MikeBolen.com

Multifamily apartment sales so far in June 2008 for the entire San Francisco North Bay include:

• 6 Unit, 2 West Court Sausalito - $1,200,00
• 11 Unit, 504 Matheson Street Healdsburg - $1,680,000 

Word on the street says the 15 Unit 680 Lincoln street listing offered at $1,778,000 is under contract. My guess this property is under contract far below the asking price. The other interesting napa multifamily property to be put under contract is 6778 Yount Street in Yountville this property consists of 8 units offered at an astounding $1,950,000 or $243,750 per unit. I love Yountville the atmosphere, restauarants and quaint inns are something to long for but these ammenities certainly do not justify $243,750 per unit. And with a reported gross income of only $120,000 I believe an appraiser would have a hard time explaining this price to the bank.

Consider my off market property in downtown Napa consisting of 9 units offered for $900,000 with a gross income of $109,000 and naturally downtown Napa has wind on it’s back with appreciation potential far outstripping that of Yountville over the next 5 years.

There are fabulous values in this market. Here at the RE/MAX Napa Valley office RE/MAX Cornerstone my team and I specialize in off market pocket listings. Over 65% of our sold deals are never advertised. Most are offered to sale only to buyers represented by our team. To gain access to the off market or foreclosure inventory or to learn how we work with buyers contact Mike Bolen at Mike@MikeBolen.com or 707-254-9999. We also work with over 20 investment buyers in an exclusive buyer agency agreement if you are looking to sell no one has more commercial investment buyers than my team.