The property sold for $3,020,000, or about $300 per square foot, a 10% premium over the market rate for the area. The property is located close to Downtown Novato and consists of 15 units, including 2 bed/1 bath and 1 bed/1 bath units. Joby Tapia represented the seller and persevered through two evictions and a fire during escrow. Tapia was able to balance the needs of the seller along with the demands of the buyer to negotiate acceptable reconstruction terms. The diligence and service provided by Tapia salvaged the deal.
Tapia is an accomplished Multifamily Executive with over 16 years of experience managing commercial and multi-family assets, including market rate and rent-controlled properties, for both private and institutional owners in Northern California.
About NAI Northern California
NAI Northern California is full service commercial real estate firm in the San Francisco Bay Area and part of NAI Global, the largest managed network of Commercial Real Estate Brokerage Service firms in the World. Recognized as one of the Top 25 Commercial Real Estate Firms by the East Bay and San Francisco Business Times, NAI Northern California provides comprehensive brokerage, leasing, debt, advisory, and property management services for corporate end users, property owners, developers, investors, and financial institutions.