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55 Canal Street LLC Acquires 20-Unit Multifamily Property In San Rafael For $5.6M

Property Image
SOLD
$5,600,000
Ben Mollahan
Adam Foley

California

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MultiFamily
Sold 02/27/2025
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Property Image
SOLD

55 Canal Street LLC Acquires 20-Unit Multifamily Property In San Rafael For $5.6M

55 Canal Street

See Similar Deals
MultiFamily
Sold 02/27/2025
Ben Mollahan
Adam Foley
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involves a multifamily property located at 55 Canal Street in San Rafael. The total sale price for the property, which consists of 20 units, was $5,600,000, resulting in a price per unit of $280,000.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $5,600,000
  • Units: 20
  • Price Per Unit: $280,000
  • Buyer: 55 Canal Street LLC
  • Brokers: Adam Foley & Ben Mollahan - CBRE

Ben Mollahan and Adam Foley from CBRE facilitated the transaction, representing the buyer, 55 Canal Street LLC. They played a crucial role in arranging the sale of the Pacifica Apartments in the competitive San Rafael market.

Players

Ben Mollahan
CBRE
Ben Mollahan
2 deals$14.1M volume(925) 330-3642
BROKER
Adam Foley
CBRE
Adam Foley
2 deals$14.1M volume(408) 893-8063
BROKER

Details

SOLD
IMAGE: Adam Foley & Ben Mollahan DATE: 02/27/2025 ADDRESS: 55 Canal Street MARKET: San Rafael ASSET TYPE: Multifamily BUYER: 55 Canal Street LLC BROKERS: Adam Foley & Ben Mollahan (@BenMollahan5) - CBRE (@CBRE) SALE PRICE: $5,600,000 UNITS: 20 ~ PPU: $280,000 NOTE: CBRE arranged the $5.6 million sale of Pacifica Apartments, a 20-unit multifamily property in San Rafael. Ben Mollahan and Adam Foley represented buyer 55 Canal Street LLC in the deal.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$298,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,895.61
Cash-on-Cash Return-1.27%
Monthly Debt Service$26,546.86
Annual Debt Service$318,562.28