Rental Property Investor · Caledonia, IL · Member since 2015 · 290 posts · 213 votes
8y
All I can do is go by our market which is Chicago . A properties still hovering around low 7's. I have heard of high 6's in some situations. I would check with a local CCIM to your market.
Developer · San Francisco, CA · Member since 2009 · 37 posts · 22 votes
8y
While I’m not a broker, I’d say that Marin will command a 3.25-3.75 cap.
Far more important would be for you to research local politics. NIMBYs come out of the woodworks to fight Multifamily in Marin.
If you are looking at doing the entitlement process, expect that to last a number of years, cost a lot of money, and have a low probability of success.
Realtor · San Rafael · Member since 2015 · 21 posts · 2 votes
8y
Which city in Marin?
Cities in Marin county are very different from one another.
Mill valley will be different then Novato.
Can you provide more details?
Feel free to reach me in person
Noa
Flipper/Rehabber · San Francisco, CA · Member since 2017 · 176 posts · 70 votes
3y
@Grant Villeneuve
I didn’t end up buying it. I was helping a buyer evaluate it. Construction would cost too much and the returns were too low. It would take years to get through entitlement in this area. A variance would’ve been needed and the property would have to go through CEQA.
A ~30 unit development nearby in the downtown area took 7 years. I’m not sure if they made money but the developer did sell to a local buyer.