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1048 7th Street 1048 7th St 4 Unit Apartment Building $2,248,480 CAD ($562,120 CAD/Unit) 6.58% Cap Rate Novato, CA 94945
Investment Highlights
- Four townhouse-style apartments, each featuring two bedrooms, 1.5 baths, and private backyards.
- Dedicated off-street parking for eight vehicles, including carport and open spaces.
- Strong in-place income with approximately $140,400 in annual scheduled rents and a 6.6% cap rate.
- Individual laundry rooms in every unit for added tenant convenience.
- Well-maintained structure built in 1979 on a level 7,487 SF lot with a concrete perimeter foundation.
- Prime Novato location near downtown conveniences, US 101 access, and nearby retail and dining options.
Executive Summary
Four 2BR/1.5 BA Townhouse apartments on a level lot near downtown Novato, but just far enough away. Located in the desirable far west side of the downtown area.
All apartments feature individual laundry rooms and a private fenced in back yard area. Ample off-street parking with each apartment having two spaces – one carport and one open.
The property was built in 1979 and has been well cared for since. Wood frame two story construction on a concrete perimeter foundation with a composition roof.
There is a shared easement driveway with the building next door, which is also available for sale.
All apartments feature individual laundry rooms and a private fenced in back yard area. Ample off-street parking with each apartment having two spaces – one carport and one open.
The property was built in 1979 and has been well cared for since. Wood frame two story construction on a concrete perimeter foundation with a composition roof.
There is a shared easement driveway with the building next door, which is also available for sale.
Financial Summary (Pro Forma - 2026) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$197,304
|
$49.28
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$197,304
|
$49.28
|
| Taxes |
-
|
-
|
| Operating Expenses |
$49,326
|
$12.32
|
| Total Expenses |
$49,326
|
$12.32
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $197,304 |
| Annual Per SF | $49.28 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $197,304 |
| Annual Per SF | $49.28 |
| Taxes (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $49,326 |
| Annual Per SF | $12.32 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $49,326 |
| Annual Per SF | $12.32 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts Under Contract
| Price | $2,248,480 CAD | Property Subtype | Apartment |
| Price Per Unit | $562,120 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.17 AC |
| Cap Rate | 6.58% | Building Size | 4,004 SF |
| Gross Rent Multiplier | 11.4 | Average Occupancy | 100% |
| No. Units | 4 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1979 |
| Price | $2,248,480 CAD |
| Price Per Unit | $562,120 CAD |
| Sale Type | Investment |
| Cap Rate | 6.58% |
| Gross Rent Multiplier | 11.4 |
| No. Units | 4 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.17 AC |
| Building Size | 4,004 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1979 |
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1.5 | 4 | $3,865 CAD | 1,001 |
1 1
Fairly walkable
50/100
Moderately drivable
70/100
Limited public transit
30/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 141-251-31 | Improvements Assessment | $648,432 CAD (2025) |
| Land Assessment | $230,771 CAD (2025) | Total Assessment | $879,204 CAD (2025) |
Property Taxes
Parcel Number
141-251-31
Land Assessment
$230,771 CAD (2025)
Improvements Assessment
$648,432 CAD (2025)
Total Assessment
$879,204 CAD (2025)
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