for sale: office building€¦ · hl commercial real estate 70 mitchell blvd., suite 202 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 94903 www.hlcre.com

Contact:Mark Cooper

(415) [email protected]#: 01814831

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

828 Mission Avenue, San Rafael, CA

• Owner/User Opportunity• On-site Parking• Great Downtown Location• 4 Blocks from SMART Train Station & Transit Center

For Sale: Office Building

Asking Price: $2,850,000Price Per Sq. Ft.: $542 psfProforma CAP Rate: 4.86%Total Building Sq. Ft.: 5,254 +/- sq. ft.

Offering Summary

8/29/19

mailto:[email protected]




Contact:Mark Cooper



For Sale: Office Building828 Mission Avenue, San Rafael, CA 94901

Building Description:

828 Mission Avenue is a Victorian structure converted to an office building in 1971. In 1883 this historic building was the residence of the first Mayor of San Rafael. In 2005 the building was seismically retrofitted. At that time the foundation was replaced.

The building has all new electric, plumbing, heating and air conditioning and double-paned windows. The interior spaces were all upgraded to contemporary standards including upgrading bathrooms to be ADA compliant. There are two kitchens, one on the ground floor and one on the first floor.

Location Description:

San Rafael

San Rafael is a city and the county seat of

Marin County, California. The city is located

in the North Bay region of the San Francisco Bay Area. As of the 2017 census the city’s population is 59,070.

San Rafael is also the oldest, largest and most culturally diverse city in Marin and enjoys the best weather. It is a lively business and cultural center located in an area of incomparable natural beauty.

At the city’s heart is the charming, downtown shopping district. Downtown’s mixture of Victorian buildings, ethnic restaurants, retail stores and financial institutions creates San Rafael’s hometown flavor. In the center of town is the San Rafael City Plaza, with its innovative water wall fountain. The plaza has become a community gathering place and the center of seasonal events such as the Thursday night farmer’s markets and summertime concerts.





Contact:Mark Cooper




Location Description - Cont.:

San Rafael

According to the City of San Rafael over 7,000 employees come to the downtown business district every day. This doesn’t include all the shoppers, visitors, customers and other residents of downtown. To accommodate parking the City has constructed 10 public parking lots and 2 multi-level public parking garages.

Major San Rafael Employers

San Rafael has a diverse group of major employers. The top private employers include interna-

tional and national companies such as

• Kaiser Permanente• Autodesk• Comcast• Bio Marin• Safeway• Fair Isaac Corporation• Health Net• Dominican University • Guide Dogs for the Blind





Contact:Mark Cooper




Property Details:

Assessor’s Parcel #: 011-184-10Total Square Feet of Building: 5,254 +/- sq. ft. Floors: 3 FloorsTotal Square Feet of Land: 11,160 +/- sq. ft. Year Constructed: 1893 +/- (renovated 2005) Type of Construction: Wood frame and concrete foundationRoof Type: Composite shingleFoundation: ConcreteParking: 6 on-site spaces, including 1 disabledHeating & Air Conditioning: YesElevator Served: NoFire Sprinklers: NoZoning Designation: 5/MR/O (Fifth/Mission/Residential/Office District)Flood Zone Designation: Zone X (500-year) An area inundated by 500-year flooding; an area inundated by 100-year flooding with average depths of less than 1 foot or with drainage area less than 1 square mile; or an area protected by levees from 100-year flooding.

Financial Terms:

Sale Price: $2,850,000 ($542.44 psf)Proforma CAP Rate: 4.86 %Financing: All cash to seller or all cash to New Loan.



https://library.municode.com/ca/san_rafael/codes/code_of_ordinances?nodeId=TIT14ZO_DIVIIBADIRE_CH14.05COOFDI_14.05.022LAUSRE4SRCCSHO23MU23MUWE5MRO



Contact:Mark Cooper








Contact:Mark Cooper



For Sale: Office Building828 Mission Avenue, San Rafael, CA 94901PROFORMA

Property Name:Property Address: 828 Mission Ave., San Rafael, CAAs of Date: 8/7/2019

PGAI @ 100% Occupancy 204,906.00$ Less Vacancy Allowance (3%) (6,147.18)$

Effective Gross Annual Income ("EGI") 198,758.82$

LESS PROFORMA EXPENSESTaxes - Real Property (1% + $5,229) 33,729.00$ Insurance - Building & Liability 3,207.00$ HVAC Maintenance 802.00$ Parking Lot Maintenance -$ Repair & Mainteance 1,100.00$ Security/Fire Sytems 675.00$ Gardending/Landscape 2,070.00$ Janitorial Service 10,542.00$ Utilities - Electricty & Gas 6,284.00$ Utilities - Garbage 1,345.00$ Utilities - Water 615.00$

Total Estimated Expenses 60,369.00$

NET OPERATING INCOME 138,389.82$

Projected Expense Ratio 30.37%

Sale PriceCAP Rate 4.86%

Size: 5,254 sq.ft.Price psf: $542.44 psf

Yield Sales Price: Sq. Ft Price:5.00% 2,767,796.40$ 94.56$ 5.50% 2,516,178.55$ 85.96$ 6.00% 2,306,497.00$ 78.80$ 6.50% 2,129,074.15$ 72.74$ 7.00% 1,976,997.43$ 67.54$

$2,850,000.00

Proforma Income and Expenses:





Contact:Mark Cooper




Downtown San Rafael

Click here to View in Google Maps

MISSION AVENUE

5th Avenue

Lin

coln

Ave

.

4th Street



https://goo.gl/maps/RkhKKxCtZKC4eAuQ9



Contact:Mark Cooper








Contact:Mark Cooper




828





Contact:Mark Cooper




FIRST FLOOR PLAN SECOND FLOOR PLAN





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GROUND FLOOR PLAN





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4th Street



for sale: office building€¦ · hl commercial real estate 70 mitchell blvd., suite 202 san...

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