509 Canal Street, San Rafael, CA 94901
The Harbor View Apartments is a 28-unit complex in the Canal area of San Rafael offering significant upside for the long term buyer. There are 3-3BR apartments and 25-2BR units. Overall, the building is in average condition and in need of remodeling and upgrading. 13 of the units are set aside as low income for a period of time. Garden courtyard 1961 design around a center swimming pool with 28 covered parking spaces. The building has two water heaters, a common laundry room, gas fired wall heaters, and kitchens have a gas stove. Rents are significantly below the market. The property is priced giving consideration to the current low rents, need of work and the deed restriction for below market rents on 13 of the 28 units. There is a $450,000 Re-Development loan which may be assumed and is forgiven over the next 12 years. BMR units may be rented at market to Sec 8 tenants.