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450 4th St - The Residences at Grand
0.26 Acres of Residential Land Offered at $3,325,000 in San Rafael, CA 94901
Investment Highlights
- Rare downtown San Rafael infill residential development opportunity
- One block to Whole Foods Market.
- One-half mile south of Dominican University.
- Plans for 35 apartments in 5-story building on vacant corner parcel with a unit mix of: (11) Studios,(1) One-Bdr / One-Bath, (23) Two-Bdr/Two-Bath
- Four blocks to San Rafael Transit Center and SMART rail station.
- Three blocks to Hwy 101.
Executive Summary
The Residences at Grand (“the Residences” or “Project”) is a new residential development that seeks to provide the city of San Rafael with
35 much needed units of infill housing. The Project consists of one, five (5) story, residential building with a roof terrace comprising half of
the fifth floor. The development is concentrated towards the corner of 4th Street and Grand Avenue and then steps down to effectively and sensitively transition to the adjacent residential neighborhoods of Montecito-Happy Valley. This approach is consistent with the objectives of the T4NO-40’/50’ zoning district, as well as broader objectives of the Downtown Precise Plan.
SITE DESCRIPTION
The Project site is located at the intersection of 4th Street and Grand Avenue in the newly created Montecito Commercial District of Downtown San Rafael. The Montecito Commercial District provides a transition between Downtown and the residential areas further east, with new housing and commercial development on infill sites. The Residences was designed with this goal and vision of the Montecito Commercial District in mind. The proposed 35 units of the Residences would contribute almost 9% of the Montecito Commercial District’s estimated development potential of 390 units. The Project will also increase access to housing in close proximity to the downtown.
The Project site is comprised of three underutilized contiguous lots, commonly known as 420 Fourth Street, 450 Fourth Street, and 1010 Grand Avenue, which will be merged into one lot as part of the Project. Together, these lots total approximately 11,303 square feet in size, or 0.26 acres.
The Project site is at the entrance to the Dominican College residential neighborhood to the north, and a mix of small business and residential uses to the west and east. The proposed development is located only one block from a high-frequency transportation corridor on Irwin Street to the west. The Project is also located within two blocks of the San Rafael Transit Center. The Montecito Commercial District contains 3 supermarkets and several shopping centers within its boundaries. The Project is located within short walking distance of these existing local neighborhood-serving retail and services. Accordingly, the Project is not a mixed-use development and does not include ground floor commercial.
AMENITIES
The Project’s location near downtown and the various shopping centers of the Montecito Commercial District allows the residents to easily take advantage of all the services and retail located nearby. Every unit enjoys private personal open space in the form of a balcony.
The Project also provides a spacious rooftop patio for residents to socialize and entertain while enjoying an expansive view of San Rafael and the East Bay. The development will provide on demand electric vehicle car rentals on site. The development will provide stacked bicycle hanging spaces in the garage with power outlets and lockable connections.
STATE DENSITY BONUS LAW AND SB 35
The Project is submitted for streamlined processing pursuant to SB 35. As demonstrated in the supplemental application materials for the Project, all of the eligibility requirements for SB 35 are met and an SB 330 application was previously provided. Accordingly, only objective design standards apply, and there are no merits hearings or CEQA review. The Project does not seek a height bonus as allowed by the Downtown Plan, but instead utilizes the provisions of the State Density Bonus Law (SDBL to accommodate modest waivers from certain development standards. The Project has a base density of 29 units and will provide 3 Below Market Rate units at the Low Income (LI) affordability level, which is 10% of the base units. Accordingly, the Project is a SDBL development per Cal. Government Code §65915, and is eligible for a density bonus of up to 5.8 units, which may be rounded up to 6 density bonus units. The addition of these bonus units yields
the 35 total units requested. The Project is also eligible to request 1 incentive or concession, unlimited waivers or reductions of development standards, and reduced parking ratios. The Project is located within ½ mile of the San Rafael Transit Center, and pursuant to Cal. Government Code § 65913.4(e)(1)(a) is not required to provide any parking at all, but will provide 22 spaces. The Project will also provide 32 bike parking spaces in compliance with the standards set forth in the Downtown Form Based Code.
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Property Facts Under Contract
Price | $3,325,000 | Property Type | Land |
Sale Type | Investment | Property Subtype | Residential |
No. Lots | 1 | Total Lot Size | 0.26 AC |
Price | $3,325,000 |
Sale Type | Investment |
No. Lots | 1 |
Property Type | Land |
Property Subtype | Residential |
Total Lot Size | 0.26 AC |
1 Lot Available
Lot
Price | $3,325,000 | Lot Size | 0.26 AC |
Price Per AC | $12,788,462 |
Price | $3,325,000 |
Price Per AC | $12,788,462 |
Lot Size | 0.26 AC |
The project site consists of a flat, vacant, corner lot comprised of three APN's, and totaling 11,303 square feet. It is located at the northeast corner of the intersection of 4th St and Grand Ave in Downtown San Rafael.
Description
The subject property is a rare in-fill residential development opportunity of 0.26 acres that is extremely well located in downtown San Rafael, CA. The prime location is situated one block from a Whole Foods Market, one block from Highway 101, and less than half a mile from Dominican University. San Rafael High School and Coleman Elementary School are within half a mile of the property. Marin Academy and Saint Raphael private schools are less than a mile from the property. A Trader Joe’s and Rite Aid anchored community shopping center is located two blocks south at the intersection of Second Street and Grand Avenue. The core downtown retail corridor on 4th Street begins one block to the west and is home to upscale restaurants, boutiques, entertainment venues, and personal and business service offerings.
PROPERTY TAXES
Parcel Number | 014-091-16 | Improvements Assessment | $416,160 |
Land Assessment | $624,240 | Total Assessment | $1,040,400 |
PROPERTY TAXES
zoning
Zoning Code | C (Commercial) |
C (Commercial) |
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450 4th St - The Residences at Grand
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