Apartments January 14, 2022
Market Snapshot: North Bay Apartments
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As of Jan. 14, 2022, 49 rental housing properties were on the market in Marin, Napa, Solano, and Sonoma counties, according to Costar. However, most of them had been on the market for several months. Costar shows nothing being put on the market so far in 2022. The median asking price was $268,000 per unit.
- Median number of units: 5
- Marin: 9 properties
- Napa: 2 properties
- Solano: 20 properties, including 13 in Vallejo
- Sonoma: 18 properties
- Counting only properties with at least 5 units, there were 28 properties for sale as of Jan 14.
Among the properties put on the market most recently, here are a few selected properties
- 1052 Redwood Hwy, Mill Valley
Asking price: $8,650,000 ($346,000/Unit)
Cap Rate: 3.50%
Units: 25
Avg Unit Size: 396 SF - 206 S 2nd St., Rio Vista
Asking price: $1,495,000 ($186,875/Unit)
Cap Rate: 5.89%
Units: 8
Avg Unit Size: 625 SF - 637 Carolina St, Vallejo
Asking: $1,295,000 ($215,833/Unit)
Cap Rate: 6.24%
Units: 6
Avg Unit Size: 627 SF - 301 Fairgrounds Dr, Vallejo
Asking price: $14,500,000 ($268,519/Unit)
Cap Rate: 4.66%
Units: 54
Avg Unit Size: 1,000 SF
Sales Rise 67% in 2021
Sales of apartment properties increased by 67 percent in 2021, compared to 2020, the year Covid swept the nation. 122 apartment properties sold in the 4-county area in 2021. That was up from 73 properties in 2020, according to Costar.
In the first two weeks of 2022, four deals sold:
- 1350 Crowley Ln – Delta Court Apartments, Fairfield, 175 units
Sold Price
$37,350,000 ($213,429/Unit) - 1600-1720 Santa Clara St – Santa Clara Apts, Vallejo, 30 units
Sold Price
Not Disclosed - 401 Ash St, Mill Valley, 10 units
Sold Price
$4,192,500 ($419,250/Unit) - 735 Georgia St – Higuera Apts, Vallejo, 8 units
Sold Price
$1,195,000 ($149,375/Unit