For Sale: The Marinwood Professional Center · 2017. 9. 5. · Marin County Research Status: Comp ID: 3563687 Sale Conditions: 1031 Exchange 4 1434 Lincoln Ave SOLD 011-103-35 San

No warranty or representation, express or implied, is made as to the accuracy of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals. The prospective purchaser/lessee should independently verify all information.

HL Commercial Real Estate70 Mitchell Blvd., Suite 202 San Rafael, CA 94903www.hlcre.com

Contact:Peter Gettner(415) [email protected]#: 00785623

Dirck Brinckerhoff(415) [email protected]#: 00657732

2400 Las Gallinas Ave., San Rafael, CA

• 18 Office Units• Some Suites Furnished• 41 Parking Spaces • Easy Freeway Access • Full HVAC Throughout

For Sale: The Marinwood Professional Center

Price: $4,200,000Price Per Sq. Ft.: $ 418.00Total Building Sq. Ft.: 10,048 +/- CAP Rate - Current: 3.4% CAP Rate - Proforma: 5.5%

Offering Summary

9/5/17

mailto:[email protected]






For Sale: The Marinwood Professional Center2400 Las Gallinas Ave., San Rafael, CA 94903

Property Description:

Two blocks off highway 101, The Marinwood Professional Center is nestled in a quiet residential neighborhood, with nearby schools and the Marinwood Market. Surrounded by mature landscape, each suite has its own entrance with a private restroom and a kitchenette. There are 18 suites. 15 are currently occupied by health professionals and general businesses. Approximately 1,537 square feet of the property is second floor space with views of the beautiful Marin hills. Also included is a 1,226 square foot ground floor unfinished suite with existing plans and permit.

Construction is wood frame on concrete perimeter and pier foundations, with wood and rock siding, flat roofs with shingled parapet and mansard fronts. There is a lovely courtyard serving as a portion of the complex and a partial second floor with dormer-style windows. The complex has central heat and air throughout, with individual controls in most suites. There is access to the crawl space and attic.

Location Description:

As indicated by its name, The Marinwood Professional Center is located in Marinwood, an unincorporated area of Marin, which is seen as an upscale part of northern San Rafael, minutes away from the Marin Civic Center, Northgate Mall, (Marin’s only enclosed mall), the Embassy Suites and the Four Points Sheraton. The complex serves the nearby residents with medical and dental practices as well as other small businesses.








Property Details:

Nearest Cross Street: Miller Creek RoadTax Assessor’s Parcel #: Marin County #: 164-198-02Building Size: 10,048 +/- sq. ft. Land Size: Approximately 39,718 +/- sq. ft.Parking Spaces: 41 spacesZoning: AP (Administrative and Professional)Countywide Plan Designation: OC (Office Commercial/Mixed Use)Year Built: 1967 (from original plans)Stories: Two Construction: Wood frame, wood and rock siding and anodized aluminum frame windowsRoof Type: Asphalt built up membrane over hang with composition shingle parapet and mansardFoundation: Concrete perimeter and pier foundationsFire Sprinklers: NoHeating & Air Conditioning: YesElectrical and Mechanical: Electrical and gas service provided by PG&E. Flood Zone Designation: Zone X An area that is determined to be outside the 100- and 500-year floodplains)








Financial Terms:

New Price: $ 4,200,000Down Payment: $ 1,680,000Loan: $ 2,520,000 (buyer to obtain) Interest Rate: 4.5% (estimated)Term/Amortization: 25 yearsMonthly Payment: $14,006.97

Rent Roll

The rent roll is available to qualified buyers after signing a confidentiality agreement.

San Rafael Demographic Projections & Employment:

Statistic San Rafael California NationalPopulation (2013) 57,713 38,332,521 316,128,839Population (2000) 56,132 33,871,648 281,421,906Population Growth 2.8% 13.8% 12.3%

Index San Rafael California NationalIncome per Capita $41,968 $30,367 $25,804Median Household Income $72,326 $64,457 $52,328Median Household Income Owner Occupied $110,507 $75,630 $63,664Median Household Income Renter Occupied $52,342 $44,245 $35,685

The income per capita in San Rafael is 38.2% greater than the California average and 62.5% greater than the National average. The median household income in San Rafael is 12.2% greater than the California average and 38.2% greater that the National average. The median household income in San Rafael for owner occupied housing is 111.1% greater than the median household income for renter oc-cupied housing San Rafael.















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5 22 Pelican Way - QuadraMed Bldg SOLD

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COMPS Office Sold Marin - Past 12 Months

Copyrighted report licensed to HL Commercial Real Estate - 650914. 3/31/2017

Page 1








Not a Part

Click here to View in Google Maps

Suites 100-115



https://www.google.com/maps/place/2400+Las+Gallinas+Ave,+San+Rafael,+CA+94903/@38.0331481,-122.5462255,17z/data=!3m1!4b1!4m5!3m4!1s0x808597fbf5f9ebf9:0x559e0dc1d3abc15e!8m2!3d38.0331439!4d-122.5440315?hl=en






Floor Plan Not to Scale

2nd Floor



Documents

For Sale: The Marinwood Professional Center · 2017. 9. 5. · Marin County Research Status: Comp ID: 3563687 Sale Conditions: 1031 Exchange 4 1434 Lincoln Ave SOLD 011-103-35 San