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Multifamily

210 Lower Via Casitas

210 Lower Via Casitas, Greenbrae, CA 94904

Listing Price: $12,000,000

Cap Rate
3.11%
Number of Units
23
Price/Unit
$521,739
Price/Gross SF
$528.63
Gross SF
22,700

Investment Overview

The Azucena Group of Marcus & Millichap is pleased to present the opportunity to acquire 210 Lower Via Casitas, an apartment complex located just north of San Francisco in South Marin County. Located in Greenbrae, 210 Lower Via Casitas is in an unincorporated community, with jurisdiction split between the government of Marin County and Larkspur City. Perched over the waterfront on a hillside terrain, the community is known for its affluence, excellent commutability, and breathtaking views of the San Francisco Bay Area. Located in the affluent south Marin County, the property sits immediately adjacent to the Bon Air Greenbrae Shopping Center. 210 Lower Via Casitas has a dedicated stairway that takes you some 30 feet down to the shopping center that has over 40 restaurants, shops, and services. It is anchored by Mollie Stone’s Market and CVS Pharmacy and has other notable tenants such as Chase, Wells Fargo, UPS, Peet’s Coffee, and Gott’s Roadside. Located adjacent to The Bon Air Greenbrae Shopping Center is Drakes Landing Office Park with over 20 offices that provide legal, medical, and financial services. Residents also have easy access to San Francisco and the Peninsula via Highway 101 and the Golden Gate Bridge, or they can travel to the east via Highway 580 to the Richmond-San Rafael Bridge. The property’s location allows residents to live in a low-density suburban area while being close to major urban employment centers, which is highly desirable in a post-pandemic environment. 210 Lower Via Casitas is a 23-unit complex that offers all the desired amenities paired with an excellent location. The property boasts an impressive unit mix that consists of (2) Studios, (9) 1 bedroom / 1.25 bathrooms with a den, (11) 2 bedroom / 1.25 bathrooms, and (1) 2 bedroom / 2.5 bathrooms townhome. The combination of large average unit sizes of over 900 square feet each, and strong area schools add to the overall desirability of the property, further driving robust occupancy. The common area amenities include a pool, elevator, laundry room with three washers and dryers (that accept both cash and credit), along with individual storage lockers in the carport area. The unit amenities include a spacious living room, all-electric kitchen that includes a dishwasher, a walk-in closet in the bedroom, and a balcony or patio. Built in 1975, 210 Lower Via Casitas has been under its current ownership for over 25 years. During that time the property has been very well maintained and has been continuously upgraded over the years. Among the most recent improvements are new structural support beams added in 2019 and a new safety fence around the pool. The complex’ exterior was completely repainted in 2015 while dual pane sliders and windows were installed in 2014. Recently, a number of units have undergone a light renovation which has proven out consistently higher rents of anywhere from $300-350 over the original finishes. For a new investor, they have the opportunity to continue with the renovation of the remaining units to the existing spec or to further enhance the units by adding features such as in-unit laundry, to achieve a higher ROI. The average household income in Greenbrae is $190,000 annually. However, the average median home price is over $1.9M (as of June 2021), placing homeownership out of reach of most residents. Development of new homes and multifamily properties is extremely restricted due to limited land further exacerbated by the number of wildlife preservations. Additionally, with behavioral shifts during the pandemic, there is a large segment of renters that would prefer not to be located directly in urban locations, like San Francisco, but would rather live in more open areas like the city of Greenbrae. This creates an incredibly strong pool of apartment renters.

Investment Highlights

  • The property's location allows residents to live in a low-density suburban area while being close to major urban employment centers, which is highly desirable in a post-pandemic environment.
  • Property has been well maintained and there are no deferred maintenance while opportunities for expansions do exist.
  • Development of new homes and multifamily properties is extremely restricted due to limited land further exacerbated by the number of wildlife preservation. Making existing properties valuable.

Exclusively Listed By

Listing Price: $12,000,000

Cap Rate
3.11%
Number of Units
23
Price/Unit
$521,739
Price/Gross SF
$528.63
Gross SF
22,700

Investment Highlights

  • The property's location allows residents to live in a low-density suburban area while being close to major urban employment centers, which is highly desirable in a post-pandemic environment.
  • Property has been well maintained and there are no deferred maintenance while opportunities for expansions do exist.
  • Development of new homes and multifamily properties is extremely restricted due to limited land further exacerbated by the number of wildlife preservation. Making existing properties valuable.

Investment Overview

The Azucena Group of Marcus & Millichap is pleased to present the opportunity to acquire 210 Lower Via Casitas, an apartment complex located just north of San Francisco in South Marin County. Located in Greenbrae, 210 Lower Via Casitas is in an unincorporated community, with jurisdiction split between the government of Marin County and Larkspur City. Perched over the waterfront on a hillside terrain, the community is known for its affluence, excellent commutability, and breathtaking views of the San Francisco Bay Area. Located in the affluent south Marin County, the property sits immediately adjacent to the Bon Air Greenbrae Shopping Center. 210 Lower Via Casitas has a dedicated stairway that takes you some 30 feet down to the shopping center that has over 40 restaurants, shops, and services. It is anchored by Mollie Stone’s Market and CVS Pharmacy and has other notable tenants such as Chase, Wells Fargo, UPS, Peet’s Coffee, and Gott’s Roadside. Located adjacent to The Bon Air Greenbrae Shopping Center is Drakes Landing Office Park with over 20 offices that provide legal, medical, and financial services. Residents also have easy access to San Francisco and the Peninsula via Highway 101 and the Golden Gate Bridge, or they can travel to the east via Highway 580 to the Richmond-San Rafael Bridge. The property’s location allows residents to live in a low-density suburban area while being close to major urban employment centers, which is highly desirable in a post-pandemic environment. 210 Lower Via Casitas is a 23-unit complex that offers all the desired amenities paired with an excellent location. The property boasts an impressive unit mix that consists of (2) Studios, (9) 1 bedroom / 1.25 bathrooms with a den, (11) 2 bedroom / 1.25 bathrooms, and (1) 2 bedroom / 2.5 bathrooms townhome. The combination of large average unit sizes of over 900 square feet each, and strong area schools add to the overall desirability of the property, further driving robust occupancy. The common area amenities include a pool, elevator, laundry room with three washers and dryers (that accept both cash and credit), along with individual storage lockers in the carport area. The unit amenities include a spacious living room, all-electric kitchen that includes a dishwasher, a walk-in closet in the bedroom, and a balcony or patio. Built in 1975, 210 Lower Via Casitas has been under its current ownership for over 25 years. During that time the property has been very well maintained and has been continuously upgraded over the years. Among the most recent improvements are new structural support beams added in 2019 and a new safety fence around the pool. The complex’ exterior was completely repainted in 2015 while dual pane sliders and windows were installed in 2014. Recently, a number of units have undergone a light renovation which has proven out consistently higher rents of anywhere from $300-350 over the original finishes. For a new investor, they have the opportunity to continue with the renovation of the remaining units to the existing spec or to further enhance the units by adding features such as in-unit laundry, to achieve a higher ROI. The average household income in Greenbrae is $190,000 annually. However, the average median home price is over $1.9M (as of June 2021), placing homeownership out of reach of most residents. Development of new homes and multifamily properties is extremely restricted due to limited land further exacerbated by the number of wildlife preservations. Additionally, with behavioral shifts during the pandemic, there is a large segment of renters that would prefer not to be located directly in urban locations, like San Francisco, but would rather live in more open areas like the city of Greenbrae. This creates an incredibly strong pool of apartment renters.

Exclusively Listed By

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