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SOLD 1/24/2022

401 Norman Drive, Novato, CA 94949$1,300,000

--
bed
--
bath
2400
ft2
· 6970
ft2 lot
$563 / ft2

Listing provided courtesy of Listing Broker: Steven Level, BHHS Drysdale Properties
Source BAREIS;
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Located in a high demand rental area in coveted Marin County, this apartment complex provides a great value-add opportunity for a new or experienced investor. Built in 1954, this unique complex is comprised of eight efficient studio units in a single-level building situated on a level lot of just under 7,000 square feet. With under market rents and the potential to implement RUBS utility billing to recapture utility expenses, this property has significant upside potential. The property sits adjacent to the Ignacio Center and Pacheco Plaza Shopping Malls in southern Novato and is located just 20 miles north of San Francisco. The building is also just south of Vintage Oaks Shopping Center, which features retail stores and restaurants including Target, Costco, Starbucks, In-N-Out Burger and HopMonk Tavern.

HOA

$—/month

On market

2 months

Year built

1954

Property type

Residential Income

Parking

MLS

321107381

Price / Sq.Ft.

$563 / ft2

Status

Closed

Home details for 401 Norman Drive

Interior Features & Layout
Appliances
•   
Laundry Appliances: Coin Operated, In Common Area
Rooms Info
•   
Total Levels: 1
Heating & Cooling
•   
Heating Details: Wall Furnace
Property, Lot, Community & Exterior Features
Parking Info
•   
Parking Features: Open
•   
Open Parking Spaces: 0.00
•   
Covered Spaces: 0.00
•   
Carport Spaces: 0.00
•   
Parking Total: 4.00
Community Info
•   
Number Buildings: 1
•   
Total Units: 8
Lot Info
•   
Lot Size Source: Assessor Auto-Fill
•   
Lot Description: Landscape Front
•   
Lot Size Acres: 0.1600
•   
Lot Size Units: Acres
Property Type
•   
Mls Prop Type: Residential Income
•   
Type: Apartments
Building Info
•   
Sqft Source: Assessor Auto-Fill
•   
Foundation: Concrete, Slab
•   
Roof: Composition, Shingle
•   
Year Built Source: Assessor Agent-Fill
Utilities & Other Information
Water & Sewer Info
•   
Water Source: Public
•   
Sewer: Public Sewer
Utilities
•   
Separate Meters: Gas
Studio Information
•   
No Of Studio Units: 8
Listing Details, Costs & Financing Information
Terms
•   
Possession: Close Of Escrow, Subject To Tenant Rights
Listing Info
•   
Property Disclaimer: Information has not been verified, is not guaranteed, and is subject to change. Copyright © 2022 Bay Area Real Estate Information Services, Inc. All rights reserved. Copyright 2022 Rapattoni Corporation. All rights reserved.
•   
On Market Date: 2021-11-18
•   
Status: Closed
•   
Special Listing Conditions: Offer As Is
•   
Mls Status: Closed
Financial Info
•   
Buyer Financing: Conventional
•   
Gross Rent Multiplier: 13.87
•   
Cap Rate: 3.24
•   
Gross Scheduled Income: 97320
Tax/Assessment Info
•   
Tax Year: 2021
•   
County Transfer Tax Rate: 0.00
•   
City Transfer Tax Rate: 0.00
•   
Taxes: 9932.02
Multi Unit Information
Unit 1 Information
•   
Unit 1 Sqft Source: Tax Record
Unit 2 Information
•   
Unit 2 Sqft Source: Tax Record
Studio Information
•   
No Of Studios Occupied: 8
School Neighborhood & Directions
Location
•   
Cross Street: Ignacio Lane
•   
Area: Novato, A1700
•   
Zip Code +4: 5554
School Info
•   
Directions: 401 Norman Dr, Novato, CA

Neighborhood snapshot

9
Properties for sale
21.5
Median days on market
$555.97
Median sold price/sqft
104.07%
Sold/List %
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Property History for 401 Norman Drive

01/24/2022
01/24/2022
BAREIS #321107381
sold
BAREIS #321107381
$1,350,000
01/18/2022
01/18/2022
BAREIS #321107381
pending
BAREIS #321107381
$1,350,000
11/18/2021
11/18/2021
BAREIS #321107381
active
BAREIS #321107381
$1,350,000

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