255 Channing WaySan Rafael, CA 94903

Property Details for 255 Channing Way

Year built

1965

Property size (Sq ft)

13,300 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

This exceptional 14-unit apartment building at 255 Channing Way, San Rafael, CA 94903 presents a compelling investment opportunity. Boasting 13,300 square feet, the two-story, 1965-built property commands a $6,000,000 asking price, translating to $451.13 per square foot and $428,571.43 per unit. Currently operating at a 93% occupancy rate, the building generates a Net Operating Income (NOI) of $328,730, yielding a 5.5% cap rate and a pro-forma cap rate of 6.1%. The property features recently remodeled units, complete with new flooring, updated kitchens, and modern appliances. Each unit is generously sized and benefits from abundant natural light. To enhance efficiency and reduce operating costs, the building incorporates separate PG&E meters and a partial Ratio Utility Billing System (RUBS). Located in a highly desirable San Rafael neighborhood within Marin County, this property benefits from strong rental demand and a history of high occupancy, ensuring long-term stability and a significant return on investment. This turnkey investment is ideal for those seeking a stable, income-producing asset in a prime location.

Location Insight

City

San Rafael

County

Marin

State

California

Latitude

38.0093

Longitude

-122.536

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