11 Commodore Marina Loop, OUT OF AREA, CA 94941, OUT OF AREA, 94941 - bed, bath
ACTIVE$1,747,000$1,387/sqft
11 Commodore Marina Loop, OUT OF AREA, CA 94941
0Bed
0Bath
1,387Sqft
Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Exceptional Income Performance: The property boasts an outstanding 14.6% Cap Rate and a low 4.21 GRM based on 2024 gross income, indicating a highly profitable and efficient investment.
Top Cons:
Niche Market & Financing Challenges: As a houseboat, the property appeals to a specialized buyer pool, which may limit market liquidity and present unique challenges for traditional financing and insurance.
Compared to the nearby listings
Compared against 0 nearby listings
More Insights
Built in 1967 (59 years old).
Condition: Despite the 1967 build year, the property has been 'completely remodeled' since September 2022, which is well within the 5-year extensive renovation criteria for an 'Excellent' score. The images confirm a high-quality, modern renovation with new hardwood flooring, sleek kitchens featuring contemporary cabinetry, stainless steel appliances (including integrated dishwasher and induction cooktop), and stylish subway tile backsplashes. Bathrooms are equally modern with floating vanities, glass-enclosed showers, wall-mounted toilets, and heated floors. All visible components appear new or virtually new, reflecting current quality standards with no signs of wear or deferred maintenance. The mini-split systems provide modern cooling/heating, and the overall aesthetic is pristine and move-in ready.
Year Built
1967
Close
-
List price
$1.75M
Original List price
-
Price/Sqft
$1,260
HOA
$0
Days on market
-
Sold On
-
MLS number
25-877
Home ConditionExcellent
Features
Excellent View:
Deck
View-
About this home
This completely remodeled 4-Unit Houseboat has been approved by the Commodore Marina as a short-term rental since September of 2022. All units have consistently maintained occupancy rates over 80%. Gross rental income in 2024 was $415,030, making the GRM just 4.21 years at the bidding start price, The NOI was $255,281, making the Cap Rate 14.6%. Each unit features a raised platform bed to overlook open water views, a full kitchen including a stacking washer/dryer, a full bath with heated floors and a private outside deck area. There is also over 1000 sq. ft. of climate-controlled storage in the barge below decks with a commercial washer/dryer to allow for quick rental change overs
R
Robert Warner
Listing Agent
Condition Rating
Excellent
Despite the 1967 build year, the property has been 'completely remodeled' since September 2022, which is well within the 5-year extensive renovation criteria for an 'Excellent' score. The images confirm a high-quality, modern renovation with new hardwood flooring, sleek kitchens featuring contemporary cabinetry, stainless steel appliances (including integrated dishwasher and induction cooktop), and stylish subway tile backsplashes. Bathrooms are equally modern with floating vanities, glass-enclosed showers, wall-mounted toilets, and heated floors. All visible components appear new or virtually new, reflecting current quality standards with no signs of wear or deferred maintenance. The mini-split systems provide modern cooling/heating, and the overall aesthetic is pristine and move-in ready.
Pros & Cons
Pros
Exceptional Income Performance: The property boasts an outstanding 14.6% Cap Rate and a low 4.21 GRM based on 2024 gross income, indicating a highly profitable and efficient investment.
Proven High Occupancy: Consistently maintained occupancy rates over 80% since September 2022, demonstrating strong market demand and reliable revenue generation for short-term rentals.
Turnkey Short-Term Rental Operation: Approved for short-term rentals and completely remodeled, each of the four units is fully equipped with modern amenities, making it ready for immediate operation.
Unique Waterfront Experience & Amenities: As a 4-unit houseboat, it offers a distinctive open water living experience with private decks, full kitchens, in-unit laundry, and heated bathroom floors, enhancing guest appeal.
Operational Efficiency: Over 1000 sq. ft. of climate-controlled storage and a commercial washer/dryer below decks significantly streamline rental changeovers and property management.
Cons
Niche Market & Financing Challenges: As a houseboat, the property appeals to a specialized buyer pool, which may limit market liquidity and present unique challenges for traditional financing and insurance.
Unspecified Marina Fees & Regulations: While no association fee is listed, houseboats typically incur significant ongoing marina slip fees and are subject to specific marina rules and regulations, which are not detailed in the listing.
Age of Underlying Structure: Built in 1967, despite being completely remodeled, the age of the underlying houseboat structure may imply potential for specific maintenance considerations inherent to older marine vessels.