SONOMA – NAI Northern California announced the sale of two Sonoma apartment buildings this month, another closing shortly, and a 4th coming to market. The closed transactions sales prices are $2,850,000 for 16 units and $1,498,000 for 10 units.
The well-located 16-unit at 885 Broadway, is a half mile from Sonoma’s downtown Plaza. While current rents are below market, after capital improvements the buyers expect significant rent growth. The complex will also benefit from the proposed Sonoma Gateway Commons project, planned for the northeast corner of Broadway and MacArthur.
The 10-unit at 120 Buena Vida Court is in the El Verano neighborhood of Sonoma with below market rents as well. This rental sub-market has vacancy under 4%. That demand fuels a plan to potentially add units to the large lot.
NAI Northern California has another multi-unit Mill Valley property currently under sales contract near asking for $3,320,000 and a 3.27% cap rate that is scheduled to close in the coming weeks. Joby Tapia is handling that sale and has another large multi-family asset that will be brought to market shortly.
President of the firm, James Kilpatrick added, “As we continue to see competition for high quality assets in core markets, real estate professionals like Jordan Geller and Joby Tapia may be suggesting to their clients that it’s a good time to sell assets–particularly if they have identified larger or add-value opportunities to exchange into”.
Jordan is a current member of the San Francisco Urban Land Institute and serves on a committee to explore increased housing density along San Francisco’s transit corridors for the San Francisco Housing Action Coalition. Joby has over 15 years experience managing commercial and multifamily assets and is a CAA certified instructor for CCRM designation coursework.
About NAI Northern California
Named a Top Commercial Real Estate Brokerage Firm by the East Bay and San Francisco Business Times, NAI Northern California prides itself on its accomplishments, culture and growth. With three offices in the Northern California Bay Area and 385 worldwide, NAI Global is the largest managed network in the world. For more information regarding these sales and other properties in the NAI portfolio, please contact (415) 226-0360.