The Hills Apartments

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Address: 707 Diablo Ave, Novato, CA 94947, USA
Created date: May 16, 2024
Date last updated: May 16, 2024

Property Description

Newly renovated 24-Unit apartment complex with rental upside located in affluent Marin County, one of the strongest and most coveted rental markets in the Bay Area. This exceptional property is situated at the corner of Diablo Ave and Hill Rd, just minutes from Downtown Novato. Comprised of an excellent unit mix of twenty-one (21) 2-bedroom, 1-bath units and three (3) 1-bedroom, 1-bath units, the complex features a swimming pool, on-site laundry room, carport parking, individual meters for gas and electric and RUBS utility billing. Fourteen (14) of the units have been fully remodeled with updated kitchens, bathrooms, flooring, paint, fixtures, and lighting. Eleven (11) of the remodeled units have been upgraded with an in-unit stacked washer and dryer. All the units feature forced air heating, wall AC units in the living rooms, dual-pane windows throughout and most units have either a deck or fenced patio. Recent property improvements include new decks and patios, hardscaping, landscaping, exterior paint, parking surface and striping, perimeter fencing, mailboxes, and building signage. The current ownership has invested over $800,000 in overall property improvements, and the previous ownership fully replaced the swimming pool and installed new roofs on both buildings in 2018. The Hills Apartments provides a rare investment opportunity for a fully stabilized asset that has been substantially upgraded throughout and still includes rental upside in one of the best locations in Northern California

Key Property Information

Listing Status: Available
Listing Type: Highest & best offer
Property Types: Apartment Buildings
Price: $9,400,000
No. of Units: 24
Year Built: 1971
Building Size: 16,215 Sq ft
Lot Size: 33,250.00 Sq ft
No. of Stories: 3
Opportunity Zone: No
Price per unit: $391,667
Address: 707 Diablo Ave, Novato, CA 94947, USA

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