1020 3rd ST Novato, CA 94945

Quality five-unit building in an ideal downtown Novato location. One 2BR/1.5 BA townhouse unit and four 1BR/1BA flats. Upper apartments feature a private deck. On-site coin operated laundry and extra tenant storage rooms. Ample off-street uncovered parking. The apartments were built in 1963 and are two story, wood-frame, and stucco construction with a flat roof behind a decorative mansard roof. Overall, the property seems to be in very good condition. The main electrical panel was replaced in 2018. The building's water heater was replaced also in 2018. At least two of the tenants have been in occupancy for over 20 years and are paying below market rents. These two units will need to be upgraded and remodeled but offer a value-add opportunity by bringing these ultimately up to market rents.