SAN RAFAEL, CA Downtown Commercial Building for Sale...San Rafael, CA 94901 $380.69 $1,185,088 - Allocated 03/23/2018 Allocated RetailFreestanding-3,113 SF 4202781 Double Escrow 50

PETER GETTNER(415) [email protected] LIC # 00785623

DIRCK BRINCKERHOFF, CCIM(415) [email protected] LIC # 00657732

PREPARED BY:

HL Commercial Real Estate

1001 IRWIN

S T R E E TSAN RAFAEL, CA

DowntownCommercial

Building for Sale

mailto:peter%40hlcre.com?subject=

mailto:dirck%40hlcre.com?subject=

OFFERING MEMORANDUM 1001 IRWIN STREET, SAN RAFAEL, CAHL Commercial Real Estate

DISCLOSURE STATEMENT

DISCLOSURE STATEMENTNo 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 by our principals. The prospective purchaser/lessee should independently verify all information.

Golden Gate Park

Prepared by:

Dirck Brinckerhoff, CCIM(415) [email protected] LIC # 00657732

HL Commercial Real Estate70 Mitchell Blvd., Suite 202

San Rafael, CA 94903 www.hlcre.com

3/6/20

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




SUMMARYLOCATION: 1001 Irwin Street San Rafael, CA 94901

APN: 014-085-09

TOTAL SQUARE FEET: 6,044 +/- sq. ft. (ALTA/NSPS Land Title Survey is source)

TOTAL SQ. FT OF LAND: 13,000 +/- sq. ft.

PARKING: 12 on site parking spaces

YEAR CONSTRUCTION: 1971 +/-

TYPE OF CONSTRUCTION: Concrete tilt up

ZONING: C/O Commercial/Office District

ROOF: Single ply white vinyl

STORIES: One story building

FIRE SPRINKLERS: No

HEATING AND AIR CONDITIONING: Yes, in showroom only

PROPERTY OVERVIEW

Conveniently located close to downtown San Rafael, this building works well as a Tire Shop, Auto Repair or Showroom facility.

The property was built in 1971 by a respected local builder and consists of a showroom with great window line, office space, restroom and 6 bays, each with its own roll-up door.

There are 12 parking spaces on site. A free standing 20’ backlit pole sign sits at the corner of the property.

The building is constructed of concrete tilt up with a single ply white vinyl roof.

PROPERTY DESCRIPTION

OFFERING SUMMARYPRICE

$3,200,000PRICE PER SQ. FT.

$529TOTAL BUILDING SQ. FT.

6,044



HIGHLIGHTSOWNER/USER OPPORTUNITY

LARGE SHOWROOM WITH OFFICES & PRIVATE RESTROOMS

PARKING ON SITE

CLOSE TO HWY. 101


LOCATION OVERVIEW

This commercial building is situated in a very convenient location for businesses and residents, just a few blocks from Highway 101 and Downtown San Rafael, it’s transportation center, services and restaurants.


Click here to View in Google Maps

IRWIN STREET

FIFTH AVENUE

4TH STREET

https://goo.gl/maps/6NTwj5wZwfD24Ret8



SUBJECT PROPERTY



ZONING AND CURRENT USES:

The current City of San Rafael zoning for the property is C/O (Commercial/Office District).

The Commercial/Office District promotes retail, office, mixed retail/office/residential uses, and cultural facilities. The commercial/office district is different from the downtown zoning districts in that it provides greater opportunity for office and financial uses in first-floor locations. Residential units are promoted to provide evening and weekend activity, increase the city’s supply of housing units and support downtown activities and uses.

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

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



SUBJECT PROPERTY

Marin County Tax Assessor’s Parcel No: 014-085-09



Marin County Tax Assessor’s Parcel No: 014-085-09



4th

Stre

et

Irwin Street

Driveway

Entry

Showroom

Office

Restroom

Restroom

StaffRoom

Bays/Workstations

Driveway

LubricantDeliverySystem

Compressor


SALES COMPARABLES

Sales Comparables

7 941 Sir Francis Drake Blvd SOLD

074-031-58

Kentfield, CA 94904Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$221.26$2,265,000 - Confirmed01/30/2019 (237 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

RetailBuilt 1954 Age: 6510,237 SF

Marin County

Research Status:Sale Conditions: 1031 ExchangeComp ID: 4674874


168-192-28

Lagunitas, CA 94938Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$252.49$1,900,000 - Full Value03/29/2019 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

RetailStorefront Retail/OfficeBuilt 1925 Age: 947,525 SF

Marin County

Research Status:Sale Conditions: -Comp ID: 4726351

9 2-6 Miller Ave SOLD

028-061-08

Mill Valley, CA 94941Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$220.74$2,450,000 - Confirmed04/24/2018 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County


10 558 Miller Ave SOLD

048-134-12


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

4.30%-

Parcel No:

Confirmed

RetailStorefront Retail/ResidentialBuilt 1928 Age: 903,010 SF

Marin County


11 1050 Redwood Hwy Frontage Rd SOLD

034-071-08


Pro Forma CapRate:


Actual Cap Rate:

$84.44$228,00004/24/2018 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Public Record

RetailBuilt 1940 Age: 782,700 SF

Marin County


12 227 Shoreline Hwy - Walgreens SOLD

052-051-31, 052-051-32


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

-4.78%

Parcel No:

Confirmed

RetailDrug StoreBuilt 2000 Age: 1913,905 SF

Marin County

Research Status:Sale Conditions: 1031 Exchange, Investment Triple NetComp ID: 4887707

Ind, Retail and Specialty Sold Marin - Past 2 Years

Copyrighted report licensed to HL Commercial Real Estate - 650914. 2/7/2020

Page 2

31 10 Pimentel Ct SOLD

157-461-02

Novato, CA 94949Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed

Class C IndustrialServiceBuilt 1978 Age: 407,572 SF

Marin County


32 23 Pimentel Ct SOLD

157-461-04


Pro Forma CapRate:


Actual Cap Rate:

$1,015.68$18,790,000 - Full Value12/23/2019 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value

Class C IndustrialWarehouseBuilt 1984 Age: 3518,500 SF

Marin County


33 7078 Redwood Blvd SOLD

153-162-68


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed

SpecialtyLodge/Meeting HallBuilt 1952 Age: 673,570 SF

Marin County

Research Status:Sale Conditions: Deferred MaintenanceComp ID: 4911125

34 7380 Redwood Blvd SOLD

153-044-03


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed

RetailStorefrontBuilt 1950 Age: 692,830 SF

Marin County


35 113 Vintage Way - Oil Changers SOLD

153-340-22


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

-6.99%

Parcel No:

Confirmed

RetailAuto RepairBuilt 1998 Age: 212,580 SF

Marin County


36 11401 State Route 1 SOLD

119-198-03

Point Reyes Station, CA 94956Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Full Value

RetailService StationBuilt 1958 Age: 606,380 SF

Marin County




Page 6

49 820 2nd St - Multi-Property Sale (Part of Multi-Property) SOLD

San Rafael, CA 94901Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$380.69$1,185,088 - Allocated03/23/2018 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

RetailFreestanding-3,113 SF

Marin County

Research Status:Sale Conditions: Double EscrowComp ID: 4202781

50 1112 2nd St SOLD

011-262-11, 011-262-19


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County


51 1320 2nd St - Chevron SOLD

011-254-11, 011-254-12, 011-254-13


Pro Forma CapRate:


Actual Cap Rate:

$1,494.57$1,650,000 - Confirmed07/18/2019 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

RetailService StationBuilt 1970 Age: 491,104 SF

Marin County




Pro Forma CapRate:


Actual Cap Rate:

$402.26$402,257 - Allocated03/30/2018 (715 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

RetailFreestandingBuilt 1941 Age: 771,000 SF

Marin County




Pro Forma CapRate:


Actual Cap Rate:

$226.21$3,222,743 - Allocated03/30/2018 (715 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated


Marin County


54 508 3rd St SOLD

014-123-26


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County

Research Status:Sale Conditions: Purchase By TenantComp ID: 5042058



Page 9

1

2

3


SALES COMPARABLES

Sales Comparables

37 3-11 Ross Cmn SOLD

073-273-13

Ross, CA 94957Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

-5.50%

Parcel No:

Confirmed

RetailStorefront Retail/ResidentialBuilt 1918 Age: 1006,710 SF

Marin County


38 40-44 Greenfield Ave (Part of Multi-Property) SOLD

-

San Anselmo, CA 94960Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$353.75$2,091,353 - Allocated05/08/2018 (253 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated


Marin County


39 50-52 Greenfield Ave (Part of Multi-Property) SOLD

-


Pro Forma CapRate:


Actual Cap Rate:

$292.73$658,647 - Allocated05/08/2018 (253 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated


Marin County


40 508-510 Red Hill Ave SOLD

006-121-01


Pro Forma CapRate:


Actual Cap Rate:

$451.58$900,000 - Confirmed07/19/2019 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County


41 235 San Anselmo Ave SOLD

007-284-14


Pro Forma CapRate:


Actual Cap Rate:

$319.12$449,00005/09/2018 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Public Record


Marin County


42 526-536 San Anselmo Ave SOLD

006-102-11


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

-6.43%

Parcel No:

Confirmed


Marin County

Research Status:Sale Conditions: 1031 Exchange, Deferred MaintenanceComp ID: 4212423



Page 7

91 28 Paul Dr SOLD

155-151-06


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County


92 75 Pelican Way SOLD

009-291-36


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County


93 3773 Redwood Hwy SOLD

179-064-01


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County

Research Status:Sale Conditions: Redevelopment ProjectComp ID: 4141835

94 34 Ritter St - Multi-Property Sale (Part of Multi-Property) SOLD


Pro Forma CapRate:


Actual Cap Rate:

$498.80$765,166 - Allocated03/26/2018 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

RetailService Station-1,534 SF

Marin County


95 34 Ritter St - Multi-Property Sale (Part of Multi-Property) SOLD


Pro Forma CapRate:


Actual Cap Rate:

$498.77$765,109 - Allocated03/23/2018 Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Allocated

RetailService Station-1,534 SF

Marin County


96 109 Verdi St SOLD

008-104-04


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County




Page 16

1 305 Montecito Dr SOLD

025-036-05

Corte Madera, CA 94925Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$442.07$1,240,000 - Full Value07/10/2018 (63 days on mkt) Bldg Type:

Year Built/Age:RBA:

--

Parcel No:

Full Value


Marin County


2 1-21 Bolinas Rd SOLD

002-121-22

Fairfax, CA 94930Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

-4.86%

Parcel No:

Confirmed


Marin County


3 85 Bolinas Rd - Fairfax Square SOLD

002-122-47

Fairfax, CA 94930Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

6.81%3.01%

Parcel No:

Confirmed


Marin County



168-131-23

Forest Knolls, CA 94933Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

-4.72%

Parcel No:

Confirmed


Marin County



074-031-56

Greenbrae, CA 94904Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Marin County

Research Status:Sale Conditions: 1031 Exchange, Redevelopment ProjectComp ID: 4538154

6 37 Cypress Ave SOLD

100-141-01, 100-162-01

Kentfield, CA 94904Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Full Value

RetailStorefront-22,720 SF

Marin County




Page 1

4

5

6

SALES COMPARABLES

SUBJECT: 1001 IRWIN STREET

113 VINTAGE WAY, NOVATO

937 SIR FRANCIS DRAKE BLVD., GREENBRAE

34 RITTER STREET, SAN RAFAEL

34 RITTER STREET, SAN RAFAEL

Sales Comparables

227 SHORELINE HWY, MILL VALLEY

1320 2ND STREET, SAN RAFAEL

2

5

1

3

4

6


SBA FINANCIAL SCENARIOSBA 504 Loan Scenario

1001 Irwin St.

Own the Business? Own the Building.

Building Purchase Price $3,200,000Construction $0Professional Fees $0Other Expenses $0Total Project Costs $3,200,000

Loan StructureBank 1st Mortgage 50% $1,600,000SBA 504 2nd Mortgage 40% $1,317,000Down Payment 10% $320,000Total Project with Fees 100.00% $3,237,000

Loan Amount Rate Term Amort Monthly Pymt Annual PymtBank 1st Mortgage 1,600,000$ 4.50% 10 Yrs 25 Yrs 8,893$ 106,720$SBA 504 2nd Mortgage* 1,317,000$ 3.64% 25 Yrs 25 Yrs 6,693$ 80,310$Down Payment 320,000$

Total Financing 2,917,000$ 4.11% 15,586$ 187,030$

Assumptions:

For more information contact TMC:

Your SBA 504 ExpertAnna O'BrienTMC FinancingSVP, Business [email protected]

90% SBA 504 Financing Example

● Bank rate, terms and fees are estimated and will vary depending on approval. ● SBA rate is as of Oct. Actual rate is set at debenture rate. ● SBA Fee is estimated at 2.65% plus a $2,500 legal fee. All SBA fees are financed in the 504 loan.

● Related costs including appraisal and environmental reports, escrow closing costs (including insurance and legal closing costs) and other soft costs may be included in the loan.

● 90% LTV financing generally does not require additional collateral.

*Includes financed SBA fee of $37,000

50%

40%

10%

Bank Loan

SBA 504 Loan

Injection


CONTACT INFORMATION

Golden Gate Park

Prepared by:

HL Commercial Real Estate70 Mitchell Blvd., Suite 202

San Rafael, CA 94903 www.hlcre.com

Dirck Brinckerhoff, CCIM(415) [email protected] LIC # 00657732

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



Documents

SAN RAFAEL, CA Downtown Commercial Building for Sale...San Rafael, CA 94901 $380.69 $1,185,088 - Allocated 03/23/2018 Allocated RetailFreestanding-3,113 SF 4202781 Double Escrow 50