1120 Lincoln AvenueSan Rafael, CA 94901Price: $1,875,000

A high-rise development site is located near downtown San Rafael, just a block or two from the San Rafael Transit Center. The property is zoned C4N 40-50, allowing commercial or residential uses. This zoning allows for a 50-foot height. This property lends itself to luxury apartments, low-income housing, workforce housing or a senior community. The property is currently improved with a four-plus-unit building, which brings in $8,106/month. This will provide a nice cash flow while you develop it. The property is currently improved with a 1903 Victorian converted into four apartments, and additional vacant space on the ground floor that was previously office space has been added. The current tenants are all on month-to-month tenancies. According to San Rafael Planning, this property can be improved with a four to five-story building for commercial or residential use. There is only a seven-foot front and side street setback and 15' rear setback. Given its proximity to public transportation, parking requirement are reduced. A lot size of approximately 50' x 100' could equate to 2,850 sf per floor. As you go up in height, there may be some step-back requirements.