Alterra Apartment Homes 155 Nova Albion Way 30 Unit Apartment Building $13,479,376 CAD ($449,313 CAD/Unit) 5.33% Cap Rate San Rafael, CA 94903

Showing by appointment Tues & Thurs 10-12 Noon. Reach out to Kate to reserve a time.
Located in the desirable Terra Linda neighborhood of San Rafael, Alterra Apartments is a 30-unit community featuring a stellar mix of nineteen 2BD/1.5BA and eleven 2BD/1BA units on a thoughtfully designed one-acre parcel. The property offers well-manicured grounds, spacious floor plans, covered parking with storage, onsite laundry, a pool and clubhouse, and convenient access to everything Marin County has to offer.
Situated within the highly rated Miller Creek School District, Alterra is walking distance to shopping, transportation, and Kaiser Hospital, with easy access to Highway 101. Current ownership has invested over $800,000 in recent capital improvements, including replacement of electric circuit breaker panels to meet current insurance underwriting standards, new stucco and windows on the east and west elevations, major seismic retrofitting, updated sewer lateral and pool water lines, and fresh fascia paint.
Offered at $9,750,000, the property provides a starting cap rate of 5.33%, with upside to over 7% at what are believed to be market rents — creating a clear path to strong financial performance for years to come. Combining sound fundamentals with an exceptional location, Alterra Apartments is a rare and compelling investment opportunity.