185-189 Los Ranchitos

This incredible property is spread out over 1.38 acres or 60,000 SF per the City of San Rafael. The property is priced on its current low income for continued use as a five-unit complex. There is a huge value upside as you bring the current low rents slowiy up to the market. This is also a great opportunity for expansion or future development.

Built in approximately 1948, the site includes a 1,394sf 2BR house and four 609sf one-bedroom cottages. Each features a private garage and laundry. 

The property is zoned single-family - 7,500. It is, of course, grandfathered in for the multi-family use. being multi-family. You are generally allowed to add two detached ADUs (additional cottages). The 7,500 minimum lot size would also allow one to divide the parcel into separatet lots. Buyer to confirm with the City of San Rafael. 

Overall the property seems to be in very good condition with the electrical sub-panels having been updated and all windows replaced with dual-pane.

Rents:

House: $3,500

Cottages: $1,900 - $2,000

Offers as received.

The Sellers may consider short-term financing at 5%.