- Property Type: Commercial Mixed-Use
- Offer Status: Sold!
- City: Fairfax
- Units: 7
- Cap Rate: 5.00
- GRM: 15.43
- Building Size: 8,000 ft²
- Year Built: 1922
Investment Overview
The Alpine Building
Location: This two story mixed use property is the landmark building in downtown Fairfax, California and is located at the corner of Bolinas Road and Broadway. It is near public transportation and just across the street from abundant public parking and the Golden Gate Transit bus stop. It is near Sir Francis Drake Boulevard, which is the main artery to West Marin County towns and beaches. It is located near quick access to Highway 101 running north and south through Marin County, California.
Description: This is a two story mixed use stucco building built in approximately 1922, with four separate retail spaces on the ground floor. The upper floor includes two one bedroom, one bath apartments and a 1,800 square foot space that is being rented out to an acupuncture business. The current long term tenants include a hair salon, coffee bar, pizza restaurant, an imported clothing store and an acupuncture business. The upper floor apartments and hallways are hardwood with 12 foot ceilings and some original woodwork and moldings from the early 1900’s. This is a landmark downtown Fairfax building and is the anchor property on the west side of Bolinas Avenue.
The lower level of the property is a basement with mechanical equipment to operate the property. Most tenants are on separate gas and electric meters, so the owner’s utility bills are quite low for a property of this size. The gross rental square footage of the property is 7,557 square feet. The remainder of the 8,000 square foot property is storage rooms, hallways and a stairwell.
The flat roof is tar and gravel and the exterior is stucco. The owner has operated the property for the past 40 years and it is well maintained and managed. There is no off street parking at the property.
Most tenants are long term (from 5-23 years) and some rents are significantly below current market rents for downtown Fairfax.
A new owner has the opportunity to further improve the property and eventually raise rents to existing market rents.
Financing: Owner wishes to cash out. Local lenders who may lend on this property include First Federal of San Rafael, Bank of Marin and other private banks.
Features:
- 4 Retail Units
- 1,800 sq. ft. of Office
- 2 Apartments
- High Visibility for Retail Traffic
- Central Location for Office Suites
- 1922 Built Stucco Building
Property Photos
