247 D · San Rafael, CA 94901

$6,110,000

432 bd · 324.0 ba · 13,040 sqft · MultiFamily public records · 3 Days on market

Built 1965 1,840 sqft lot

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Why this score? — see what drove the B- 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 +29.5/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +4.6/10.0
• Rent growth +3.7/5.0
• Livability +3.3/5.0
• 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: 18 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

Del Mesa Apartments (The Property) is a Pride of Ownership 18-unit Multifamily investment opportunity in Gerstle Park neighborhood, widely considered the A+ area of San Rafael. The Property features a well-maintained unit mix of twelve (12) one-bedroom, one-bathroom units and six (6) two-bedroom, one-bathroom units across a single three-story building set on a .042 acre parcel. Ownership has completed meaningful renovations over the last decade with remaining upside through continued in-unit upgrades and rent growth to market across the balance of the units. Del Mesa Apartments is situated in Gerstle Park, one of San Rafaels most coveted residential enclaves. The neighborhood is characterized by mature tree canopy, well-maintained streetscapes, and a quiet, upscale character that distinguishes it from more commercially active San Rafael corridors. Gerstle Park consistently ranks among he citys most desirable and safest neighborhoods, attracting long-term, quality tenants.

Key facts

• Mature tree canopy
• 1,840 sq ft lot
• Pool

Tags

• 18 UNIT MULTIFAMILY INVESTMENT
• WELL MAINTAINED UNIT MIX
• MEANINGFUL RENOVATIONS
• MATURE TREE CANOPY
• WELL MAINTAINED STREETSCAPES

Property features AI

Finance

• Other: Tenant pays electric and gas utilities
• Financial info: Annual rental income of $483,660; Annual gross income of $491,863; Gross scheduled income $491,863; Other income $8,203; Total expenses $197,304; Other expenses $3,600; Utility expenses $49,676; Landscape expense $4,889; Annual tax amount $95,976; Gross rent multiplier 12.42

Exterior

• Parking: Assigned parking spaces; At least 18 parking spaces (carport count listed as 18)
• Utilities: Public water; Public sewer; Primary and separate meters noted for electric, gas, and water; Public utilities available
• Home design: Garden-style/multi-unit property; Single building; Zoning: n/a
• Construction: Crawl space foundation; Bitumen roof; Flat/low-pitch roof
• Exterior features: In-ground pool

Interior

• Kitchen: Standard kitchens in each unit (appliance specifics not provided)
• Bedrooms: Twelve 1-bedroom units; Six 2-bedroom units
• Bathrooms: 1 full bathroom in 1-bedroom units; 1 full bathroom in 2-bedroom units
• Heating & cooling: Electric heating; Window/wall air conditioning units
• Interior features: Complex contains 1 building with 18 units; Other features as noted in remarks
• Laundry & utility: Individual electric meters for units; Individual gas meters for units

What this means for you Summary

Snapshot

• This is a 18 × 24-bed/18.0-bath units multifamily listed at $6.11M.

Deal economics

• At list price, monthly cash flow is $22k ($263k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($75k rent vs $6.11M).
• Cap rate 10.6% vs local median 1.7% in San Rafael — 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 66/100 on livability (#358 in CA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety B+; Watch: schools C-, crime F, amenities F.
• San Rafael City High (urban): math 43% / reading 56% proficiency, ranked #126 of 517 in CA (top 24%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.7%/yr); 132 active listings in the ZIP; high-income renter base; 149 units permitted in Marin County in 2024 (5 in 5+ unit buildings).
• At $75,194/mo this rent would consume 782% of the median local household income ($115k/yr) (locally 2382% 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 $42k of loan paydown is wiped out by about $183k of value loss. Plan a longer hold.
• Marin County population projected at +9% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.7% rent growth), your $1.71M cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Recommended offer $6,110,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.23% ✓
• Cap rate: 10.60%
• Cash-on-cash: 15.40%
• DSCR: 1.69
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 7.9%
• Equity multiple: 1.31×
• Total profit: $536,425
• Equity at exit: $911,021

10-year hold

• IRR: 18.4%
• Equity multiple: 2.64×
• Total profit: $2,812,561
• Equity at exit: $528,281

Cash invested: $1,710,800 (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 94901

• Rents YoY: 4.7%
• Active inventory: 132
• Price-to-rent: 121.9×

Monthly cashflow live

• Estimated rent: $75,194 medium
• Mortgage (P&I): −$32,042
• Tax from tax record: −$2,861 /mo · $34,336/yr
• Insurance: −$2,546
• HOA: −$0
• Vacancy / Maint / Mgmt: −$15,791
• Net cashflow: $21,955

Break-even live

Break-even rent $47,403

Max offer price $6,110,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 18× units	24	18	$75,186
Total (18 units)			$75,194

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: $1,527,500
• Closing costs: $183,300
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-18
   days on market $6,110,000 Active 3 DOM
2. 2026-06-17
   days on market $6,110,000 Active 2 DOM
3. 2026-06-15
   remarks 699-char remark

   Show marketing remark (986 chars)

   Del Mesa Apartments (The Property) is a Pride of Ownership 18-unit Multifamily investment opportunity in Gerstle Park neighborhood, widely considered the A+ area of San Rafael. The Property features a well-maintained unit mix of twelve (12) one-bedroom, one-bathroom units and six (6) two-bedroom, one-bathroom units across a single three-story building set on a .042 acre parcel. Ownership has completed meaningful renovations over the last decade with remaining upside through continued in-unit upgrades and rent growth to market across the balance of the units. Del Mesa Apartments is situated in Gerstle Park, one of San Rafaels most coveted residential enclaves. The neighborhood is characterized by mature tree canopy, well-maintained streetscapes, and a quiet, upscale character that distinguishes it from more commercially active San Rafael corridors. Gerstle Park consistently ranks among he citys most desirable and safest neighborhoods, attracting long-term, quality tenants.

4. 2026-06-15
   listed $6,110,000 Active 1 DOM

   Show marketing remark (986 chars)

   Del Mesa Apartments (The Property) is a Pride of Ownership 18-unit Multifamily investment opportunity in Gerstle Park neighborhood, widely considered the A+ area of San Rafael. The Property features a well-maintained unit mix of twelve (12) one-bedroom, one-bathroom units and six (6) two-bedroom, one-bathroom units across a single three-story building set on a .042 acre parcel. Ownership has completed meaningful renovations over the last decade with remaining upside through continued in-unit upgrades and rent growth to market across the balance of the units. Del Mesa Apartments is situated in Gerstle Park, one of San Rafaels most coveted residential enclaves. The neighborhood is characterized by mature tree canopy, well-maintained streetscapes, and a quiet, upscale character that distinguishes it from more commercially active San Rafael corridors. Gerstle Park consistently ranks among he citys most desirable and safest neighborhoods, attracting long-term, quality tenants.

ⓘ 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: $34,336 · $2,861/mo
• Projected year-2 tax: $46,436 · $3,870/mo
• Expected delta: +$12,100/yr (+$1,008/mo · 35.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $902,328
• − Mortgage interest: −$342,255
• − Property taxes: −$34,336
• − Insurance: −$30,550
• − Repairs & maintenance: −$72,186
• − Management: −$72,186
• − Depreciation: −$177,745
• Taxable income: $173,069
• Est. tax owed @ 24.0%: −$41,537
• After-tax cash flow: $221,919/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: San Rafael City High
• NCES district ID: 0635110
• Math proficiency: 43% ▲ 8.00%
• Reading proficiency: 56% ▲ 4.00%
• Median HH income: $84,104
• Composite: 45.58/100
• National rank: #2594
• State rank: #126 of 517 in CA

Livability — San Rafael

• Score: 66/100
• State rank: #358
• US rank: #12194

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Rafael, CA
• County: Marin County · 243,328 people
• City population: 71,922
• Metro: San Francisco-Oakland-Berkeley, CA
• Population (ZIP): 41,307
• Household income: $115,330
• Rent vs Own: 49.0% rent · 51.0% own
• Severe rent burden: 2382.0

Population outlook (Marin County) Hauer SSP2

• Today (2025): 276,379 people
• By 2030: 282,942 · +2.4%
• By 2040: 292,937 · +6.0%
• By 2050: 300,449 · +8.7%
• By 2075: 316,946 · +14.7%
• By 2100: 303,948 · +10.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 49% Hispanic / Latino 41% Two or more races 11% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 30% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 34% Other Indo-European 2% Chinese 1%

Political lean MEDSL · Marin

• 2024 margin: Solid D (+63.9) · D 80.6% · R 16.7% · Other 2.7%
• 2008→2024 swing: +6.2pp toward D · 2008: 57.7pp · 2024: 63.9pp
• All cycles: 2024: D+63.9 2020: D+66.5 2016: D+62.9 2012: D+50.5 2008: D+57.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -871.51%
• Current HPI: 259.3897
• Rent YoY: ▲ 4.69%
• Metro: San Francisco-Oakland-Berkeley, 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

+0.0% since first listed

2 events — show timeline

• 2026-06-15 Listed $6,110,000 MLSListings
• 2026-06-15 Listed $6,110,000 bridgeMLS, Bay East AOR, or Contra Costa AOR

Property tax history

+3.8%/yr

Latest (2025): $34,336 · +3.6% YoY. Source: county tax records.