1251 S Eliseo Dr Greenbrae-Sale-WUP · EXECUTIVE SUMMARY. The information herein has not been independently verified by the real estate brokers. Interested parties should have experts

Greenbrae, CA 949041251 S ELISEO DRFOR SALE

615A E. Washington St.Petaluma, CA 94952

(415) 451-4900www.meridiancommercial.com

Nick EgideCA LIC #01859524(415) 451-4900 [email protected]

The information herein has not been independently verified by the real estate brokers. Interested parties should have experts of their choice inspect and verify all information. Real estate brokers are not experts with respect to building construction, environmental, legal, tax, and other such matters.




OFFERING SUMMARY

Property Type: Multifamily

Sale Price: $11,995,000

Number Of Beds: 43

Year Built: 1969

Building Size: ± 26,638 SF

APN: 022-212-28

Price / SF: $450.30

Located in the most sought after medical enclave in Marin County one block from Marin General Hospital (currently working on a $600 Millionrenovation and expansion that will further enhance the desirability of this medical community). Buildings for sale in this area are very rare.

LOCATION OVERVIEW

1251 South Eliseo Drive is a former skilled nursing facility current in need of extensive renovation.

The City of Larkspur in December 2016 issued an approval for a renovated acute care facility. This approval is still in place and allows for a muchfaster redevelopment track. The Larkspur approval also received preliminary approval for OSHPD Level I, with an ongoing dialogue.

PROPERTY OVERVIEW

PROPERTY HIGHLIGHTS• Property has been vacant for 6 years and will require large renovation

• Former skilled nursing facility with 43 treatment rooms

• Full kitchen and dining room facilities

• Private en suite bathrooms in all rooms

• Physical and occupational therapy rooms

• Laundry room

• Recreation area

• Tranquil park and creek-side setting

FOR SALE 1251 S ELISEO DRGreenbrae, CA 94904

EXECUTIVE SUMMARY











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MARKET OVERVIEWMarin CountyMarin County serves primarily as a wealthy bedroom community for San Franciscoand related Bay Area business centers. It is blessed with an excellent climate,unsurpassed scenery and recreational opportunities, low crime, and excellent schools.The county lies immediately north of San Francisco across the Golden Gate Bridge.The county’s character is rural and it contains many parks, such as the Golden GateNational Recreation Area, Point Reyes National Seashore, and Mount Tamalpais StatePark. Sonoma County to the north, the San Francisco Bay to the east, and SanFrancisco to the south, Pacific Ocean to the west border Marin County. Marin Countycontains an approximate 521 square miles of which one-third is set aside for parksand open space preserves.

PopulationThe Bay Area has witnessed rapid growth during the last three decades and isrecognized as the fourth largest metropolitan area in the nation. The population ofMarin County increased from 223,400 in 1985 to 261,221 in 2014. Marin’s growth ratethrough the 1990’s was relatively stable at approximately 0.7% annually.

Total Population Marin County

2011 2012 2013 2014253,040 254,790 255,056 261,221

IncomeMarin County is characterized by very high-income levels. While the population hasgrown only slowly over the last 20 years, all indices of income have grown at a veryrapid pace. In essence, Marin County has been transformed over that period to anarea of wealth and high disposable income. By way of example, average householdincome grew from $83,000 in 1990 to $91,529 in 2014. That number is expected tocontinuously climb.

Marin County Demographic OverviewTotal Population (2014): 261,221Population 65 and over: 20%Employed: 136,200Unemployed: 6,500

EmploymentAccording to the California State Economic and Development Department, as ofFebruary 2016 Marin County’s unemployment rate was 3.2%. The unemployment ratein the San Francisco MSA was 5.2% in 2016. This compares with an unadjustedunemployment rate of 5.6% and 5.2% for California and for the nation during thesame period.

Many research and development companies are choosing to locate or remain inMarin due to the quality of life available to the employees and the existence of morenatural environment, which fosters creativity. Other advantages include a muchshorter and less hectic commute to and from places of employment.

Lately, Marin has been a hot bed for pharmaceutical, biomedical and gamingcompanies. BioMarin, maker of orphan drugs have committed themselves further tothe Marin market by purchasing the 350,000 square foot office project they occupy.Eighty percent of its 1,300 employees are based Marin County. In addition, the Countyhouses the world renowned, Buck Center, devoted solely to research on aging andage-related diseases. The County has consistently had one of the lowestunemployment rates in the California.







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POPULATION 1 MILE 2 MILES 3 MILES

Total population 11,428 39,788 83,274

Median age 47.2 44.8 42.1

Median age (Male) 44.5 42.9 40.7

Median age (Female) 49.1 46.3 43.4

HOUSEHOLDS & INCOME 1 MILE 2 MILES 3 MILES

Total households 5,460 17,908 35,107

# of persons per HH 2.1 2.2 2.4

Average HH income $136,620 $143,217 $132,165

Average house value $953,965 $978,070 $953,037

* Demographic data derived from 2010 US Census


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1251 S Eliseo Dr Greenbrae-Sale-WUP · EXECUTIVE SUMMARY. The information herein has not been independently verified by the real estate brokers. Interested parties should have experts