150 Shoreline Hwy

3-Buildings
24 or 48-Units
15,148 Square Feet Total
First-Time on the Market in 50-Years
LOTS of Potential Uses
INVESTORS ... good cash-flow and 5% Cap-Rates with the current Tenants
INVESTORS #2 ... 10% Cap-Rates by converting to market-rate housing
INVESTORS #3 ... Convert to affordable condos to sell individually or make into live/work spaces ... over $3-million upside potential
YIMBY (YES in My Backyard) ... Non-Profit Groups - convert to housing for Disabled Veterans, Battered Women's Shelter, Teacher's Village, Clean-and-Sober Center, Emergency Homeless Shelter, Age-Out Foster Kids Housing, Single Mom's Cooperative, Employee Housing or other vital programs
YIMBY #2 ... Potential to double the number of units to 48 studio apartments ... upstairs units can be adapted to have separate entrances ... see the Matterport Tour for a sample of an upstairs studio
CHURCH, SCHOOL or COMPANY HEADQUARTERS ... High-Visibility Location, excellent parking, campus-like setting and immediate access to Highway-101 make this an interesting option.
A FEW NUMBERS :
$100,000 or $200,000 per unit
24-units (1-bedroom) or 48-units (studio apartments)
Possibility to build more units or additional Services - 37,501 square foot lot
3 buildings - about 5,000 square feet per building
EASIER, CHEAPER and FASTER THAN BUILDING FROM SCRATCH ... The asking price is $318 per square foot, which is way below what it would cost to build in today's market ... customizing the buildings to your needs can have your programs up and running in a few months
FLOOR PLANS ... the Floor Plans you see are approximate and similar in each building. These layouts have morphed over the decades of use as office space, and could inexpensively be configured to meet your needs. The buildings were designed with a bedroom and full bathroom upstairs and the entry, kitchen and living room downstairs – each unit also included a small patio area.
VACANT LOT NEXT DOOR ... the lot next door is 37,501 square feet and is also on the market (different owners) ... there might be a possibility of combining the two properties for an even bigger project
ZONING ... this is in unincorporated Marin County - the zoning is CP – Planned Commercial ... the Marin County Planning Department says that affordable housing is definitely a permitted use with minimal, over-the-counter permits as needed for basic remodeling work (moving plumbing, electrical, adding HVAC mini-splits, etc). Market-rate housing is also an approved use, but may have a condition or two to convert - I will be doing a Preliminary Planning Department Review of conditions or other possibilities (condo-conversion, split into 3 APN's - one for each building, etc.) - Buyers to check with the Planning Department to verify the use for your needs.
LOCATION … the location has excellent parking and super-easy access to Hwy-101 (at the Sausalito/Hwy-1/Mill Valley Exit) … direct access to the Mill Valley to Sausalito Trail – Whole Foods is a very scenic 10-minute bike ride away … next door is the Holiday Inn Express Hotel
BUS ROUTES ... across the street from the Manzanita Park-and-Ride, which has bus service and connections to San Francisco, the Sausalito Ferry and most of Marin County
VIEWING INSTRUCTIONS ... Yes, please feel free to drive around the buildings, but DO NOT ENTER BUILDINGS or DISTURB TENANTS - there are Security Cameras on each building
INTERESTED? MAKE A RISK-FREE OFFER ... please write any Offers subject to inspections after contract acceptance - Buyer will have at least 30-days for due-dilligence and inspections