Mill Valley, CA 94941,55 Roque Moraes CT
Listed by Katherine Y Raphael • NORCAL COMMERCIAL
Bought with Katherine J Higgins • Berkshire Hathaway

$2,900,000

$3,200,000

9.4%
Est.Price: ?

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Est. payment /mo

2,200 Beds

2 Baths

5,008 SqFt


SOLD DATE : 08/27/2024

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

Garage 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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