1118 Sir Francis Drake Blvd
Multifamily | 31 Units | $338,700/unit
Marketing description
Ideally located in the heart of affluent central Marin, this well-positioned property sits directly across from Kentfield Hospital and just two blocks west of the College of Marin. The highly desirable Kentfield location offers residents convenient access to major employers, retail, dining, and transportation corridors.
Originally constructed in 1955, The Ross Apartments have been meticulously maintained by long-term ownership. While select improvements have been completed over the years, the property presents a strong value-add opportunity for future modernization and interior upgrades
The unit mix consists of four 2-bedroom apartments, twenty-six 1-bedroom apartments, and one spacious studio unit. Parking accommodations include garages with tandem spaces, covered carports, and additional open parking - one space per apartment
Residents enjoy mature, low-maintenance landscaping centered around an attractive interior courtyard setting. Most units feature shared outdoor decks adjoining the living areas, and all apartments include hardwood flooring,
In real estate, success starts with location—and The Ross Apartments deliver on that promise. Ideally positioned in the highly desirable central Marin community of Kentfield, the property enjoys a prime setting tucked back from Sir Francis Drake Boulevard with prominent frontage along the quieter side street, Toussin Avenue.
The Ross Apartments present a compelling investment opportunity in a high-demand market supported by stable tenancy and meaningful rental upside potential. The property consists of a four-story wood-frame building with a stucco exterior on a concrete perimeter foundation. Originally constructed in 1955, much of the asset remains in its classic condition, offering investors the flexibility to maintain current operations or unlock additional value through a comprehensive renovation strategy.
Parking amenities include a mix of garages, carports and open space with one assigned to each unit. Residents also benefit from an on-site laundry facility and dedicated storage lockers.
Capital improvements are already underway. The roof consists of five sections, three of which have been recently replaced, with the remaining two scheduled for replacement. All electrical subpanels have been upgraded, and bedroom windows have been modernized with dual-pane glass, while living room windows remain in their original configuration.
The property has historically operated with a central boiler heating system with heat paid for by ownership. A transition is currently in progress to individual electric heating units in each apartment, billed directly to tenants through their PG&E accounts, creating greater operational efficiency and reduced owner expense.
Investment highlights
- Year Built : 1955
- Construction: Wood Frame/Stucco
- Foundation: Concrete Perimeter
- Roof: torch down.
- Windows: Dual pane in the bedrooms, single pane in the living room.
- Electrical: original ungrounded
- Plumbing: copper
- Laundry: On-site, Laundry Room
- Storage: Individual storage closets
- Lot size: 27,981 sf (Assessor)
- Building Size: 22,572 sf (Assessor)
- Decks: Have not been SB721 inspected or certified
- Electrical Sub Panels: All recently replaced
- Heating: Central boiler system being replace with individual unit electric heaters.
- Price/sf : $465
- Price/unit : $338,700
- GSI : $770,100 current. Rents not raised in over two years
- NOI: $469,300 at current rents
- GRM: 13.6 at current rents
- CAP: 4.5% at current rents
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