NOT LISTED FOR SALE

1129 3rd St Novato, CA 94945

Central Novato Neighborhood
8 Beds
20 Baths
3,728 Sq Ft
7,501 Sq Ft Lot

Last Sold January 26, 2023

Last sale price $1,350,000 $362 Per Sq Ft

82 Days on Market

Highlights

  • Garden
  • Central Heating and Cooling System
  • Laundry Facilities
  • San Marin High School Rated A-

About This Home

As of January 2023

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.

Last Agent to Sell the Property

John Garrett

Marcus & Millichap Real Estate License #01421403 Listed on: 10/06/2022

Last Buyer's Agent

Faber Real Estate Team

Compass License #01913767

Compass

Townhouse Details

Home Type

  • Townhome

Year Built

  • Built in 1973

Lot Details

  • 7,501 Sq Ft Lot
  • Garden

Interior Spaces

  • 3,728 Sq Ft Home
  • 2-Story Property
  • Leased Washer and Dryer

Parking

  • 2 Open Parking Spaces
  • 6 Parking Spaces
  • 4 Carport Spaces

Utilities

  • Central Heating and Cooling System

Community Details

  • 4 Units
  • Laundry Facilities
  • Gross Income $66,780

Listing and Financial Details

  • Assessor Parcel Number 141-241-22

Townhouse Details

Home Type

Townhome

Year Built

Built in 1973

Lot Details

0

Listing Details

  • Type: Residential Income
  • Property Sub Type: Quadruplex
  • Subtype Description: Apartments, Townhouses
  • Directions To Property: West on Vallejo Ave, North on 3rd St.
  • Lot Size Acres: 0.1722
  • Stories: 2
  • CapRate: 2.22
  • Actual or Scheduled: Scheduled
  • Special Features: None

Interior Features

  • Price Per Square Foot: 362.12
  • Square Footage: 3728.00
  • NumberOfBuildings: 1

Exterior Features

  • Lot Features: Garden

Garage/Parking

  • Parking Features: Covered, Uncovered
  • Total Parking Spaces: 6.00
  • Carport Spaces: 4.00
  • OpenParkingSpaces: 2.00

Utilities

  • Cooling: Central
  • Sewer: Public Sewer
  • Water Source: Public
  • Heating: Central
  • Laundry Features: Coin Operated, In Common Area, Washer/Dryer Leased

Lot Info

  • Assessor Parcel Number: 141-241-22
  • Lot Size Sq Ft: 7501.00

Building Info

  • Year Built: 1973

Multi Family

  • Two Bedroom Annual Occupancy: 100
  • Two Bedroom Rent Range: 1250-1600
  • Number Of2 Bedrooms Occupied: 4
  • Number of 2 Bedroom Units: 4
  • NumberOfUnitsTotal: 4

Range of Values:

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Average Value
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List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Property History

Date Event Price Change Sq Ft Price
01/26/2023 01/26/23 Sold $1,350,000 -10.0% $362 / Sq Ft
12/27/2022 12/27/22 Pending -- -- --
10/06/2022 10/06/22 For Sale $1,500,000 -3.6% $402 / Sq Ft
07/18/2019 07/18/19 Sold $1,556,600 0.0% $418 / Sq Ft
06/18/2019 06/18/19 Pending -- -- --
05/24/2019 05/24/19 For Sale $1,556,600 -- $418 / Sq Ft
Source: Bay Area Real Estate Information Services (BAREIS)

Tax History Compared to Growth

Source: Public Records

Agents Affiliated with this Home

  • John Garrett

    Seller's Agent in 2023

    John Garrett

    Marcus & Millichap Real Estate

    (415) 963-3000

    2 in this area

    21 Total Sales

    John Garrett
    Section Image
  • Faber Real Estate Team

    Buyer's Agent in 2023

    Faber Real Estate Team

    Compass

    (415) 686-4980

    9 in this area

    258 Total Sales

    Faber Real Estate Team
    Section Image
  • Erich Reichenbach

    Seller's Agent in 2019

    Erich Reichenbach

    Marcus & Millichap Real Estate

    (415) 625-2146

    1 in this area

    10 Total Sales

    Erich Reichenbach
    Section Image
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Map

Source: Bay Area Real Estate Information Services (BAREIS)

MLS Number: 322091194

Bay Area Real Estate Information Services (BAREIS)

APN: 141-241-22

California Marin County Novato 94945 Central Novato

1129 3rd St, Novato, CA

This home is located at 1129 3rd St, Novato, CA 94945 since 06 October 2022. This property was built in 1973. 1129 3rd St is a home located in Marin County with nearby schools including Sinaloa Middle School and San Marin High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

Bay Area Real Estate Information Services (BAREIS) Listing information deemed reliable but not guaranteed. Copyright 2025 Bay Area Real Estate Information Services, Inc. All Right Reserved.

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