Multifamily

The Pier at Sausalito

120 Bulkley Avenue, Sausalito, CA 94965

Listing Price: $21,500,000

Cap Rate
3.13%
Number of Units
28
Price/Unit
$767,857
Price/Gross SF
$1,062.52
Gross SF
20,235

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire The Pier at Sausalito, a 28-unit multifamily investment property consisting of twenty-four, 1-bedroom, 1-bath units and four, 2-bedroom, 2-bath units located at 120 Bulkley Ave, Sausalito, CA. Additionally, the property has a proposed Accessory Dwelling Unit scheduled to be approved mid-October. Built in 1959, 120 Bulkley Avenue is situated on a 0.66-acre lot and consists of 20,235 net rentable square feet. The property is located on the hills of Sausalito, just across the Golden Gate Bridge from San Francisco and is in close proximity to Bridgeway, a major thoroughfare for southern Marin County. 120 Bulkley Avenue is also situated just over a half mile from U.S. Interstate 101, providing residents with convenient access to job centers in Marin County and San Francisco County. The 28-unit community is comprised of spacious one- and two-bedroom floor plans, averaging 722 square feet. The property provides residents with attractive amenities including carport parking, in-unit washer/dryer, and balconies with views of the San Francisco Bay. Since 2017, current ownership has renovated seventeen of the 28 residential units, as well as the property’s amenities and exterior. A continued renovation plan to complete the remaining units will help a future investor achieve renovated market-level rents across all units. Current ownership has recently achieved a $3,495 rent for multiple renovated 1-bedroom units, which proves the property's ability to close the loss to lease gap that exists within current rents. In addition, a new owner will benefit from the proposed Accessory Dwelling Unit (ADU), which will increase pro forma cash flow. The Pier at Sausalito offers a world-class property in Marin County’s premier city. The Pier at Sausalito is located in Sausalito’s “banana-belt” and benefits from the best San Francisco Bay view’s Sausalito has to offer. Tenants will enjoy unparalleled as access to the North Bay, a 5-minute walk to the Sausalito ferries servicing San Francisco and the greater Bay Area. Sausalito is a beautiful waterfront community located on the southern tip of Marin County, just across the Golden Gate Bridge from San Francisco. Sausalito provides world-class hotels and restaurants and a diverse selection of shopping, including art galleries and retail fashion. Sausalito is the most well-known city in Marin County. Marin 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. Through the continuation of the renovation program and the fantastic location of the subject property, The Pier at Sausalito is well suited to provide investors with strong returns and value appreciation.

Investment Highlights

  • A rare opportunity to acquire The Pier at Sausalito, the 3rd largest apartment complex in the city
  • Consists of 24, one-bedroom units and 4, two-bedroom units as well as a proposed Accessory Dwelling Unit that is scheduled to be approved in October
  • Attractive amenity package including carport parking, upgraded windows, in-unit washer and dryer, two parking spaces per unit, and balconies with views of the San Francisco Bay
  • Highly desirable rental location in Sausalito, an affluent, waterfront community located on the southern tip of Marin County, just across the Golden Gate Bridge from San Francisco
  • Direct walking access to local art, retail, dining, and entertainment options in Downtown Sausalito via the Excelsior Lane Stairway and under a 5-minute walk with direct staircase access to the Sausalito ferries which travel to the Historic Ferry Building in the Financial District or to Fisherman's Wharf

Exclusively Listed By

Listing Price: $21,500,000

Cap Rate
3.13%
Number of Units
28
Price/Unit
$767,857
Price/Gross SF
$1,062.52
Gross SF
20,235

Investment Highlights

  • A rare opportunity to acquire The Pier at Sausalito, the 3rd largest apartment complex in the city
  • Consists of 24, one-bedroom units and 4, two-bedroom units as well as a proposed Accessory Dwelling Unit that is scheduled to be approved in October
  • Attractive amenity package including carport parking, upgraded windows, in-unit washer and dryer, two parking spaces per unit, and balconies with views of the San Francisco Bay
  • Highly desirable rental location in Sausalito, an affluent, waterfront community located on the southern tip of Marin County, just across the Golden Gate Bridge from San Francisco
  • Direct walking access to local art, retail, dining, and entertainment options in Downtown Sausalito via the Excelsior Lane Stairway and under a 5-minute walk with direct staircase access to the Sausalito ferries which travel to the Historic Ferry Building in the Financial District or to Fisherman's Wharf

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire The Pier at Sausalito, a 28-unit multifamily investment property consisting of twenty-four, 1-bedroom, 1-bath units and four, 2-bedroom, 2-bath units located at 120 Bulkley Ave, Sausalito, CA. Additionally, the property has a proposed Accessory Dwelling Unit scheduled to be approved mid-October. Built in 1959, 120 Bulkley Avenue is situated on a 0.66-acre lot and consists of 20,235 net rentable square feet. The property is located on the hills of Sausalito, just across the Golden Gate Bridge from San Francisco and is in close proximity to Bridgeway, a major thoroughfare for southern Marin County. 120 Bulkley Avenue is also situated just over a half mile from U.S. Interstate 101, providing residents with convenient access to job centers in Marin County and San Francisco County. The 28-unit community is comprised of spacious one- and two-bedroom floor plans, averaging 722 square feet. The property provides residents with attractive amenities including carport parking, in-unit washer/dryer, and balconies with views of the San Francisco Bay. Since 2017, current ownership has renovated seventeen of the 28 residential units, as well as the property’s amenities and exterior. A continued renovation plan to complete the remaining units will help a future investor achieve renovated market-level rents across all units. Current ownership has recently achieved a $3,495 rent for multiple renovated 1-bedroom units, which proves the property's ability to close the loss to lease gap that exists within current rents. In addition, a new owner will benefit from the proposed Accessory Dwelling Unit (ADU), which will increase pro forma cash flow. The Pier at Sausalito offers a world-class property in Marin County’s premier city. The Pier at Sausalito is located in Sausalito’s “banana-belt” and benefits from the best San Francisco Bay view’s Sausalito has to offer. Tenants will enjoy unparalleled as access to the North Bay, a 5-minute walk to the Sausalito ferries servicing San Francisco and the greater Bay Area. Sausalito is a beautiful waterfront community located on the southern tip of Marin County, just across the Golden Gate Bridge from San Francisco. Sausalito provides world-class hotels and restaurants and a diverse selection of shopping, including art galleries and retail fashion. Sausalito is the most well-known city in Marin County. Marin 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. Through the continuation of the renovation program and the fantastic location of the subject property, The Pier at Sausalito is well suited to provide investors with strong returns and value appreciation.

Exclusively Listed By

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