NOT LISTED FOR SALE

1506 Vallejo Ave Novato, CA 94945

Central Novato Neighborhood
4 Beds
10 Baths
3,980 Sq Ft
0.26 Acres

Last Sold October 13, 2023

Last sale price $1,840,762 $463 Per Sq Ft

357 Days on Market

About This Home

As of October 2023

With a prime location in one of the wealthiest suburbs in the country - Marin County, California - Novato Court presents a compelling opportunity to acquire a stabilized multifamily asset with rental upside at a low entry price. The 7-unit apartment complex is conveniently located 1.5 blocks from Grant Ave in downtown Novato, a thriving strand of restaurants, retail shops, and local business offices. The property is comprised of (2) two-story buildings situated on a corner parcel in a neighborhood of primarily single family homes and small multifamily properties. One building contains (6) one-bed, one-bath apartments, and the second building consists of (1) studio apartment sitting above a 6-car carport structure. Novato Court has fresh exterior paint and appears to be well maintained and in good overall condition. The demonstrated high rent for a 1-bed unit at the property is $2,100, which is on average $459 higher than the other 1-bed units. Overall, the in-place rents are approximately 18% below market rate providing a new owner with ample upside. Priced at $1,950,000, the investment represents a 4.54% Cap Rate on in-place rents, and a 5.90% Cap Rate with all rents at market rates.

Last Agent to Sell the Property

John Garrett

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

Last Buyer's Agent

John Zeiter

Golden Gate Sotheby's License #01325942

Golden Gate Sotheby's

Property Details

Home Type

  • Multi-Family

Year Built

  • Built in 1958

Lot Details

  • 0.26 Acre Lot

Interior Spaces

  • 4 Bedrooms
  • 3,980 Sq Ft Home
  • 2-Story Property

Parking

  • 3 Open Parking Spaces
  • 9 Parking Spaces
  • 6 Carport Spaces

Utilities

  • Cooling System Mounted In Outer Wall Opening
  • Wall Furnace

Listing and Financial Details

  • Tenant pays for electricity, gas
  • Assessor Parcel Number 141-221-60

Community Details

Overview

  • 2 Buildings
  • 7 Units

Building Details

  • Gross Income $139,968

Property Details

Home Type

Multi-Family

Year Built

Built in 1958

Lot Details

0

Listing Details

  • Type: Residential Income
  • Property Sub Type: 5 or More Units
  • Subtype Description: Apartments
  • Directions To Property: North on 5th Ave, West on Vallejo Ave.
  • Lot Size Acres: 0.2606
  • Stories: 2
  • CapRate: 4.53
  • Actual or Scheduled: Scheduled
  • Special Features: None

Interior Features

  • Price Per Square Foot: 462.50
  • Square Footage: 3980.00
  • NumberOfBuildings: 2

Exterior Features

  • Lot Features: Sidewalk

Garage/Parking

  • Parking Features: Carport, Uncovered
  • Total Parking Spaces: 9.00
  • Carport Spaces: 6.00
  • OpenParkingSpaces: 3.00

Utilities

  • Cooling: Wall Unit(s)
  • Sewer: Public Sewer
  • Water Source: Public
  • Heating: Wall Furnace
  • Laundry Features: Other

Lot Info

  • Assessor Parcel Number: 141-221-60
  • Lot Size Sq Ft: 11352.00

Rental Info

  • TenantPays: Electricity, Gas

Building Info

  • Year Built: 1958

Multi Family

  • One Bedroom Annual Occupancy: 97
  • 1 Bedroom Rent Range: 1500-2100
  • Number Of1 Bedrooms Occupied: 5
  • Number of 1 Bedroom Units: 6
  • Number of Studio Units: 1
  • NumberOfUnitsTotal: 7
  • Number Studios Occupied: 1

Range of Values:

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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
10/13/2023 10/13/23 Sold $1,840,762 -5.6% $463 / Sq Ft
04/28/2023 04/28/23 For Sale $1,950,000 +5.9% $490 / Sq Ft
12/29/2022 12/29/22 Off Market $1,840,762 -- --
10/10/2022 10/10/22 For Sale $1,950,000 -- $490 / 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
  • John Zeiter

    Buyer's Agent in 2023

    John Zeiter

    Golden Gate Sotheby's

    (415) 720-1515

    3 in this area

    65 Total Sales

    John Zeiter
    Section Image
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Map

Source: Bay Area Real Estate Information Services (BAREIS)

MLS Number: 322091460

Bay Area Real Estate Information Services (BAREIS)

APN: 141-221-60

California Marin County Novato 94945 Central Novato

1506 Vallejo Ave, Novato, CA

This home is located at 1506 Vallejo Ave, Novato, CA 94945 since 10 October 2022. This property was built in 1958. 1506 Vallejo Ave is a home located in Marin County with nearby schools including Lu Sutton Elementary School, 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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