Triplex 209 Hi Vista Road, Sausalito $1,398,000

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1 Triplex 209 Hi Vista Road, Sausalito $1,398,000 Located at the top of the hill on a private road in the southernmost part of Sausalito, this property offers incredible views from Angel Island to Raccoon Straights, Belvedere, Richardson Bay and the world below. Floor to ceiling windows and doors run the entire width of the apartments as well do the view decks. Updated: 01/27/14 MLS # Two large 2BR/2BA apartments, each with fireplace and separate washer and dryer areas. Extensively remodeled and upgraded. Third studio unit just received approval under Sausalito s new ADU program.

2 Location Property Hillside setting on a private road in the southernmost part of Sausalito offering spectacular views from Angel Island to Belvedere, Raccoon Straits, Richardson Bay and Sausalito below; a world class location just across the Golden Gate Bridge from San Francisco. The main units feature two very large 2BR/2BA apartments with basically identical floor plans of approximately 1100 sf. Each has floor to ceiling glass windows and doors to take in the huge view. Each has view decks the full width of the living area, a fireplace and separate washer & dryer hookups. The kitchens are open to the dining area and the view beyond. The upper unit has a tall ceiling with high windows to take in all of the light. There is a large three car off-street parking deck; however on-street parking is limited. While this is a sought after rental property from tenants, it also offers an opportunity for an owner to occupy the upper unit and rent out the lower two units to keep down the cost of home ownership. Overall, the property seems to be well cared for and in very good condition. Built in 1962, this duplex has experienced extensive remodeling and upgrading throughout its history. Windows and sliding doors have been replaced with modern dual pane. The water heaters have been upgraded to tankless/on-demand. The parking deck was rebuilt and expanded in 2004 (plans, engineering, soil, etc on file with City). Kitchens and baths have been remodeled and the electrical service upgraded (buyer to confirm extent of improvements). Lower Studio: At some point in the property s history, the lower basement area was nicely converted to a studio rental unit without approval or permits from the City. Recently the City started an Amnesty Accessory Dwelling Unit program in which units like this can be legalized to meet the City s need for housing. The property just received final approval and will be deliverable at close of escrow with this unit legalized. Directions Showing From the southernmost Sausalito exit, follow Alexander Avenue until it turns to the right and becomes 2nd Street. Make an immediate left turn onto Sausalito Blvd. Your first left is Edwards Avenue. At the top of Edwards make a sharp right turn onto Marion, then a sharp left turn onto Hi Vista. Property is tenant occupied. Please do not disturb occupants. Apartments can easily be seen by an appointment with the listing agent. Please review this brochure and drive by property before requesting an interior showing. Parking is limited, please one car only. Park in right hand space or temporarily behind tenant s cars.

3 This information is not to scale and is intended as a basic, rough overview of the buildings floor plan. It should in no way be used as an accurate representation of square footage, scale or layout.

4 VIEW FROM LIVING ROOMS DOWN FROM ENTRY OF 209 UP TOWARDS ENTRY OF 209 KITCHEN #209 MASTER BATH #209

5 DINING & KITCHEN VIEW #209 PARKING DECK LAUNDRY & SECOND BATH #209 TANKLESS HOT WATER HEATERS ENTRANCE TO LOWER STUDIO LOWER STUDIO APARTMENT #211-B

6 PARCEL MAP APN: STREET MAP SATELITE MAP

7 ANNUAL PROPERTY INCOME Unit # Unit Description Current Market 209 2BR/2BA, view, FP, W/D, deck $2,850 $3,500 Vaulted ceilings, month to month 211 2BR/2BA, view, FP, W/D, deck $2,000 $3,000 Short term rental while on market for sale (was $2,600) 211 B Studio apartment (vacant) $1,300 $1,300 Total Monthly Income $6,150 $7,800 Gross Scheduled Annual Income (GSI) $73,800 $93,600 ANNUAL PROPERTY EXPENSES Vacancy (est. 3% income) $2,800 $2,800 Taxes (estimated new) $16,000 $16,000 Sewer (paid with tax bill, est. for three units) $2,400 $2,400 Insurance $2,500 $2,500 PG&E (est. for 211 & 211B) $1,500 $1,500 Water (est. new) $1,000 $1,000 Refuse (assumes paid by tenants) 0 0 Maintenance, Repairs & Reserves (est. 6% income) $5,600 $5,600 Total Annual Expenses $31,800 $31,800 Net Operating Income (NOI) $42,000 $61,800 * Note: Expenses do not include allowance for management. Utilities including cable TV are currently paid by Seller and the tenants have in the past partially reimbursed seller each in addition to their rent. PROPERTY SUMMARY Property Price: $1,398,000 Est. Unit Size: (Buyer to verify) 1,100 sf. Each 2BR 370 sf. studio Number of Units: Triplex Est. Lot Size: 4,100 sf. (per assessor) GRM (current/market): 18.9 / 14.9 CAP (current/market): 3.0% / 4.4% The information stated above was obtained from sources we believe to be reliable, but make no representations or warranties, expressed or implied, as to its accuracy. Acreage and square footage are approximations and have not been confirmed.

8 ATTENTION This brochure has been prepared to provide summary information to co-operating brokers and prospective purchasers to establish a preliminary level of interest in the property presented. It does not, however, purport to present all material information regarding the subject property, and is not a substitute for a thorough due diligence investigation. The information contained in this brochure has been obtained from sources we believe to be reliable; however, Michael J Burke and Coldwell Banker have not conducted a thorough investigation regarding these matters and make no warranty or representation regarding the accuracy or completeness of the information provided. References to square footage, age and some expenses are approximate.