Berkadia, a distinguished leader in the commercial real estate sector, announced the sale of 703 Third Street, a half-acre property entitled for up to 120 multifamily units in San Rafael, California.
Senior Managing Director Brett Betzler of Berkadia Irvine, and Senior Director Kaohu Berg-Hee, Senior Managing Director Jason Parr and Managing Director Scott MacDonald of Berkadia San Francisco, led the transaction on behalf of the seller, San Rafael-based Seagate Properties.
“San Rafael is one of the most supply-constrained markets in the country, where only 156 new apartment units have been built in the last 20 years,” explained Betzler. “Berkadia positioned this as an unprecedented opportunity to pick up a fully entitled property in a prime downtown location in one of the state’s most desirable and affluent neighborhoods, where a critical housing shortage combined with an non-existent construction pipeline will support long-term leasing and rent growth.”
Located at 703-723 3rd Street and 898 Lincoln Avenue, the project site totals 0.63 acres bounded on the north by Third Street, west by Tamalpais Avenue, east by Lincoln Avenue and south by the Marin Color Service paint store. Initially entitled for 120 units in October 2019, the project received a two-year extension in March of 2023 and again in February 2025. The six-story property will consist of mostly market-rate units, but there will also be 12 below-market-rate, five at very low, four at low, and three at moderate.
There is also a 970-square-foot ground-floor retail space, fronting Tamalpais Avenue, and 121 garage parking spaces. A rooftop amenity package includes outdoor TV, seating and multiple grills, covered lounge and dining area, multiple gaming areas, outdoor firepit with seating and wood decking, a garden courtyard, fitness center, and bike storage.
The property is ideally located just two blocks from 4th Street, San Rafael’s main commercial artery, making it walkable to dozens of restaurants, cafes, retailers, bars, grocery stores, and other key services. It is also directly across the street from the San Rafael Transit Center, offering direct bus service to downtown San Francisco in just 30 minutes, or access to the San Rafael SMART Train which connects in one stop to the Larkspur Ferry Terminal, offering a relaxing ferry ride to Embarcadero in just 30 minutes.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
