13 Apartments plus a large 1,836 sf office space located at the desirable West end of downtown Novato on Grant Avenue.
3-2BR and 10-1BR apartments plus a large 1,836 sf office space. Off-street parking for 16 cars. On-site leased laundry facilities. Extra storage lockers for tenants' use.
The apartments were built in 1962 and are two-story, wood-frame, and stucco construction with a flat roof. Overall, the property seems to be in very good condition. The roof was replaced in 2012. The main electrical panels and service were replaced in 2017. The sewer lateral was redone in 2019.
The building would benefit from some updating and remodeling. The windows are original single pane. Kitchens do not feature dishwashers or disposals. Parking is uncovered.
Many tenants are long-term with rents below the current market. There is a value-add opportunity to remodel the units and bring the rents up to market.
The ground floor southwest corner of the building has a 1,836 square foot (per Assessor records) office suite. This space is currently vacant. It was previously occupied for many years by The Neptune Society. It has a well laid out floorplan that easily accommodates a new tenant.