Bought with Katherine J Higgins • Berkshire Hathaway
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Key Details
Sold Price $2,900,000
Property Type Multi-Family
Sub Type 5 or More Units
Listing Status Sold
Purchase Type For Sale
Square Footage 5,008 sqft
Price per Sqft $579
MLS Listing ID 324048177
Sold Date 08/27/24
Bedrooms 2200
HOA Y/N No
Year Built 1959
Lot Size 10,001 Sqft
Property Description
The Alto Apartments is a rare opportunity to acquire a clean 6-unit investment property in the charming Southern Marin community of Mill Valley just 10 minutes north of the Golden Gate Bridge. Featuring six spacious two bedroom units walking distance to parks, schools, hiking, restaurants, shopping, and downtown Mill Valley, as well as easy access to Highway 101, it would be hard to imagine a better combination of fundamentals and location than this. 5 of 6 apartments have fully updated kitchens and baths. In addition the original charm pervades with large picture windows bringing in natural light and natural wood floors. Property pays for water, sewer and trash and exterior lighting. Importantly, the original electric circuit breaker panels have been replaced in accordance with current insurance underwriting standards and additional plumbing and seismic upgrades have been completed (records with the City of MV). There is a coin laundry room onsite, one assigned tandem carport, and additional storage closet off the carport for each unit. Priced below recent sales comps, the starting cap of 4.00% grows to 5.18% at what are believed to be market rents, making the Alto Apartments a compelling buy for the long term real estate investor.
Location
State CA
County Marin
Area Mill Valley
Interior
Heating Central, Gas
Cooling None
Flooring Stone, Wood
Exterior
Parking Features Carport, Other
Garage Spaces 12.0
Utilities Available City
Roof Type Flat,Tar/Gravel
Building
Foundation Combination, Concrete Perimeter, Slab
Sewer Public Sewer
Water Public
Architectural Style Mid-Century
Others
Special Listing Condition Offer As Is
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Rebecca Brooks
San Francisco Bay Area Team Leader | License ID: 1249870
San Francisco Bay Area Team Leader License ID: 1249870