Investment Overview

10 Park Avenue in Mill Valley, California is a very rare 19-unit, garden style apartment building that is being offered for sale for the first time in decades. Located a short, eight-minute walk from Downtown, the property is among the best located, large multifamily assets in all of Marin County. The garden style property features a gated pool with a new solar heating system and a large, open courtyard that is well landscaped. Each of the units has a private, gated patio or outdoor balcony that offers the tenants a rare opportunity to soak up the Southern Marin sunshine. Each of the units features 2 bedrooms and one bathroom and the heat is provided by a gas wall heater. Eight of the units have wood burning fireplaces. The entire property is separately metered for gas and electricity. Recent capital improvements, totaling over $165,000, include new exterior paint, a new deck in front of unit 19, a new pool fence and re-roofing above a portion of the carport. The circuit breakers for each unit were also recently replaced along with a new master main panel. The property sits on 2 lots, which allows for operations without a resident manager. There are 19 tuck-under carport spaces with ingress and egress along Miller Avenue, with storage lockers for each unit. A seismic retrofit was completed at the property and large steel beams are evident above the parking area. There are two-coin operated washers and two dryers located on-site as well. The property has always been highly attractive to renters due to its proximity to Downtown as well as the large units with outdoor space. Priced at $505 per net rentable square foot, this property offers an investor an excellent opportunity to own a one-of-a-kind trophy asset in Mill Valley.