Merrydale View | 7 Merrydale Rd
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Merrydale View 7 Merrydale Rd
8 Unit Apartment Building $3,937,920 CAD ($492,240 CAD/Unit) 5.74% Cap Rate San Rafael, CA 94903
Executive Summary
Welcome to the Merrydale View Apartments, ideally situated at the top of a cul-de-sac on the west side of the freeway in San Rafael's vibrant Civic Center area. This two-story bread-and-butter building comprises a mix of three spacious two-bedroom and five comfortable one-bedroom apartments catering to various lifestyle preferences.
Nestled against a picturesque hillside, the property offers breathtaking views across Terra Linda, providing a serene and scenic living environment. Residents can take advantage of convenient off-street parking and an on-site laundry facility.
The lower units feature a charming fenced-in patio, while upper units boast a delightful view deck. Constructed in 1960, this building is wood frame on a concrete perimeter foundation.
Two-story, bread and butter wood frame building on a concrete perimeter foundation built in 1960. Mix of 3-2BR and 5-1BR units. On site leased laundry equipment. Off-street parking. The upper units feature a view deck. The lower units have a nice fenced-in patio.
Rents appear to be at market
Age: 1960
Construction: Wood Frame on concrete perimeter foundation.
Roof: Tar & Gravel
Parking: Off-street
PG&E: Separate meters
Kitchens: 5 with electric stove, 3 with gas stoves. No disposal or dishwasher
Heating: individual forced air
Water heaters: individual in laundry room.
Water and Trash: By owner with reimbursements
Electrical: Circuit breakers – some Fed Pacific, some replaced.
Laundry – Leased in separate laundry room.
Nestled against a picturesque hillside, the property offers breathtaking views across Terra Linda, providing a serene and scenic living environment. Residents can take advantage of convenient off-street parking and an on-site laundry facility.
The lower units feature a charming fenced-in patio, while upper units boast a delightful view deck. Constructed in 1960, this building is wood frame on a concrete perimeter foundation.
Two-story, bread and butter wood frame building on a concrete perimeter foundation built in 1960. Mix of 3-2BR and 5-1BR units. On site leased laundry equipment. Off-street parking. The upper units feature a view deck. The lower units have a nice fenced-in patio.
Rents appear to be at market
Age: 1960
Construction: Wood Frame on concrete perimeter foundation.
Roof: Tar & Gravel
Parking: Off-street
PG&E: Separate meters
Kitchens: 5 with electric stove, 3 with gas stoves. No disposal or dishwasher
Heating: individual forced air
Water heaters: individual in laundry room.
Water and Trash: By owner with reimbursements
Electrical: Circuit breakers – some Fed Pacific, some replaced.
Laundry – Leased in separate laundry room.
Financial Summary (Actual - 2023) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$347,377
|
$57.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$10,395
|
$1.74
|
| Effective Gross Income |
$336,983
|
$56.26
|
| Taxes |
$61,806
|
$10.32
|
| Operating Expenses |
$49,304
|
$8.23
|
| Total Expenses |
$111,110
|
$18.55
|
| Net Operating Income |
$225,873
|
$37.71
|
Financial Summary (Actual - 2023)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $347,377 |
| Annual Per SF | $57.99 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $10,395 |
| Annual Per SF | $1.74 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $336,983 |
| Annual Per SF | $56.26 |
| Taxes (CAD) | |
|---|---|
| Annual | $61,806 |
| Annual Per SF | $10.32 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $49,304 |
| Annual Per SF | $8.23 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $111,110 |
| Annual Per SF | $18.55 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $225,873 |
| Annual Per SF | $37.71 |
Property Facts
| Price | $3,937,920 CAD | Apartment Style | Low Rise |
| Price Per Unit | $492,240 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.50 AC |
| Cap Rate | 5.74% | Building Size | 5,990 SF |
| Gross Rent Multiplier | 11.3 | No. Stories | 2 |
| No. Units | 8 | Year Built | 1960 |
| Property Type | Multifamily | Parking Ratio | 1.34/1,000 SF |
| Property Subtype | Apartment |
| Price | $3,937,920 CAD |
| Price Per Unit | $492,240 CAD |
| Sale Type | Investment |
| Cap Rate | 5.74% |
| Gross Rent Multiplier | 11.3 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.50 AC |
| Building Size | 5,990 SF |
| No. Stories | 2 |
| Year Built | 1960 |
| Parking Ratio | 1.34/1,000 SF |
Unit Amenities
- Balcony
- Views
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 3 | $3,672 CAD | 650 |
| 1+1 | 5 | $3,087 CAD | 491 |
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PROPERTY TAXES
| Parcel Number | 179-222-15 | Total Assessment | $3,947,778 CAD |
| Land Assessment | $2,646,216 CAD | Annual Taxes | $61,806 CAD ($10.32 CAD/SF) |
| Improvements Assessment | $1,301,562 CAD | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
179-222-15
Land Assessment
$2,646,216 CAD
Improvements Assessment
$1,301,562 CAD
Total Assessment
$3,947,778 CAD
Annual Taxes
$61,806 CAD ($10.32 CAD/SF)
Tax Year
2023
-
Michael Burke -
Golden Gate Sotheby's International Realty
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Merrydale View | 7 Merrydale Rd
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