1570 North St · Santa Rosa, CA 95404

$8,900,000

63 bd · 32.0 ba · 32,582 sqft · MultiFamily public records · 37 Days on market

Built 1960 1.14 ac lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +17.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.1/10.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 32 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

North Street Apartments is a 32-unit value-add multifamily community in Santa Rosa offered for purchase individually or as a portfolio with Cedarwood Apartments (725 W College Ave, Santa Rosa). Built in 1970 on 1.14 acres, the property features a 2BR-dominated unit mix averaging 988 SF, 97% occupancy, and approximately $250,000 in recent capital improvements (reroofing, exterior paint, asphalt, pool, lighting, landscaping). In-place rents average $2,384, with $94/unit of immediate mark-to-market upside and an additional $91/unit achievable through interior renovations laminate flooring, kitchen/bath finishes, and in-unit W/D installation in the remaining 15 units. A 30% RUBS program is already in place. Pool, on-site parking, and a quiet residential location near Santa Rosa Junior College, Downtown Santa Rosa, and Highway 101.

Key facts

• Interior renovations
• 1.14 acre lot
• Pool

Tags

• RECENT CAPITAL IMPROVEMENTS
• INTERIOR RENOVATIONS
• QUIET RESIDENTIAL LOCATION

Property features AI

Finance

• Other: Tenant-paid utilities include electric and gas
• Financial info: Complex of 32 units; Annual rental income: $934,034; Annual gross income: $939,395; Gross scheduled income: $978,536; Other income: $44,502; Total expenses: $382,667; Other expenses: $100,814; Utility expenses: $97,354; Vacancy factor: 4%; Gross rent multiplier: 9.10

Exterior

• Parking: Common covered parking; Carport capacity listed as 32 (minimum)
• Utilities: Public water; Public sewer; Individual electric and gas meters; Primary electric, gas and water meters; separate electric meter
• Home design: Multi-building complex (8 buildings); Zoning: CITYSR
• Construction: Crawl space foundation
• Exterior features: In-ground pool; Flat/low pitch roof

Interior

• Bedrooms: Units are 2-bedroom (unit type listed)
• Bathrooms: Units have 1 full bathroom (unit type listed)
• Heating & cooling: Electric heating; Cooling: Other (see remarks)
• Interior features: Security features noted (see remarks); Other special features (see remarks)

What this means for you Summary

Snapshot

• This is a 32 × 2-bed/1.0-bath units multifamily listed at $8.90M.

Deal economics

• At list price, monthly cash flow is $7k ($84k/yr) — positive. Per door: $219/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 $8.14M (8.5% below list).
• Recommended offer: $8.14M (8.5% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 2.5% in Santa Rosa — 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.

Location & tenants

• Location reads 75/100 on livability (#112 in CA, #3,940 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: schools C-, cost of living F.
• Santa Rosa High (urban): math 31% / reading 47% proficiency, ranked #703 of 1,400 in CA (top 50%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.1%/yr); 248 active listings in the ZIP; solid renter incomes; 1,039 units permitted in Sonoma County in 2024 (185 in 5+ unit buildings).
• At $81,394/mo this rent would consume 926% of the median local household income ($105k/yr) (locally 1663% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $62k of loan paydown is wiped out by about $267k of value loss. Plan a longer hold.
• Sonoma County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($8.63M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $6.12M; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $8,139,400 (8.5% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.1% rent growth · sell at horizon

5-year hold

• IRR: -13.0%
• Equity multiple: 0.54×
• Total profit: $-1,150,194
• Equity at exit: $1,327,019

10-year hold

• IRR: -7.1%
• Equity multiple: 0.58×
• Total profit: $-1,035,901
• Equity at exit: $769,509

Cash invested: $2,492,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 95404

• Rents YoY: 1.1%
• Active inventory: 248
• Price-to-rent: 291.6×

Monthly cashflow live

• Estimated rent: $81,394 high
• Mortgage (P&I): −$46,673
• Tax from tax record: −$6,917 /mo · $83,001/yr
• Insurance: −$3,708
• HOA: −$0
• Vacancy / Maint / Mgmt: −$17,093
• Net cashflow: $7,004

Break-even live

Break-even rent $72,529

Max offer price $8,900,000

Occupancy floor 86%

Sensitivity live

Price	-10% $12,042	-5% $9,523	+0% $7,004	+5% $4,485	+10% $1,966
Rent	-10% $573	-5% $3,789	+0% $7,004	+5% $10,219	+10% $13,434
Rate	-1.0pp $11,486	-0.5pp $9,267	base $7,004	+0.5pp $4,697	+1.0pp $2,351

32-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 32× units	2	1	$81,408
Total (32 units)			$81,394

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $2,225,000
• Closing costs: $267,000
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $8,900,000 Active 37 DOM
2. 2026-06-17
   days on market $8,900,000 Active 36 DOM
3. 2026-06-16
   days on market $8,900,000 Active 35 DOM
4. 2026-06-15
   days on market $8,900,000 Active 34 DOM
5. 2026-06-14
   days on market $8,900,000 Active 32 DOM
6. 2026-06-13
   days on market $8,900,000 Active 31 DOM
7. 2026-06-10
   days on market $8,900,000 Active 29 DOM
8. 2026-06-09
   days on market $8,900,000 Active 28 DOM
9. 2026-06-08
   days on market $8,900,000 Active 27 DOM
10. 2026-06-07
    days on market $8,900,000 Active 26 DOM
11. 2026-06-05
    days on market $8,900,000 Active 23 DOM
12. 2026-06-03
    days on market $8,900,000 Active 22 DOM
13. 2026-06-02
    days on market $8,900,000 Active 21 DOM
14. 2026-06-01
    days on market $8,900,000 Active 20 DOM
15. 2026-05-31
    days on market $8,900,000 Active 19 DOM
16. 2026-05-30
    days on market $8,900,000 Active 18 DOM
17. 2026-05-12
    listed $8,900,000 Active 838-char remark

    Show marketing remark (838 chars)

    North Street Apartments is a 32-unit value-add multifamily community in Santa Rosa offered for purchase individually or as a portfolio with Cedarwood Apartments (725 W College Ave, Santa Rosa). Built in 1970 on 1.14 acres, the property features a 2BR-dominated unit mix averaging 988 SF, 97% occupancy, and approximately $250,000 in recent capital improvements (reroofing, exterior paint, asphalt, pool, lighting, landscaping). In-place rents average $2,384, with $94/unit of immediate mark-to-market upside and an additional $91/unit achievable through interior renovations laminate flooring, kitchen/bath finishes, and in-unit W/D installation in the remaining 15 units. A 30% RUBS program is already in place. Pool, on-site parking, and a quiet residential location near Santa Rosa Junior College, Downtown Santa Rosa, and Highway 101.

18. 2026-05-12
    listed $8,900,000 Active 838-char remark

    Show marketing remark (838 chars)

    North Street Apartments is a 32-unit value-add multifamily community in Santa Rosa offered for purchase individually or as a portfolio with Cedarwood Apartments (725 W College Ave, Santa Rosa). Built in 1970 on 1.14 acres, the property features a 2BR-dominated unit mix averaging 988 SF, 97% occupancy, and approximately $250,000 in recent capital improvements (reroofing, exterior paint, asphalt, pool, lighting, landscaping). In-place rents average $2,384, with $94/unit of immediate mark-to-market upside and an additional $91/unit achievable through interior renovations laminate flooring, kitchen/bath finishes, and in-unit W/D installation in the remaining 15 units. A 30% RUBS program is already in place. Pool, on-site parking, and a quiet residential location near Santa Rosa Junior College, Downtown Santa Rosa, and Highway 101.

19. 2016-06-21
    soldstatus $6,124,500
20. 1989-09-29
    soldstatus $1,825,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $83,001 · $6,917/mo
• Projected year-2 tax: $83,001 · $6,917/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 60% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 21 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $976,728
• − Mortgage interest: −$498,538
• − Property taxes: −$83,001
• − Insurance: −$44,500
• − Repairs & maintenance: −$78,138
• − Management: −$78,138
• − Depreciation: −$258,909
• Taxable loss: −$64,497
• Est. tax savings @ 24.0%: +$15,479
• After-tax cash flow: $99,523/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Santa Rosa High
• NCES district ID: 0635830
• Math proficiency: 31% —
• Reading proficiency: 47% —
• Median HH income: $62,000
• Composite: 37.25/100
• National rank: #8972
• State rank: #703 of 1400 in CA

Livability — Santa Rosa

• Score: 75/100
• State rank: #112
• US rank: #3940

Category grades

Amenities A+ Commute A+ Cost of living F Crime C Employment A+ Housing B- Health & safety A+ User ratings D

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Santa Rosa, CA
• County: Sonoma County · 449,805 people
• City population: 210,074
• Metro: Santa Rosa-Petaluma, CA
• Population (ZIP): 37,011
• Household income: $105,437
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1663.0

Population outlook (Sonoma County) Hauer SSP2

• Today (2025): 539,935 people
• By 2030: 554,870 · +2.8%
• By 2040: 573,262 · +6.2%
• By 2050: 580,715 · +7.6%
• By 2075: 579,229 · +7.3%
• By 2100: 547,835 · +1.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 61% Hispanic / Latino 25% Two or more races 13% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 21%
• Common ancestry: Lithuanian 4% Italian 4% Slovak 3%
• Foreign-born: 14% · Canada, China
• Languages at home: 76% English-only · Spanish 16% Other Asian/Pacific 2% Tagalog/Filipino 2%

Political lean MEDSL · Sonoma

• 2024 margin: Solid D (+46.2) · D 71.4% · R 25.2% · Other 3.3%
• 2008→2024 swing: -3.4pp toward R · 2008: 49.6pp · 2024: 46.2pp
• All cycles: 2024: D+46.2 2020: D+51.5 2016: D+47.9 2012: D+44.9 2008: D+49.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -797.65%
• Current HPI: 244.7593
• Rent YoY: ▲ 1.10%
• Metro: Santa Rosa-Petaluma, CA
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+387.7% since first listed

4 events — show timeline

• 2026-05-12 Listed $8,900,000 MLSListings
• 2026-05-12 Listed $8,900,000 bridgeMLS, Bay East AOR, or Contra Costa AOR
• 2016-06-21 Sold (Public Records) $6,124,500 Public Records
• 1989-09-29 Sold (Public Records) $1,825,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $83,001 · +1.5% YoY. Source: county tax records.