For Sale: Mixed-Use Opportunity

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Gloria Ball
5 years ago
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1 Bolinas Rd., Fairfax, CA Downtown Fairfax Established Restaurant Tenant 4BR/1BA Apartment and 1BR/1BA Cottage in Rear Storage/Studio/Workshop Space Offering Summary Asking Price: $2,200,000 Price Per Sq. Ft.: $400 psf Total Building Sq. Ft.: 5,500 +/- sf Total Land Sq. Ft.: 5,950 +/- sf In Place CAP Rate: 3.04% Proforma CAP Rate: 4.44% 6/27/18

2 Building Description: The property comprises a two-story mixed use building at the front of the lot, and a single-story cottage with a fenced yard in the rear. The front building was originally built around The ground floor is leased by popular wine bar and restaurant of approximately 1,800 square feet in the front. The ground floor rear is a storage space of 1,000 +/- square feet, with good light and ceiling height. The second floor of the front building has a three-bedroom, two-bath apartment flat of approximately 2,200 square feet. The rear building (500 +/- sq. ft.) is a charming and cozy one-bedroom cottage with a large, private fenced yard. Location Description: The property is located on Bolinas Road, at the southern end of Fairfax s downtown. Stores and restaurants are within two blocks. The Town of Fairfax is an environmentally conscious, progressive community situated in the heart of central Marin County. Fairfax has a current population of approximately The Town has ordinances preventing chain stores and the town has a goal of retaining its small-town character. The Art Deco era movie theater is the centerpiece of a vibrant nightlife with top-notch restaurants and well-known clubs with venues for jazz and other popular music. Property Details: Assessor s Parcel #: Total Square Feet of Building: 5,500 +/- sq. ft. Ground Floor Restaurant & Storage: 2,800 +/- sq. ft. Second Floor Apartment: 2,200 +/- sq. ft. Rear Cottage: 500 +/- sq. ft. Total Square Feet of Land: 5,950 +/- sq. ft. Year Constructed: /- Type of Construction: Wood frame and stucco siding Roof 60 MI PVC Welded membrane Parking: 1+ Street parking Zoning Designation: CC (Central Commercial) Fire Sprinklers: No Heating & Air Conditioning - Restaurant Air conditioning and gas heat Heating & Air Conditioning - Residential Gas heat (no air conditioning) Flood Zone Designation: Zone AE (An Area Inundated by 100-year flooding) This land covered by the floodwaters of the base flood is the Special Flood Hazard Area (SFHA) on the NFIP maps. The SFHA is the area where the NFIP s floodplain management regulations must be enforced and the area where the mandatory purchase of flood insurance applies.

Financial Terms: Sale Price: Terms: $2,200,000.00 ($400.00 psf) All cash to seller. All cash to new loan.

3 Financial Terms: Sale Price: Terms: $2,200, ($ psf) All cash to seller. All cash to new loan. Current/Proforma Rent Roll: Unit Rentable Sq Ft Current Monthly Rent Restaurant ,800 $ 3, Storage - 123A** 1000 $ - - Apartment- 119A 2200 $ 3, Cottage B 500 $ 1, ,500 $ 9, * Carol Increase Ann effective Flint 2/1/19 ** Buyer to verfiy with City that storage space can be rented *** Five-year option at FMV + 3% annual increases Current Rent/ Sq Ft Lease Expires Proforma Rent/Mo. Proforma Rent/ Sq.Ft. $ 12/31/2020 *** $ 4, $ 2.24 * $ $ 1, $ 1.00 ** $ 7/1/2019 $ 4, $ 2.04 $ 6/1/2019 $ 2, $ 5.00 $ $ 12, $ 2.19

4 Current/Proforma Income and Expenses Statement: Current Proforma Gross Scheduled Income $ 110, $ 144, Less Vacancy Allowance (2%) $ (2,208.00) $ (2,886.00) Effective Gross Annual Income ("EGI") $ 108, $ 141, LESS EXPENSES Real Property Taxes market value) $ 27, $ 27, Insurance (actual - includes hazard/flood) $ 6, $ 6, Management Fee (4% EGI) $ 4, $ 5, PG&E $ $ Maintenance & Repair $ 3, $ 4, Total Expenses $ 41, $ 43, NET OPERATING INCOME $ 66, $ 97, CAP Rate: 3.04% 4.44%

Sales Comparables Sale Date Sale Price Property Address Property City Bldg SF $ Per SF Type Built Zoning In contract $ 3,650,000.00 1-21 Bolinas Rd Fairfax 7,832 $ 466.

5 Sales Comparables Sale Date Sale Price Property Address Property City Bldg SF $ Per SF Type Built Zoning In contract $ 3,650, Bolinas Rd Fairfax 7,832 $ Ret/Off/Apts /10/2017 $ 1,660, San Anselmo Ave San Anselmo 3,250 $ Retail/ Office 1912 C-2, San Anselmo 7/28/2017 $ 1,050, Broadway Blvd Fairfax 2,400 $ Restaurant /5/2017 $ 1,017, Bolinas Rd Fairfax 1,364 $ Retail 1921 CC, Fairfax 3/30/2017 $ 610, Sir Francis Drake Blvd Fairfax 832 $ Retail 1906 CH Average Price Per Square Foot: $

Sales Comparables For Sale: Mixed-Use Opportunity Address: 1-21 Bolinas Rd.

, San Anselmo, CA Price: $ 1,660,000 Retail/Office Square Feet: 3,250 Price

, Fairfax, CA Price: $ 1,050,000 Restaurant Square Feet: 2,400 Price Per Sq.

, Fairfax, CA Price: $ 1,017,000 Retail Square Feet: 1,364 Price Per Sq. Ft.

6 Sales Comparables For Sale: Mixed-Use Opportunity Address: 1-21 Bolinas Rd., Fairfax, CA Price: $ 3,650,000 Retail/Office/Apartments Square Feet: 7,832 Price Per Sq. Ft.: $ Sale Date: In contract Address: San Anselmo Ave., San Anselmo, CA Price: $ 1,660,000 Retail/Office Square Feet: 3,250 Price Per Sq. Ft.: $ Sale Date: 8/10/17 Address: 33 Broadway Blvd., Fairfax, CA Price: $ 1,050,000 Restaurant Square Feet: 2,400 Price Per Sq. Ft.: $ Sale Date: 7/28/17 Address: 69 Bolinas Rd., Fairfax, CA Price: $ 1,017,000 Retail Square Feet: 1,364 Price Per Sq. Ft.: $ Sale Date: 10/5/17 Address: 1573 Sir Francis Drake Blvd., Fairfax, CA Price: $ 610,000 Retail Carol Square Ann Feet: Flint 832 Price Per Sq. Ft.: $ (917) Sale Date: 3/30/17

7 Fairfax Click here to View in Google Maps San Anselmo SIR FRANCIS DRAKE BLVD BROADWAY CENTER BLVD. BOLINAS ROAD

8 UP Entry Vacant - Storage Restaurant Entry Bolinas Road Ground Floor - Restaurant Floor San Plans Rafael, Not CA to Scale

9 UP Bolinas Road 2nd Floor - Apartment Cottage San Floor Rafael, Plans CA Not to Scale

For Sale: Restaurant Building and Duplex

For Sale: Restaurant Building and Duplex 1625 Sir Francis Drake Blvd., Fairfax, CA Includes Restaurant Equipment Owner/User or Investor On-Site Parking Offering Summary Asking Price: $2,095,000 Price Per Sq. Ft.: $ 362 psf Proforma CAP Rate: