Residents’ Social Interactions in Market Square and Its Impact on Community Well-Being
PROPERTY PARC MARIN - LoopNet...Corte Madera is an affluent, vibrant town of nearly 9,425 residents,...
Transcript of PROPERTY PARC MARIN - LoopNet...Corte Madera is an affluent, vibrant town of nearly 9,425 residents,...
PA R C M A R I N
O F F E R I N G M E M O R A N D U M
3 2 - U N I T R E N T A L C O M M U N I T Y
P R O P E R T Y
1 4 4 1 C A S A B U E N A D RC O R T E M A D E R A , C A 9 4 9 2 5
N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E
C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus
& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap or the Owner. This Marketing Brochure has been
prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information
contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap and the Owner has not made any investigation, and makes no warranty
or representation, with respect to the income or expenses for the subject property, the future projected financial income, expense, debt and/or cash flow performance of the
property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and
Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to
continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus
& Millichap and the Owner has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap or the Owner conducted any investigation
regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take
appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.
© 2018 Marcus & Millichap. All rights reserved.
N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's
logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or
any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to
prospective customers.
A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y.P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .
OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com
P R O P E R T YL O G O
ERICH REICHENBACHFirst Vice President Investments
San Francisco OfficeDirect: (415) 625-2146 // Fax: (415) 963-3010
[email protected]: CA 01860626
JASON PARRManaging Director
Capital Markets | Multifamily Advisory GroupDirect: (415) 773-3588 // Mobile: (415) 407-2106
[email protected]: CA 01323188
• 32 UNITS
• 3.48 ACRES
• 10 UNITS PER ACRE
TABLE OF CONTENTS
P R O P E R T YL O G O
S A L E S C O M PA R A B L E S / / 2 9
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R E N T C O M PA R A B L E S / / 3 7
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P R O P E R T Y D E S C R I P T I O N / / 0 701 F I N A N C I A L A N A LY S I S / / 2 1
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• 32 UNITS
• 3.48 ACRES
• 10 UNITS PER ACRE
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
P R O P E R T YL O G O
Property Description
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PROPERT Y OVERVIEW // Parc Mar in
Parc Marin is an upscale boutique rental community nestled in the Corte Madera hillside with convenient freeway access and lush, abundant grounds. The thoughtfully designed residences feature modern one, two, and three-bed-room floor plans, including split-level townhomes. The interior of all units have been completely upgraded with high-end finishes, including: new cabinets, new quartz counter-tops, new flooring, tile surround tub enclosures, in-home washer/dryers and tankless water heaters. All units have private outdoor spaces and 28 of 32 units have individual private fenced yards, with most boasting both a private front, rear yard and master bedroom balcony.
Parc Marin is located on a 3.48-acre, park-like site that has been extensively upgraded to provide residents with a private, condominium-quality environment unmatched by any other apartment community in Southern Marin. In addition to your own private backyard, residents can enjoy the community swimming pool, outdoor BBQ lounge and fire pit. Residents also benefit from Corte Madera’s highly-ranked public schools, which boast California Great Schools rankings of 9 or 10.
Corte Madera is an affluent, vibrant town of nearly 9,425 residents, located 12 miles north of San Francisco. Its residents average an annual median household income of $134,902 with single-homes averaging $1,650,900 and for-sale condominium at $985,000. It is within hiking, biking and driving distance of some of the most beautiful vistas and protected open spaces in the western United States. The Town reflects the easy, outdoor lifestyle long associated with California, with open space and parks bordering waterways to its cosmopolitan, fashionable homes and businesses.
PROPERT Y HIGHLIGHTS // Parc Mar in
• Sprawling Landscaped Central Courtyard
• Expansive Sunbathing Deck
• Condo Quality Finishes
• Modern Quartz Countertops
• Upgraded Cabinetry
• Stainless Steel Appliance Package
• Sparkling Swimming Pool
• In-Home Laundry
• Private Expansive Yards*
• Desirable Commuter Location
• Assigned Parking, Additional Spaces Available
• Pet Friendly
• Outdoor Kitchen, BBQ Area
• Yardi projecting Southern Marin rents to increase 44% by 2029
* Select UnitsP R O P E R T Y D E S C R I P T I O N8
P R O P E R T YL O G O
32 UNITS
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• In-Home Laundry
• Private Expansive Yards*
• Desirable Commuter Location
• Assigned Parking, Additional Spaces Available
• Pet Friendly
• Outdoor Kitchen, BBQ Area
• Yardi projecting Southern Marin rents to increase 44% by 2029
* Select Units
437,000 Sq FtThe Village at Corte Madera
370,000 Sq Ft
Town Center Corte Madera
Corte Madera
Source: Trulia
2.7 Miles to Golden Gate Ferry Terminal
12 Miles to San Francisco
Median Home Price:
$1,695,900
Corte Madera
Source: Census
Median Household
$134,902
P R O P E R T Y D E S C R I P T I O N 9
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P R O P E R T Y D E S C R I P T I O N 11
P R O P E R T Y D E S C R I P T I O N12
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P R O P E R T Y D E S C R I P T I O N 13
P R O P E R T Y D E S C R I P T I O N14
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P R O P E R T Y D E S C R I P T I O N 15
P R O P E R T Y D E S C R I P T I O N16
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P R O P E R T Y D E S C R I P T I O N 17
P R O P E R T Y D E S C R I P T I O N18
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P R O P E R T Y D E S C R I P T I O N 19
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
P R O P E R T YL O G O
Financial Analysis
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SCHEDULED POTENTIAL*
UNIT TYPE # OF UNITS RENTAL RANGE AVERAGE RENT MONTHLY INCOME AVERAGE RENT MONTHLY INCOME
2 Bdr 1 Ba Townhome 23 $3,095-$3,700 $3,399 $78,177 $3,750 $86,250
2 Bdr 1 Ba Flat** 7 $2,795-$3,300 $3,083 $21,583 $3,579 $25,050
3 Bdr 1 Ba Townhome 1 $4,195-$4,195 $4,195 $4,195 $4,195 $4,195
1 Bdr 1 Ba Flat 1 $2,750-$2,750 $2,750 $2,750 $2,950 $2,950
TOTALS/
WEIGHTED AVERAGES32 $3,335 $106,705 $3,701 $118,445
GROSS ANNUALIZED
RENTS$1,280,460 $1,421,340
RENT ROLL SUMMARY // Parc Mar in
F I N A N C I A L A N A L Y S I S22
P R O P E R T YL O G O
NOTE: PER MARIN COUNTY RECORDS, THE TOTAL BUILDING SQUARE FOOTAGE IS 32,209 SQUARE FEET.
** UNIT 107, A 2 BDR, 1 BA FLAT CURRENTLY USED AS 1 BDR, 1 BA FLAT, WITH SEPARATE LEASING OFFICE
* POTENTIAL RENT IS BROKERS OPINION OF FAIR MARKET RENT FOR SUBJECT PROPERTY BASED ON THE ENCLOSED RENT SURVEY. BUYER SHOULD CONDUCT ITS OWN MARKET
SURVEY AND INDEPENDENTLY VERIFY.
SCHEDULED POTENTIAL*
UNIT TYPE # OF UNITS RENTAL RANGE AVERAGE RENT MONTHLY INCOME AVERAGE RENT MONTHLY INCOME
2 Bdr 1 Ba Townhome 23 $3,095-$3,700 $3,399 $78,177 $3,750 $86,250
2 Bdr 1 Ba Flat** 7 $2,795-$3,300 $3,083 $21,583 $3,579 $25,050
3 Bdr 1 Ba Townhome 1 $4,195-$4,195 $4,195 $4,195 $4,195 $4,195
1 Bdr 1 Ba Flat 1 $2,750-$2,750 $2,750 $2,750 $2,950 $2,950
TOTALS/
WEIGHTED AVERAGES32 $3,335 $106,705 $3,701 $118,445
SCHEDULED POTENTIAL*
UNIT UNIT TYPE RENT/MONTH RENT/MONTH
101 2 Bdr 1 Ba Twn $3,450 $3,750
102 2 Bdr 1 Ba Twn $3,500 $3,750
103 2 Bdr 1 Ba Twn $3,345 $3,750
104 2 Bdr 1 Ba Twn $3,495 $3,750
105 2 Bdr 1 Ba Twn $3,395 $3,750
106 2 Bdr 1 Ba Twn $3,395 $3,750
107** 2 Bdr 1 Ba Flat $2,795 $3,550
108 2 Bdr 1 Ba Flat $2,895 $3,550
201 2 Bdr 1 Ba Twn $3,295 $3,750
202 2 Bdr 1 Ba Twn $3,095 $3,750
203 2 Bdr 1 Ba Twn $3,105 $3,750
204 2 Bdr 1 Ba Twn $3,549 $3,750
205 2 Bdr 1 Ba Twn $3,295 $3,750
206 2 Bdr 1 Ba Twn $3,295 $3,750
207 2 Bdr 1 Ba Flat $3,199 $3,550
208 2 Bdr 1 Ba Flat $3,300 $3,550
GROSS ANNUALIZED
RENTS$1,280,460 $1,421,340
RENT ROLL DETAIL // Parc Mar in
F I N A N C I A L A N A L Y S I S 23
** 2 BDR, 1 BA UNIT CONVERTED TO 1 BDR, 1 BA UNIT, PLUS SEPARATE LEASING OFFICE
* POTENTIAL RENT IS BROKERS OPINION OF FAIR MARKET RENT FOR SUBJECT PROPERTY BASED ON THE ENCLOSED RENT SURVEY. BUYER SHOULD CONDUCT ITS OWN
MARKET SURVEY AND INDEPENDENTLY VERIFY.
RENT ROLL DETAIL cont . / / Parc Mar in
SCHEDULED POTENTIAL*
UNIT UNIT TYPE RENT/MONTH RENT/MONTH
301 2 Bdr 1 Ba Twn $3,395 $3,750
302 2 Bdr 1 Ba Twn $3,395 $3,750
303 2 Bdr 1 Ba Twn $3,299 $3,750
304 2 Bdr 1 Ba Twn $3,290 $3,750
305 2 Bdr 1 Ba Twn $3,395 $3,750
306 2 Bdr 1 Ba Twn $3,399 $3,750
307 2 Bdr 1 Ba Flat $3,299 $3,550
308 2 Bdr 1 Ba Flat $2,995 $3,550
401 2 Bdr 1 Ba Twn $3,700 $3,750
402 2 Bdr 1 Ba Twn $3,550 $3,750
403 2 Bdr 1 Ba Twn $3,550 $3,750
404 2 Bdr 1 Ba Twn $3,495 $3,750
405 2 Bdr 1 Ba Twn $3,495 $3,750
406 3 Bdr 1 Ba Twn $4,195 $4,195
407 1 Bdr 1 Ba Flat $2,750 $2,950
408 2 Bdr 1 Ba Flat $3,100 $3,750
Total $106,705 $118,445
F I N A N C I A L A N A L Y S I S24
P R O P E R T YL O G O
* POTENTIAL RENT IS BROKERS OPINION OF FAIR MARKET RENT FOR SUBJECT PROPERTY BASED ON THE ENCLOSED RENT SURVEY. BUYER SHOULD CONDUCT ITS OWN
MARKET SURVEY AND INDEPENDENTLY VERIFY.
OPERATING STATEMENT // Parc Mar in
INCOME PROFORMA YEAR 1 PROFORMA PER UNIT PER SF
Gross Scheduled Rent $1,280,460 $1,492,407 $46,638 $46.34
Physical Vacancy 2.0% (25,609) 2.0% (29,848) (933) (0.93)
Total Vacancy 2.0% ($25,609) 2.0% ($29,848) ($933) ($1)
Economic Occupancy 98.00% 98.00%
Effective Rental Income 1,254,851 1,462,559 45,705 45.41
Other Income
Utility Bill-Back 39,169 45,042 1,408 1.40
All Other Income 22,500 32,690 1,022 1.01
Total Other Income $61,669 $77,732 $2,429 $2.41
Effective Gross Income $1,316,520 $1,540,291 $48,134 $47.82
EXPENSES PROFORMA YEAR 1 PROFORMA PER UNIT PER SF
Real Estate Taxes 263,083 263,083 8,221 8.17
Insurance 8,772 8,772 274 0.27
Utilities - Electric 738 738 23 0.02
Utilities - Water 21,393 21,393 669 0.66
Utilities - Gas 461 461 14 0.01
Trash Removal 21,173 21,173 662 0.66
Repairs & Maintenance 37,731 37,731 1,179 1.17
Landscaping/Pool 18,218 18,218 569 0.57
Supplemental Tax Assessments 24,567 24,567 768 0.76
Payroll 50,516 50,516 1,579 1.57
Exterminating 1,800 1,800 56 0.06
General & Administrative 5,000 5,000 156 0.16
Misc. Expenses 5,000 5,000 156 0.16
Management Fee 3.0% 39,486 3.0% 46,209 1,444 1.43
Total Expenses $497,948 $504,661 $15,771 $15.67
Expenses as % of EGI 37.8% 32.8%
Net Operating Income $818,572 $1,035,630 $32,363 $32.15
F I N A N C I A L A N A L Y S I S 25
PRICING DETAIL // Parc Mar in
PRICE $21,000,000
Down Payment $8,400,000
Number of Units 32
Price Per Unit $656,250
Price Per SqFt $651.99
Building SqFt 32,209
Lot Size 3.50 Acres
Approx. Year Built / Substantially Renovated 1961/2017
RE TURNS CURRENT YEAR 1
Cap Rate 3.90% 4.93%
GRM 16.40 14.07
Cash-on-Cash 4.27% 6.85%
Debt Coverage Ratio 1.78 2.25
FINANCING 1ST LOAN
Loan Amount $12,600,000
Loan Type New
Interest Rate 3.65%
Amortization 30 Years
Year Due 2029
F I N A N C I A L A N A L Y S I S26
P R O P E R T YL O G O
F I N A N C I A L A N A L Y S I S 27
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
P R O P E R T YL O G O
Sales Comparables
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c o m p a r a b l e s
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65
4
31
2
32 UNITS
P R O P E R T YL O G O
S A L E S C O M P A R A B L E S30
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PROPER TIES# OF
UNITSPRICE/
UNITPRICE/
SFYEARBUILT
PARC MARIN // 1441 Casa Buena Dr, Cor te Madera , CA, 94925 32 $656,250 $651.99 1961/2017
1 THE COVE // 50 Barbaree Way, Belvedere Tiburon, CA 94920 281 $907,473 $843 1963
2 THE PIER AT SAUSALITO // 120 Bulk ley Ave, Sausal i to, CA 94965 28 $553,571 $766 1959
3 CENTRAL VALLEY HOME APAR TMENTS // 1 Creekside Way, M i l l Val ley, CA 94941 24 $750,000 $467 1988
4 MALLARD POINTE // 1 Mal lard Rd, Tiburon, CA 94920 22 $827,273 $827 1951
5 MIXED -USE TAM COMMONS // 505 M i l ler Ave, M i l l Val ley, CA 94941 15 $713,333 $811 2010
6 THE LUXURY RESIDENCES // 108 Ross Ave, San Anselmo, CA 94960 10 $650,000 $564 1968
S A L E S C O M P A R A B L E S 31
T H E C O V E50 Barbaree Way, B elvedere Tiburon, CA 94920
1
UNITS UNIT T YPE
Offering Price: $21,000,000 23 2 Bdr 1 Ba Twn House
Price/Unit: $656,250 7 2 Bdr 1 Ba Flat
Price/SF: $651.99 1 3 Bdr 1 Ba
CAP Rate: 3.90% 1 1 Bdr 1 Ba
GRM: 16.40
Total No. of Units: 32
Year Built: 1961/2017
TotalUnits32 Year
Built1961/2017P A R C M A R I N1441 Casa Buena Dr, C orte Madera , CA, 94925
TotalUnits281 Year
Built 1963UNITS UNIT T YPE
Close of Escrow: 3/31/2017 98 1 Bdr 1 Ba
Days on Market: 90 150 2 Bdr 2 Ba
Sales Price: $255,000,000 29 3 Bdr 2 Ba
Price/Unit: $937,500 4 4 Bdr 2 Ba
Price/SF: $843.29
CAP Rate: 3.50%
GRM: 20.00
Total No. of Units 281
Year Built: 1963
S A L E S C O M P A R A B L E S32
NOTES: 100% SUBSTANTIALLY RENOVATED AT A COST APPROACHING APPROXIMATELY $110,000 PER UNIT
NOTES: PROPERTY WAS RENOVATED, BUT SUBSTANTIAL RENOVATIONS REMAINED AND WERE NOT INCLUDED IN PRICE
C E N T R A L V A L L E Y H O M E A P A R T M E N T S1 Creekside Way, Mi l l Val ley, CA 94941
3
TotalUnits28 Year
Built 1959
TotalUnits
YearBuilt 1988
2
UNITS UNIT T YPE
Close of Escrow: 10/30/2017 24 1 Bdr 1 Ba
Days on Market: 60 4 2 Bdr 1 Ba
Sales Price: $15,500,000*
Price/Unit: $553,571
Price/SF: $766.00
CAP Rate: 2.74%
GRM: 21.23
Total No. of Units 28
Year Built: 1959
T H E P I E R A T S A U S A L I T O120 Bulk ley Ave, Sausa l ito, CA 94965
24UNITS UNIT T YPE
Close of Escrow: 4/26/2019 24 3 Bdr 1 Ba
Days on Market: 180
List Price: $18,000,000*
Price/Unit: $750,000
Price/SF: $467.30
CAP Rate: 3.20%
GRM 16.28
Total No . of Units 24
Year Built: 1988
* PRE RENOVATION BASIS
* PRE RENOVATION BASIS
S A L E S C O M P A R A B L E S 33
NOTES: PROPERTY WAS IN ORIGINAL CONDITION WITH SUBSTANTIAL RENOVATIONS REQUIRED BY BUYER
NOTES: PROPERTY WAS IN ORIGINAL CONDITION WITH SUBSTANTIAL RENOVATIONS REQUIRED BY BUYER
M I X E D - U S E T A M C O M M O N S505 Mi l ler Ave, Mi l l Val ley, CA 94941
5
TotalUnits
YearBuilt 1951M A L L A R D P O I N T E
1 Mal lard Rd, Tiburon, CA 94920
TotalUnits
YearBuilt 2010
4
22UNITS UNIT T YPE
Close of Escrow: 3/17/2017 22 2 Bdr 2 Ba
Days on Market: 90
Sales Price: $18,200,000*
Price/Unit: $827,273
Price/SF: $827.27
CAP Rate: 3.00%
GRM: 23.30
Total No. of Units 22
Year Built: 1951
15UNITS UNIT T YPE
On Market: 3 2 Bdr 1 Ba
List Price: $10,700,000 3 1 Bdr 1 Ba
Price/SF: $811.71 2 1 Bdr 1 Ba
CAP Rate: 3.07% 5 Office
Year Built: 2010 2 Retail
Total Apartment Units: 8
Total Commercial Suites: 7
* PRE RENOVATION BASIS
S A L E S C O M P A R A B L E S34
NOTES: PROPERTY WAS IN ORIGINAL CONDITION WITH SUBSTANTIAL RENOVATIONS REQUIRED BY BUYER
TotalUnits13 Year
Built 19686
UNITS UNIT T YPE
On Market:
Days on Market: 30 3 3 Bdr 1.5 Ba
Sales Price: $6,450,000 10 2 Bdr 1 Ba
Price/Unit: $650,000
Price/SF: $564
CAP Rate: 4.12%
GRM: 15.14
Total No. of Units 13
Year Built: 1969
L U X U R Y R E S I D E N C E S108 Ross Ave, San Anselmo, CA 94960
S A L E S C O M P A R A B L E S 35
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
P R O P E R T YL O G O
Rent Comparables
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P R O P E R T YL O G O
PROPER TIESSQUARE
FEE TAVERAGE
RENTRENT/
SF
PARC MARIN // 1441 Casa Buena Dr, Cor te Madera , CA, 94925 1,007 $3,335 -
1 THE COVE AT T IBURON // 50 Barbaree Way, Tiburon, CA, 94920 1,150 $5,645 $5.79
2 TAM RIDGE // 199 Tamal Vista B lvd, Cor te Madera , CA 94925 1,038 $4,661 $4.51
3 THE WOODLARK // 965 Magnol ia Ave, Larkspur, CA 94939 861 $3,053 $3.43
4 LARKSPUR COUR TS APAR TMENT // 100 Old Quarr y Rd N, Larkspur, CA 94939 1,051 $3,480 $3.47
5 SERENIT Y AT LARKSPUR // 700 L incoln Vi l lage Cir, Larkspur, CA 94939 903 $3,587 $4.09
RENT COMPARABLES // Parc Marin
R E N T C O M P A R A B L E S 39
P A R C M A R I N1441 Casa Buena Dr // Corte Madera, CA, 94925
Unit Type Units SF Rent Rent/SF
2 Bdr 1 Ba Twnhouse 23 - $3,399 -
2 Bdr 1 Ba Flat 7 - $3,083 -
3 Bdr 1 Ba 1 - $4,195 -
1 Bdr 1 Ba 1 - $2,750 -
Total/Avg. 32 1,007 $3,335 -
T H E C O V E A T T I B U R O N50 Barbaree Way // Tiburon, CA, 94920
1
Unit Type SF Rent Rent/SF
1 Bdr 1 Ba 595-700 $3,575-$3,675 $5.60
2 Bdr 1 Ba 980-1,080 $4,875-$4,975 $4.78
3 Bdr 2 Ba 1,375-1,375 $6,095-$6,095 $4.43
Total/Avg. 1,150 $5,645 $5.79
R E N T C O M P A R A B L E S40
P R O P E R T YL O G O
T A M R I D G E199 Tamal Vista Blvd // Corte Madera, CA, 94925
2 3 T H E W O O D L A R K965 Magnolia Ave // Larkspur, CA, 94939
Unit Type SF Rent Rent/SF
1 Bdr 1 Ba 621-729 $3,200-$3,400 $4.88
2 Bdr 2 Ba 967-993 $4,150-$4,275 $4.26
3 Bdr 2 Ba 1,237-1,295 $5,300-$5,750 $4.66
Total/Avg. 1,038 $4,661 $4.55
Unit Type SF Rent Rent/SF
1 Bdr 1 Ba 712 $2,745 $3.85
2 Bdr 1 Ba 897 $3,145 $3.50
2 Bdr 2 Ba 897-950 $3,195-$3,295 $3.51
Total/Avg. 861 $3,053 $3.43
R E N T C O M P A R A B L E S 41
4 L A R K S P U R C O U R T S A P A R T M E N T100 Old Quarry Rd N // Larkspur, CA, 94939
S E R E N I T Y A T L A R K S P U R700 Lincoln Village Cir // Larkspur, CA, 94939
5
Unit Type SF Rent Rent/SF
1 Bdr 1 Ba 781 $2,847-$3,299 $3.93
2 Bdr 2 Ba 1,077 $3,646-$4,203 $3.65
3 Bdr 2 Ba 1,273 $4,525-$5,252 $3.84
Total/Avg. 1,051 $3,480 $3.51
Unit Type SF Rent Rent/SF
1 Bdr 1 Ba 708 $3,335-$3,445 $4.78
2 Bdr 1 Ba 896 $3,760-$3,860 $4.12
2 Bdr 2 Ba 946 $4,245-$4,410 $3.81
Total/Avg. 903 $3,587 $4.09
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This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
P R O P E R T YL O G O
Market Overview
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COUNTY OFM A R I N
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P R O P E R T YL O G O
Located in the North Bay across the Golden Gate Bridge from San Francisco, Marin County is a dynamic community of 250,000 well-educated and involved residents. From its tidelands to the top of Mt. Tamalpais, Marin enjoys a high quality of life marked by beautiful beaches, groves of redwoods and oaks, rolling foothills, and scenic valleys. The mild, year-round Mediterranean climate is highlighted by cool, coastal fog tempering the warm inland temperatures of summer. Incorporated communities include Belvedere, Corte Madera, Fairfax, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael (the County seat), Sausalito, and Tiburon.
Marin County is known for its combination of rural and suburban lifestyles. It is a recreation destination for the entire Bay Area - the Golden Gate National Recreation Area and Point Reyes National Seashore are just two destinations out of more than 140,000 acres of public lands within Marin. The County’s active economy includes insurance related (e.g., Fireman’s Fund), finance, movie and video production (e.g., Lucas Films), agriculture, bio-technology (e.g., BioMarin), computer software (e.g., Autodesk), communications equipment, printing, and tourism. Marin County children excel in school with test scores well above the average. The 19 school districts in Marin range in attendance from 20 to 8,000, the Marin Community College has two campuses (Kentfield and Novato).
M A R I N C O U N T Y
ECONOMIC PROFILEMarin County had yet another strong economic year and is forecasted to continue to grow. As of January 2019, Marin County has a residential unemployment rate of 2.0 percent seasonally adjusted, among the lowest county rates in California. Marin County’s personal income level per capita remains the highest in California by almost $20,000 per person at approximately $107,000 per person. Marin County’s median household income level is topped only by San Francisco and San Mateo counties. More impressively, Corte Madera’s household income is $134,902.
Employment growth continues in Marin County. As of August 2016, Marin County employers added more than 3,300 jobs since August of 2015. Marin County is estimated to have inflation-adjusted (real) gross county product (GCP) growth of approximately 0.8 percent since 2015, a sign that businesses are generating income but the cost of living is also increasing.
REAL ESTATE AND FINANCIAL MARKE TSMarin County housing prices continue to increase in the face of regional demand and low inventories. According to the California Association of REALTORS®, Marin County’s median home price for a single-family home was approximately $1,151,000 VP 4.3% in April 2019, up over 11 percent from April 2018. With continued low interest rates, the threat of interest rates rising soon, and a continued lack of inventory across the Bay Area, Marin County is a microcosm of what remains a tight housing market with excess demand.
The short-term future of residential real estate prices depends on how interest rates adjust to any central banking decisions and global growth, but also to local supply conditions. Rental markets are in similar conditions to homes for purchase. A lack of inventory in rental housing also continues to support relatively high prices regionally. The longer-term depends on jobs and population growth and demographic shifts in demand for the housing stock available.
The placement of both new commercial and residential units in Marin County has continued to be a controversial subject for elected officials and local residents and employers. Issues of drought, traffic and other socioeconomic and environmental issues are part of all these local decisions.
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• Corte Madera Median Home Price: $1,650,900 (Zillow)
• Corte Madera Median Household Income: $134,902 (Census)
• Unemployment: 2.0%
Marin County had yet another strong economic year and is forecasted to continue
to grow. As of January 2019, Marin County has a residential unemployment rate
of 20% percent seasonally adjusted, among the lowest county rates in California.
Marin County’s personal income level per capita remains the highest in California
by almost $20,000 per person at approximately $107,000 per person. Marin County’s
median household income level is topped only by San Francisco and San Mateo
counties; more impressively, Corte Madera’s household income is $134,902.
Employment growth continues in Marin County. As of January 2019, Marin
County employers added more than 4,200 jobs since January 2018. Marin County
is estimated to have inflation-adjusted (real) gross county product (GCP) growth of
approximately 0.6 percent since 2018, a sign that businesses are still recovering from
the fires of 2017.
CORTE MADERA AND MARIN COUNT Y - ECONOMIC SUMMARY
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TOP EMPLOYERSEMPLOYER Number of Employees
Kaiser Permanente 1,972
BioMarin Pharmaceuticals 1,770
Marin General Hospital 1,204
Fireman’s Fund Insurance Company 1,220
Autodesk 900
Dominican University 405
Safeway Inc. 925
Comcast 682
Macy’s 418
Bradley Real Estate 440
LEADING INDUSTRIESNAICS Industry Percent of Employees
Marin County 21.19%
Retail Trade 14.78%
Health Care 13.27%
Accomodation and Food Service 10.27%
Professional, Scientific Technical 9.72%
Finance 8.59%
Administrative Support 8.04%
Construction 7.73%
Other Service 4.84%
Real Estate 4.02%
OCCUPATIONS WITH FASTEST JOB GROWTH (PERCENT OF CHANGE)
Occupation Estimate YearProjected Year
Estimated Employment
Projected Employment Employment Change # Employment Change %
Biomedical Engineers 2012-2022 540 910 370 68.5%Economists 2012-2022 760 1,190 430 56.6%Statisticians 2012-2022 450 680 210 46.7%
Personal Care Aids 2012-2022 26,760 39,260 12,500 46.7%Logisticians 2012-2022 1,250 1,780 530 42.4%
Market Research andMarketing Specialists 2012-2022 10,250 14,480 4,230 41.3%
Interpreters and Translators 2012-2022 860 1,210 350 40.7%Pipelayers 2012-2022 120 170 50 41.7%
Physician Assistants 2012-2022 330 460 130 39.4%Diagnostic Medical
Sonographers 2012-2022 250 350 100 40.0%
M A R K E T O V E R V I E W 49
INVESTMENT TRENDS // Parc Mar in
• 5.5% Projected Rent Growth
• 3.6% Projected Vacancy Rate
The North Bay market has continued to outperform the greater SF Metro MSA, with year-over-year Rent Growth of 4.60%. Furthermore, at
3.60% the North Bay market’s Vacancy Rate remains one of the lowest in California. While some demand for multifamily units was prompted by one-
time events such as the Sonoma County Fires, overall rental demand should remain consistently strong into 2018. With an abundance of liquidity, historically
low interest rates and favorable TaxReform signed into law, we believe this year will be another strong year for multifamily assets in the North Bay.
MARIN
Marin remains one of the most desirable submarkets in the
US. Currently Marin boasts the highest Effective Rent in the
North Bay. Rent growth is estimated to be 5.5% in 2019 in
this submarket, and Yardi projects that rent growth will
increase another 44% by 2029.
NAPA
Limited rental inventory and a booming wine tourism industry have combined to create
strong rental growth with Napa County establishing a record Average Effective Rent of
$1,688. The City of Napa is working to address the need for more affordable housing
options and approved over 630 units of new multifamily projects for construction in
2017. The largest approved project is the 495-unit Vista Tulocay development.
SONOMA
The catastrophic Sonoma County fires exacerbated an ongoing housing shortage and fueled calls by local officials
to dramatically accelerate the pace of new residential construction. Even with relaxed regulatory hurdles, housing
demand will outsize supply for many years to come. As a result, rental growth rates, vacancy trends and prices
paid per unit will continue to trend better than historical averages, while the pace of new construction will be
determined in the coming remainder of 2018.
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M A R K E T O V E R V I E W 51
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap
P R O P E R T YL O G O
Agent Bio
p r o f e s s i o n a l q u a l i f i c a t i o n s
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ERICH M. REICHENBACH
First Vice PresidentOffice: (415) 625-2146 [email protected] LIC: CA 01860626
EDUCATION University of California at Santa Barbara
BIOGRAPHY AND EXPERIENCE Ranked number one in sales and dollar volume for multi-family investment properties in Marin and Sonoma Counties, 2014-2018.
Closed over 120 transactions in investment properties including multi-family, industrial, mixed-use, single tenant and shopping centers throughout California.
Negotiated contracts including pricing, deal terms and financing in transactions totaling in excess of $300 million.
Provide analysis, consultation and marketing services directly to real estate investors,purchases, sellers conducted hundreds of broker opinions’ of value.
Extensive experience as a principal in over 10 personal investment properties including multi-family investments, development sites, residential sub-divisions and landinvestments.
Previously functioned as Managing Partner for a regional real estate development companyperforming primary deal analysis on multiple acquisitions and joint-venture targets,including complex P&L, B/S, and Cash Flow valuation modeling.
Developed and executed a successful marketing program for the sale of investment properties, including direct mail, cold calling, advertising (online and in print) and presentations to theinvestment community.
Conduct expensive research in factors affecting the local real estate markets including,macroeconomic conditions, local real estate markets and sub market valuation analysis.
Advise and assist clients in the 1031 Exchange process.
77 BULKLEY AVENUE
CITY STATE UNITS TYPE COE
San Anselmo CA Comm Office/Retail Active
Mill Valley CA 6 Multifamily Active
Mill Valley CA 2 Multifamily Active
Stinson Beach CA 5 Commercial Active
Mill Valley CA 6 Multifamily 10/14/2018
Mill Valley CA 6 Multifamily 07/14/2018
Concord CA 28 Multifamily 05/14/2018
San Rafel CA 8 Multifamily 04/20/2018
Sausalito CA N/A Office 03/15/2018
Sausalito CA 2 Multifamily 03/28/2018
Mill Valley CA 10 Multifamily 03/06/2018
Mill Valley CA 21 Multifamily 12/26/2017
Mill Valley CA 10 Multifamily 12/03/2017
Sausalito CA 28 Multifamily 10/30/2017
A G E N T B I O54
CITY STATE UNITS TYPE COE
San Anselmo CA Comm Office/Retail Active
Mill Valley CA 6 Multifamily Active
Mill Valley CA 2 Multifamily Active
Stinson Beach CA 5 Commercial Active
Mill Valley CA 6 Multifamily 10/14/2018
Mill Valley CA 6 Multifamily 07/14/2018
Concord CA 28 Multifamily 05/14/2018
San Rafel CA 8 Multifamily 04/20/2018
Sausalito CA N/A Office 03/15/2018
Sausalito CA 2 Multifamily 03/28/2018
Mill Valley CA 10 Multifamily 03/06/2018
Mill Valley CA 21 Multifamily 12/26/2017
Mill Valley CA 10 Multifamily 12/03/2017
Sausalito CA 28 Multifamily 10/30/2017
CLIENT REFERENCES // Er ich M. Reichenbach
Mr. Jeff K
“Erich Reichenbach just completed the sale of a 40-unit condominium complex for us in Novato. Thecomplex, comprised of ten 4-unit buildings had 10 owners, all with divergent ideas of how to sell theproperty. Erich was able to convince all ten owners to act collectively and to follow his marketing strategy and as a result we were able realize a selling price that was 30% above our previous offers! The transaction was completed in a professional and efficient manner thanks to Erich’s experience and guidance.”
Jeff K Novato, CaliforniaRepeat Client: Owns in Mill Valley, Corte Madera
Mr. Mike H “Erich Reichenbach has represented us in the purchased several multi-family properties in Marin and he consulted on the analysis of many other potential investment for my firm. In every case, Erich has demonstrated the knowledge and negotiating skills for us to acquire properties at attractive valuation that fit with our investment objectives. In each case, Erich has been a true professional. We look forward to an ongoing relationship with for many years to come.”
Mike H House PropertiesRepeat Client: Owns in Mill Valley, Corte Madera, and Sausalito
Mr. Rob C “Our partnership was like the United States Congress and Senate, it just wasn’t working! They thought they had us, and offered us literally half of what Erich Reichenbach was able to get for us. His ability to deal with owners/partners, attorneys and legal proceeds enabled everyone to have a win win with this transaction.”
Rob CApartment Owner: Sausalito, California
190 THROCKMORTON AVECLOSED: 10/19/2018
55 ROQUE MORAES COURTCLOSED: 05/14/2018
A G E N T B I O 55
P R O P E R T YL O G O
ERICH REICHENBACHFirst Vice President Investments
San Francisco OfficeDirect: (415) 625-2146 // Fax: (415) 963-3010
[email protected]: CA 01860626
JASON PARRManaging Director
Capital Markets | Multifamily Advisory GroupDirect: (415) 773-3588 // Mobile: (415) 407-2106
[email protected]: CA 01323188