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100% leased investment with upside opportunity - two-story, retail / mixed use /residential use building with three private parking stalls.
Property is zoned commercial/office. The historical use of the building is retail on the ground floor, and storage for the mezzanine and second floor (which is serviced by a freight elevator). 11 on-site parking spaces, including 1 for handicap access. Appx 15,813 total Sqft consist of 6,664 SF groud floor and bonus mezzanine (2,200 Sqft). Unimproved 2nd floor space also for lease as light industrial storage. 1 unit vacant the other is tenant occupied.
The subject property is located in San Rafael, California, 10 miles north of San Francisco and the Golden Gate Bridge. With a population of 60,000, San Rafael is the largest city in Marin County. The Bay Area is one of the strongest economies in the world. Marin County, with a population of 260,000 has the lowest unemployment rate (3.9%) of any of the 53 counties in the state of California. The average household income (5 mile radius) is $124,100 annually. There is a high barrier to entry for a big box retailer in this area. The Best Buy store is highly visible and adjacent to Highways 101 and 580, with an average daily traffic count of approx. 150,000 vehicles. Biomarin Pharmaceutical Inc., Marin County's largest employer, has their 450,000 Sq. Ft. headquarters campus just 3 block north of the Best Buy location. Other major retailers in the immediate area are Office Depot, Staples, Home Depot, Target, Whole Foods and Trader Joes.
4100 Redwood Highway is a prominent freeway fronting retail building in Northern San Rafael. The building is in excellent condition, features two floors and is suitable for up to two tenants.
2,868sf on first floor; 1,728sf on second & third floors.
Price Upon Req.33,514 SF
Marcus & Millichap as Exclusive Advisor is pleased to present the rare opportunity to acquire the fee-simple interest in the Marinwood Plaza ( Property ) located in Marin County, California. Marinwood Plaza is situated at the corner of Marinwood Avenue and Miller Creek Road with direct access and visibility to Highway 101. Marinwood Plaza is comprised of four separate contiguous parcels totaling 4.99-acres (217,573 SF) with a 33,514-square foot existing improvement. The northern most 15,190-square foot portion of the existing improvement is leased to Marinwood Market under a long-term lease. Marinwood Market is operating under a 15-year triple net lease that commenced on August 1, 2011 and runs through July 31, 2026. The lease incorporates annual consumer price index increases capped at 6.0% per annum throughout the base term and the first 10-year option and second 9-year option periods. Marinwood Market is required to pay as percentage rent 2.0% of gross sales in excess of the minimum monthly base rent.
Marcus & Millichap has been selected to exclusively market for sale the Mi Pueblo Food Center, a freestanding 35,931 - square-foot single tenant NNN leased grocery store that was renovated for the tenant in 2009. This high quality single tenant grocery store is located in San Rafael, California, seventeen miles north of San Francisco. The asset provides an opportunity for an investor to procure a long-term NNN leased single tenant corporate guaranteed asset with annual rent increases. Conveniently located directly south of a densely populated Multi-Family neighborhood and the two major freeways in and out of San Rafael, the Mi Pueblo Food Center is the premiere grocer in the area.
26 Medway is an ideally located Neighborhood Commercial strip center comprised of 16 units and located one block from East Francisco Blvd. The property is in the perfect location to continually attract retail tenants to a desirable location near a large residential population. Very few buildings in the neighborhood offer the small size that is in high demand for small retail tenants. The buildings offer an opportunity for an investor to purchase a 94% occupied, income producing asset with strong upside potential. With many short term leases in place and the opportunity to retain some existing tenants, 26 Medway is situated as a property that will have very few vacancies and high demand for years to come.