Multifamily

2-10 Shelley Drive

2 Shelley Dr, Mill Valley, CA 94941

Listing Price: $7,995,000

Cap Rate
4.01%
Number of Units
14
GRM
16.58
Occupancy
97.0%
Price/Unit
$571,071
Price/Gross SF
$687.21
Gross SF
11,634

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 2 & 10 Shelley Drive, a 14-unit multifamily property located in Mill Valley, California. Mill Valley is one of the Bay Areas most exclusive bedroom communities offering an easy commute to San Francisco and direct access to the best recreational and cultural amenities Marin County has to offer. The property has an exceptional location in the Enchanted Knolls neighborhood, just a short trip to the Whole Foods Market on East Blithedale Avenue, and to the popular Strawberry Village Shopping Center across Hwy 101. Additionally, the property has recently received major capital improvements including significant interior remodels of 10 units, roofs, balconies, exterior paint, and a voluntary seismic retrofit.

The property encompasses two parcels and consists of two adjacent buildings that were constructed in 1959. The buildings have a northerly orientation providing expansive views of the Marin hills over the valley below. The unit mix is comprised of twelve 2-bedroom/1-bath, and two 1-bedroom/1-bath apartments, each with a fireplace and balcony for tenant enjoyment. Most units on the second floor also have a large rear patio that provides great outdoor space.

With 10 units remodeled and major structural improvements completed, a new owner can focus further investment directly into the remaining four un-remodeled units and move those rents to market. The remodeled units offer all new paint, engineered wood flooring in the living areas, carpet in the bedrooms, kitchen cabinetry, stainless steel appliances, plumbing fixtures and bathroom flooring and vanities. Rents for the remodeled units range average $3,183 per month, with several of the leases being signed during the pandemic, indicative of the desirability of the property and location.

2 & 10 Shelley Drive offers an exceptional opportunity to acquire a turn-key property with excellent in-place management, and additional upside potential in one of Northern Californias wealthiest sub-markets. The property should provide the successful buyer a low maintenance investment with secure, long-term cash flow, and substantial appreciation.

Investment Highlights

  • Irreplaceable Location in One of the Bay Areas Most Exclusive Communities
  • Walking Distance to Whole Foods Market Shopping Center
  • Ten Units Significantly Remodeled and Stabilized at an Average Rent of $3,183
  • Four Units have Considerable Rental Upside Estimated at 32%
  • Significant Recent Capital Expenditures
  • Seismic Retrofit Completed in 2017

Exclusively Listed By

Listing Price: $7,995,000

Cap Rate
4.01%
Number of Units
14
GRM
16.58
Occupancy
97.0%
Price/Unit
$571,071
Price/Gross SF
$687.21
Gross SF
11,634

Investment Highlights

  • Irreplaceable Location in One of the Bay Areas Most Exclusive Communities
  • Walking Distance to Whole Foods Market Shopping Center
  • Ten Units Significantly Remodeled and Stabilized at an Average Rent of $3,183
  • Four Units have Considerable Rental Upside Estimated at 32%
  • Significant Recent Capital Expenditures
  • Seismic Retrofit Completed in 2017

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 2 & 10 Shelley Drive, a 14-unit multifamily property located in Mill Valley, California. Mill Valley is one of the Bay Areas most exclusive bedroom communities offering an easy commute to San Francisco and direct access to the best recreational and cultural amenities Marin County has to offer. The property has an exceptional location in the Enchanted Knolls neighborhood, just a short trip to the Whole Foods Market on East Blithedale Avenue, and to the popular Strawberry Village Shopping Center across Hwy 101. Additionally, the property has recently received major capital improvements including significant interior remodels of 10 units, roofs, balconies, exterior paint, and a voluntary seismic retrofit.

The property encompasses two parcels and consists of two adjacent buildings that were constructed in 1959. The buildings have a northerly orientation providing expansive views of the Marin hills over the valley below. The unit mix is comprised of twelve 2-bedroom/1-bath, and two 1-bedroom/1-bath apartments, each with a fireplace and balcony for tenant enjoyment. Most units on the second floor also have a large rear patio that provides great outdoor space.

With 10 units remodeled and major structural improvements completed, a new owner can focus further investment directly into the remaining four un-remodeled units and move those rents to market. The remodeled units offer all new paint, engineered wood flooring in the living areas, carpet in the bedrooms, kitchen cabinetry, stainless steel appliances, plumbing fixtures and bathroom flooring and vanities. Rents for the remodeled units range average $3,183 per month, with several of the leases being signed during the pandemic, indicative of the desirability of the property and location.

2 & 10 Shelley Drive offers an exceptional opportunity to acquire a turn-key property with excellent in-place management, and additional upside potential in one of Northern Californias wealthiest sub-markets. The property should provide the successful buyer a low maintenance investment with secure, long-term cash flow, and substantial appreciation.

Exclusively Listed By

MM Texture Background
MM Textured Background Lower