for sale: mixed-use opportunity€¦ · the town of fairfax is an environmentally conscious,...

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

119-123 Bolinas Rd., Fairfax, CA

• Downtown Fairfax • Established Restaurant Tenant• 4BR/1BA Apartment and 1BR/1BA Cottage in Rear• Storage/Studio/Workshop Space

For Sale: Mixed-Use Opportunity

Offering SummaryAsking Price: $1,995,000 Price Per Sq. Ft.: $363 psfTotal Building Sq. Ft.: 5,500 +/- sfTotal Land Sq. Ft.: 5,950 +/- sfIn Place CAP Rate: 4.18%Proforma CAP Rate: 5.53%

10/30/19

Now - Restaurant

Available! !

mailto:[email protected]




For Sale: Mixed-Use Opportunity119-123 Bolinas Rd., Fairfax, CA 94930

Building Description:

The property comprises a two-story mixed use building at the front of the lot, and a single-story cottage with a fenced yard in the rear. The front building was originally built around 1916. The ground floor is leased by popular wine bar and restaurant of approximately 1,800 square feet in the front. The restaurant is available for lease in February, 2020. The ground floor rear is a storage space of 1,000 +/- square feet, with good light and ceiling height. The second floor of the front building has a four-bedroom, one-bath apartment flat of approximately 2,200 square feet. The rear building (500 +/- sq. ft.) is a charming and cozy one-bedroom cottage with a large, private fenced yard.

Location Description:

The property is located on Bolinas Road, at the southern end of Fairfax’s downtown. Stores and restaurants are within two blocks. The Town of Fairfax is an environmentally conscious, progressive community situated in the heart of central Marin County. Fairfax has a current population of approximately 7500. The Town has ordinances preventing chain stores and the town has a goal of retaining its small-town character. The Art Deco era movie theater is the centerpiece of a vibrant nightlife with top-notch restaurants and well-known clubs with venues for jazz and other popular music.

Property Details:

Assessor’s Parcel #: 002-104-08Total Square Feet of Building: 5,500 +/- sq. ft. (owner is source, agent has not verified square footage) Ground Floor Restaurant & Storage: 2,800 +/- sq. ft. Second Floor Apartment: 2,200 +/- sq. ft. Rear Cottage: 500 +/- sq. ft.Total Square Feet of Land: 5,950 +/- sq. ft.Year Constructed: 1916 +/- Type of Construction: Wood frame and stucco sidingRoof Type: 60 MI PVC Welded membraneParking: 3 + Street parkingZoning Designation: CC (Central Commercial)Fire Sprinklers: NoHeating & Air Conditioning - Restaurant Air conditioning and gas heatHeating & Air Conditioning - Residential Gas heat (no air conditioning)Flood Zone Designation: Zone AE (An Area Inundated by 100-year flooding)This land covered by the floodwaters of the base flood is the Special Flood Hazard Area (SFHA) on the NFIP maps. The SFHA is the area where the NFIP’s floodplain management regulations must be enforced and the area where the mandatory purchase of flood insurance applies.


http://library.amlegal.com/nxt/gateway.dll/California/fairfax_ca/title17zoning/chapter17100cccentralcommercialzone?f=templates$fn=default.htm$3.0$vid=amlegal:fairfax_ca$anc=JD_17.100.010





Suite Use Tenant Sq. Ft.Current

Rent / SF Current Rent Proforma/ SF Proforma Rent Lease To Options123 Wine Bar LEASE 1,800 $2.22 $4,000.00 *2.75 $5,130.00 1/31/2020 None

123A Office LEASE 1,000 $1.30 $1,300.00 **1.38 $1,379.00 2/28/2021 one 2 year 3%119A 4 BDR Apt. MTM 2200 $1.59 $3,500.00 1.77 $3,900.00 MTM None119B Cottage LEASE 500 $3.90 $1,950.00 ***5.60 $2,800.00 8/1/2020 None

5,500 Monthly $10,750.00 $13,209.00Annual $129,000.00 $158,508.00

* Rent goes to $4,600 on 2/4/2020** With 3% annual increases*** Renovated and leased at FMV

Current and Proforma Rent Roll:

Financial Terms:

Sale Price: $1,995,000.00 ($362.73 psf)Terms: All cash to seller. All cash to new loan.






Annual Cash Flow Operating Statement119-123 Bolinas, Fairfax

Buyer at COE Proforma

GROSS SCHEDULED RENTAL INCOME $129,000.00 $158,508.00 LESS VACANCY ALLOWANCE 2%) (2,580.00)$ (3,170.16)$ GROSS OPERATING INCOME 126,420.00$ 155,337.84$

ANNUAL OPERATING EXPENSES PGE 275.00$ 275.00$ Insurance-Building & Liability 6,000.00$ 6,000.00$ Management Fees: Offsite (4% of GOO) 5,160.00$ 6,213.51$ Business License 254.00$ 254.00$ Repair & Maintenance (3% of GOO) 3,870.00$ 4,755.24$ Taxes - Real Property ( sale 1% + $7,550 addons) 27,500.00$ 27,500.00$

TOTAL OPERATING EXPENSES 43,059.00$ 44,997.75$

NET INCOME 83,361.00$ 110,340.09$

Cap Rate @ $1,200,000 sale price 4.18% 5.53%Size Sq. Ft: 5,500 5,500GRM: 15.47 12.59Price Per Sq. Ft. $362.73 $362.73Sale Price $1,995,000

Buyer at COE/Proforma Income and Expenses Statement:






Sales Comparables

Sale Date Sale Price Property Address Property City Bldg SF $ Per SF Type Built ZoningIn contract 3,650,000.00$ 1-21 Bolinas Rd Fairfax 7,832 466.04$ Ret/Off/Apts 1915

8/10/2017 1,660,000.00$ 554-558 San Anselmo Ave San Anselmo 3,250 510.77$ Retail/ Office 1912 C-2, San Anselmo7/28/2017 1,050,000.00$ 33 Broadway Blvd Fairfax 2,400 437.50$ Restaurant 191510/5/2017 1,017,000.00$ 69 Bolinas Rd Fairfax 1,364 745.60$ Retail 1921 CC, Fairfax3/30/2017 610,000.00$ 1573 Sir Francis Drake Blvd Fairfax 832 733.17$ Retail 1906 CH

Average Price Per Square Foot: 578.62$






Address: 1-21 Bolinas Rd., Fairfax, CA

Price: $ 3,650,000Type: Retail/Office/ApartmentsSquare Feet: 7,832Price Per Sq. Ft.: $ 466.04Sale Date: In contract

Address: 554-558 San Anselmo Ave., San Anselmo, CA

Price: $ 1,660,000Type: Retail/OfficeSquare Feet: 3,250Price Per Sq. Ft.: $ 510.77Sale Date: 8/10/17

Address: 33 Broadway Blvd., Fairfax, CA

Price: $ 1,050,000Type: RestaurantSquare Feet: 2,400Price Per Sq. Ft.: $ 437.50Sale Date: 7/28/17

Address: 69 Bolinas Rd., Fairfax, CA

Price: $ 1,017,000Type: RetailSquare Feet: 1,364Price Per Sq. Ft.: $ 745.60Sale Date: 10/5/17

Address: 1573 Sir Francis Drake Blvd., Fairfax, CA

Price: $ 610,000Type: RetailSquare Feet: 832Price Per Sq. Ft.: $ 733.17Sale Date: 3/30/17

Sales Comparables






Click here to View in Google Maps

Fairfax

San Anselmo

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BROADWAY CENTER BLVD.


https://goo.gl/maps/Upf397SUHdR2





Ground Floor - RestaurantGround Floor - Office

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Floor Plans Not to Scale

Office

Prep Area

Kitchen

Restroom

Dining Area

Bar

Office 1Office 3

Office 2

Restroom

OfficeEntry

Open Work Space






Floor Plans Not to Scale

2nd Floor - Apartment

Cottage

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Bedroom 4Bedroom 3

Bedroom 2

Kitchen

Bathroom

Bedroom 1


for sale: mixed-use opportunity€¦ · the town of fairfax is an environmentally conscious,...

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