Investment Overview

2 & 10 Shelley Drive is a deluxe rental community located in Mill Valley, an exclusive Bay Area enclave known for its affluence, excellent commutability, and breathtaking views of the Marin hills. Constructed in 1959, this community comprises two adjacent three-story buildings on separate parcels, providing a total of 14 upscale residential units. The unit mix includes twelve spacious two-bedroom, one-bath apartments and two one-bedroom, one-bath apartments. Each unit is thoughtfully designed with a working fireplace and a balcony, with six lower-floor units also featuring a rear patio. Kitchens are well-appointed with dishwashers and electric ranges, and residents enjoy the convenience of two laundry rooms with leased machines. Each unit has an individual 40-gallon hot water heater and a storage closet located in the parking area. The buildings offer ample parking with 23 spaces for 14 units, ensuring plenty of room for residents and guests. In 2018, the properties underwent significant upgrades, including exterior painting, new roofs, and balconies, along with the installation of double-pane windows and sliders. The buildings have also been seismically retrofitted in anticipation of the Mill Valley soft-story ordinance, providing added safety and peace for a new owner. The property’s location in the Enchanted Knolls neighborhood offers exceptional convenience. Residents are just a short trip away from Whole Foods Market on East Blithedale Avenue and the popular Strawberry Village Shopping Center, which boasts over 40 restaurants, shops, and services, including Safeway Supermarket. Mill Valley itself is renowned for its incredible natural beauty, world-class recreational options, excellent schools, and proximity to San Francisco. The community, home to nearly 14,000 residents, features numerous outstanding restaurants, retail boutiques, and entertainment venues. It’s a mecca for outdoor enthusiasts, offering trails for hiking and mountain biking right from the town’s square, known as The Depot. With a very low unemployment rate of 2.4% as of June 2023 and a high average household income of $207,489, Mill Valley is a competitive rental market, often preferred by highly paid San Francisco employees who can work remotely and appreciate the area’s high quality of life. The lack of significant new housing stock in southern Marin County further ensures that rents and property values will continue to appreciate. 2 & 10 Shelley Drive thus presents a rare opportunity to acquire a turnkey property with strong, long-term cash flow and minimal maintenance in one of Northern California’s most desirable sub-markets. I