None

Rohnert Park, CA 94928

$15,100,000D+

None bd · 69.5 ba · 44,808 sqft · Built 1985 · MultiFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $132,057/mo
• Mortgage (P&I): −$79,186
• Tax + insurance: −$10,942
• HOA: −$0
• Vac / Maint / Mgmt: −$27,732
• Net cashflow: $14,197/mo
• Annual: $170,363/yr
• Cap rate: 7.42%
• Cash-on-cash: 4.03%
• DSCR: 1.18
• 1% rule: 0.87%
• Cash to close: $4,228,000

Investor read

• This is a 2×3bd/1.5ba + 15×2bd/1.5ba + 32×2bd/1ba units multifamily listed at $15.10M.
• At list price, monthly cash flow is $14k ($170k/yr) — positive. Per door: $233/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $13.21M (12.5% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $13.21M (12.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $104k of loan paydown is wiped out by about $453k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#116 in CA, #4,166 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: cost of living F.
• Cotati-Rohnert Park Unified (suburban): math 24% / reading 61% proficiency, ranked #205 of 517 in CA (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monte Vista Elementary (438 students, 40% FRL); Technology Middle (math 24% / reading 24%, grade F, #277 of 498 statewide, top 73%, 426 students, 68% FRL); Rancho Cotate High (math 12% / reading 57%, grade F, #618 of 1,170 statewide, top 56%, 1,611 students, 36% FRL).
• Zoned-school proficiency averages 30% at this address vs 42% district-wide (-13 pts) — the specific schools serving this property underperform the Cotati-Rohnert Park Unified average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+2.7%/yr); 100 active listings in the ZIP; solid renter incomes; 1,039 units permitted in Sonoma County in 2024 (185 in 5+ unit buildings).
• Sonoma County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.4% vs local median 2.8% in Rohnert Park — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• At $132,057/mo this rent would consume 1596% of the median local household income ($99k/yr) (locally 2507% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.