CLICK HERE FOR PROPERTY VIDEO A 29 Unit Multifamily Investment Opportunity Located in Sausalito, CA THE LEESON GROUP Exclusively Listed By: THE LEESON GROUP ERICH M. REICHENBACH TYLER C. LEESON First Vice President Senior Managing Director 415-625-2146 714-713-9086 [email protected] [email protected] CA License: 01860626 CA License: 01451551 MATTHEW J. KIPP First Vice President 949-419-3254 [email protected] CA License: 01364032 DANIEL E. RABIN ASHLEY A. BAILEY Director of Operations Senior Transaction Manager 949-419-3306 949-419-3219 [email protected] [email protected] www.TheLeesonGroup.com www.TheLeesonGroup.com ANDREW M. PISES ALLISON M. DAVIS Marketing Coordinator Marketing Coordinator 949-419-3266 949-419-3208 [email protected] [email protected] www.TheLeesonGroup.com www.TheLeesonGroup.com TABLE OF CONTENTS 04 20 26 32 Executive Summary Property Overview Financial Analysis Market Comparables SPECIAL COVID-19 NOTICE All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary, especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus & Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections, analyses, and decision-making.) NON-ENDORSEMENT AND DISCLAIMER NOTICE Confidentiality and Disclaimer The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved. Non-Endorsement Notice Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. DRIVE BY ONLY. DO NOT WALK THE PROPERTY OR DISTURB THE RESIDENTS. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. Activity ID: ZAB0100407 Executive Summary THE OFFERING Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire The Pier at Sausalito, a 29-unit multifamily investment property consisting of twenty-four, 1-bedroom, 1-bath units and four, 2-bedroom, 2-bath units located at 120 Bulkley Ave, Sausalito, CA. Built in 1959, 120 Bulkley Avenue is situated on a 0.66-acre lot and consists of 20,235 net rentable square feet. The property is located on the hills of Sausalito, just across the Golden Gate Bridge from San Francisco and is in close proximity to Bridgeway, a major thoroughfare for southern Marin County. 120 Bulkley Avenue is also situated just over a half mile from U.S. Interstate 101, providing residents with convenient access to job centers in Marin County and San Francisco County. The 29-unit community is comprised of spacious one- and two-bedroom floor plans, averaging 722 square feet. The property provides residents with attractive amenities including carport parking, in-unit washer/dryer, and balconies with views of the San Francisco Bay. Since 2017, current ownership has renovated seventeen of the 29 residential units, as well as the property’s amenities and exterior. A continued renovation plan to complete the remaining units will help a future investor achieve renovated market-level rents across all units. Current ownership has recently achieved a $3,495 rent for multiple renovated 1-bedroom units, which proves the property's ability to close the loss to lease gap that exists within current rents. The Pier at Sausalito offers a world-class property in Marin County’s premier city. The Pier at Sausalito is located in Sausalito’s “banana-belt” and benefits from the best San Francisco Bay view’s Sausalito has to offer. Tenants will enjoy unparalleled as access to the North Bay, a 5-minute walk to the Sausalito ferries servicing San Francisco and the greater Bay Area. Sausalito is a beautiful waterfront community located on the southern tip of Marin County, just across the Golden Gate Bridge from San Francisco. Sausalito provides world-class hotels and restaurants and a diverse selection of shopping, including art galleries and retail fashion. Sausalito is the most well-known city in Marin County. Marin is a dynamic community of 250,000 well-educated and involved residents. From its tidelands to the top of Mt. Tamalpais, Marin enjoys a high quality of life marked by beautiful beaches, groves of redwoods and oaks, rolling foothills, and scenic valleys. Through the continuation of the renovation program and the fantastic location of the subject property, The Pier at Sausalito is well suited to provide investors with strong returns and value appreciation. INVESTMENT HIGHLIGHTS THE OPPORTUNITY » A rare opportunity to acquire The Pier at Sausalito, the 3rd largest apartment complex in the city » Highly desirable rental location in Sausalito, an affluent, waterfront community located on the southern tip of Marin County, just across the Golden Gate Bridge from San Francisco » Direct walking access to local art, retail, dining, and entertainment options in Downtown Sausalito via the Excelsior Lane Stairway » Under 5-minute walk with direct staircase access to the Sausalito ferries which travel to the Historic Ferry Building in the Financial District or to Fisherman's Wharf » Attractive amenity package including carport parking, upgraded windows, in-unit washer and dryer, two parking spaces per unit, and balconies with views of the San Francisco Bay » 100% of the units have excellent bay views » The property offers an impressive 2 parking spaces per unit, which is unheard of in this walkable location » Current ownership has recently achieved a $3,495 rent for multiple renovated 1-bedroom units, which proves the property's ability to close the loss to lease gap » Excellent walk score of 77 as residents have walkable access to Downtown Sausalito's shops, restaurants, and points of interest SAUSALITO APARTMENT FUNDAMENTALS 2015-2020 4.6% Average Yearly Rent Growth 2020 3.1% Vacancy Rate 2020-2025 5.6% Average Yearly Projected Rent Growth (Forecast) 2020 3.3% Average Sausalito Cap Rate INVESTMENT HIGHLIGHTS THE LOCATION » The City of Sausalito is situated just north of the Golden Gate Bridge, on the southeastern tip of Marin County. This small town of only 7,500 residents boasts spectacular waterfront views, with many beautiful and unique homes scattered throughout the wooded hills overlooking Richardson Bay » The property has an excellent Sausalito location with direct access into Downtown Sausalito via The Excelsior Stairway, offering easy access to a large number of upscale restaurants, shopping, and entertainment options » The Pier Apartments are a short 30-minute ferry ride to multiple locations in San Francisco, making for a leisurely commute » Sausalito