjacent to the Bon Air Greenbrae Shopping Center, featuring over 40 restaurants and shops, and convenient access to Highway 101 and the Golden Gate Bridge, enhances its appeal. The current NOI is $442,142, with a pro-forma NOI of $524,699, resulting in a current cap rate of 5.36% and a pro-forma cap rate of 6.36%. The asking price is $8,250,000, representing a price per unit of $421,739 and a price per square foot of $469.28. The property's location in a desirable, affluent area with limited rental housing options and strong area schools contributes to its high occupancy and investment potential. The APN is 022-153-16. Offers are due by Wednesday, October 2nd.