Lanai Apartments

Positioned in the highly sought-after community of Fairfax in central Marin County, this well-maintained 33-unit apartment complex presents a compelling investment opportunity with strong in-place fundamentals and long-term upside.

Situated on an expansive 1.27-acre parcel, the property features an attractive unit mix of 24 one-bedroom, one-bath units and 9 two-bedroom, one-bath units, catering to a broad tenant base. The two-story stucco building with concrete slab foundation and flat rolled comp roof is thoughtfully designed around a spacious central courtyard, highlighted by a swimming pool that enhances tenant appeal and fosters a sense of community.

The property offers a professional front lobby with an on-site manager’s office, as well as convenient coin-operated laundry facilities, dedicated bike parking, shared storage, and a maintenance room with half bath. Tenants also benefit from abundant parking, a highly desirable amenity in this submarket. Several units have private balconies or patios, and there is an underutilized outdoor space at the back of the property that is ready to be re-imagined.

Current ownership has completed a number of significant capital improvements, including a new roof, dual-pane windows, new water heaters, newer exterior paint, parkng lot resurfacing, updated unit interiors (in approx. 28 units), and upgraded electrical subpanels—providing a strong foundation for future ownership and minimizing near-term capital expenditure needs.

Property is individually metered for electric and master metered for gas with a central hot water system featuring 2 water heaters. Current ownership is paying tenant heating, hot water, and pool heating expenses which could be recouped through implementation of a RUBs program.

Located in coveted Marin County, just 1 mile to downtown Fairfax, the asset enjoys proximity to local retail, dining, and outdoor recreation, while maintaining a tranquil residential setting. This offering represents an exceptional opportunity to acquire a stabilized asset in one of the Bay