Buyer RepresentationOff-marketIncome propertyValue-addRepeat clientFinancing-led
Off-Market, Top Performer: Novato 14-Unit Delivers Highest Returns in Client Portfolio
The file
My client owned in San Francisco, Oakland, and Richmond, and the operations were grinding: tenant churn, maintenance, thin cash flow. Around the Bay, listings came dressed in inflated pro formas. Marin is different: supply-constrained, low turnover, and mostly ignored by investors, so I kept in close contact with brokers there. When this 14-unit building surfaced off market, it didn’t read as a standout on paper. The rents looked low to me. Comps were scarce, so I underwrote the upside conservatively, structured a fair offer, and we closed without competition.
Three years on, it is the best-performing asset in their portfolio. The rent upside I modeled has landed, with room left.
Value delivered
- 01Identified off-market Marin opportunity despite limited data and investor uncertainty
- 02Modeled rent upside conservatively based on qualitative comp read
- 03Guided buyer outside their core markets, de-risking the asset through realistic financials
- 04Delivered clean close on 14-unit income property with operational simplicity
- 05Now the best-performing asset in client’s portfolio over 5-year window