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This is a one-of-a-kind redevelopment opportunity. The current owner just received planning approval to convert the current 6,000+ square foot building to six, loft-style apartments, where residents can enjoy the soaring ceilings, open floor plans and modern living. The planning approvals are to build within the existing building envelope, capitalizing on the adaptive reuse of a solid building with parking for 7 cars. The former use was a vibrant, single-tenant retail store. It is structurally sound, with existing electrical, gas, water and sewer services.
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.
3 Units - Ground Floor Retail, Upstairs Office and UpstairsApartment. 1,960 SF Ground Floor Established Restaurant plus 650 SF Basement. 1,100 SF Upstairs Office, Full Bath, Partial Kitchen, Open Beams, 11' Ceiling Height, Open Floor Plan, Air-Conditioning/Heat and Two Skylights. 900 SF Upstairs Residential One Bedroom Apartment.
This building was constructed by a prominent San Rafael family to house its members and its business. It has been extensively remodeled over the past 2 years, with new roof, plumbing, electrical, HVAC and fire sprinklers. The property has first floor retail with good windows, second floor offices with large skylights, and a 3-bedroom 1 1/2-bath residence, plus bonus 1,200 sf basement. The building front is being restored to its original classic style. Entrances both from Fourth Street and from the City parking lot directly behind the building.
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.
This property is considered one of the highest profile retail properties in San Rafael. The three-story property (ground floor, mezzanine and basement) has had a long history of retail success having been the San Rafael Health Center, a Macy' s store and once, Montgomery Ward. It received a major remodel in 2003 and includes a 50 foot facade, much of it glass, on 4th street. The owner currently operates a successful beauty supply business and would consider a lease-back upon sale. The next-door large health club facility is slated for redevelopment with retail and apartments.
This property will be delivered vacant at COE. This historical stucco building fronts Fourth Street on Miracle Mile in San Rafael and houses Chrysanthemum Restaurant. The building was originally constructed as a church and has a stucco finish with windows to the front and to the interior patio space. This handsomely designed restaurant has two interior dining areas, two bathrooms and a well laid out and equipped kitchen. The outside patio could also be used for seating. Chrysanthemum Restaurant opened for business in 1989 and has always been a family owned and run restaurant. Many people consider Chrysanthemum' s offerings as the BEST Chinese food in Marin. The restaurant has a long time customer following. The price in this offering includes the real property, and the restaurant fixtures, furniture and equipment. Also included is an onsite beer and wine license. Although there is goodwill, the offering price is as an asset only sale. Some decorative and leased items are excluded from the sale. Please contact listing broker for a list of the items that are included. This is an excellent opportunity for a free standing building with parking, and monument signage.