During the past two weeks 918 Mission Ave. in San Rafael, a 6 unit apartment building closed for $1,160,000 with a GRM of 13.12 and a cap rate of 5.0. The property was on the market for 53 days and originally listed for $1,220,000.
120 Park St. in San Rafael, a 10 unit apartment building listed for $2,275,000. The unit mix comprises of two and three bedroom apartments and a GRM of 12.29 with a cap rate of 4.74. This property was placed on the market December 24th. If you have interest in this or other investment properties, I invite you to contact me. 415.925.3272Lately we have been seeing on the news channels and reading in the papers of how the mortgage rates for homes are at 40 year lows. I spoke with Ted Levinson at WaMu today who told me there is a good supply of available funds to loan and he is seeing rates today as low as 5.8% on multi-family units needing anywhere from 60-65% LTV with 1.25 debt service ratios. This low cost of funds combined with a strong rental market are giving way to a good time to invest in income properties. Why take the risk of the Stock Market? Most all of the lenders are saying there is plenty of money available to lend. You can reach Ted at 415.945.5430 for further info.
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