PROPERTY PARC MARIN - LoopNet...Corte Madera is an affluent, vibrant town of nearly 9,425 residents,...

PA R C M A R I N

O F F E R I N G M E M O R A N D U M

3 2 - U N I T R E N T A L C O M M U N I T Y

P R O P E R T Y

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N O N - E N D O R S E M E N T & D I S C L A I M E R N O T I C E

C O N F I D E N T I A L I T Y & D I S C L A I M E RThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus

& Millichap and should not be made available to any other person or entity without the written consent of Marcus & Millichap or the Owner. This Marketing Brochure has been

prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information

contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap and the Owner has not made any investigation, and makes no warranty

or representation, with respect to the income or expenses for the subject property, the future projected financial income, expense, debt and/or cash flow performance of the

property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and

Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to

continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus

& Millichap and the Owner has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap or the Owner conducted any investigation

regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take

appropriate measures to verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc.

© 2018 Marcus & Millichap. All rights reserved.

N O N - E N D O R S E M E N T N O T I C EMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation's

logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or

any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to

prospective customers.

A L L P R O P E R T Y S H O W I N G S A R E B Y A P P O I N T M E N T O N L Y.P L E A S E C O N S U L T Y O U R M A R C U S & M I L L I C H A P A G E N T F O R M O R E D E T A I L S .

OFFICES THROUGHOUT THE U.S. AND CANADAwww.marcusmillichap.com

P R O P E R T YL O G O

ERICH REICHENBACHFirst Vice President Investments

San Francisco OfficeDirect: (415) 625-2146 // Fax: (415) 963-3010

[email protected]: CA 01860626

JASON PARRManaging Director

Capital Markets | Multifamily Advisory GroupDirect: (415) 773-3588 // Mobile: (415) 407-2106


• 32 UNITS

• 3.48 ACRES

• 10 UNITS PER ACRE

TABLE OF CONTENTS


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• 32 UNITS

• 3.48 ACRES

• 10 UNITS PER ACRE

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap


Property Description

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PROPERT Y OVERVIEW // Parc Mar in

Parc Marin is an upscale boutique rental community nestled in the Corte Madera hillside with convenient freeway access and lush, abundant grounds. The thoughtfully designed residences feature modern one, two, and three-bed-room floor plans, including split-level townhomes. The interior of all units have been completely upgraded with high-end finishes, including: new cabinets, new quartz counter-tops, new flooring, tile surround tub enclosures, in-home washer/dryers and tankless water heaters. All units have private outdoor spaces and 28 of 32 units have individual private fenced yards, with most boasting both a private front, rear yard and master bedroom balcony.

Parc Marin is located on a 3.48-acre, park-like site that has been extensively upgraded to provide residents with a private, condominium-quality environment unmatched by any other apartment community in Southern Marin. In addition to your own private backyard, residents can enjoy the community swimming pool, outdoor BBQ lounge and fire pit. Residents also benefit from Corte Madera’s highly-ranked public schools, which boast California Great Schools rankings of 9 or 10.

Corte Madera is an affluent, vibrant town of nearly 9,425 residents, located 12 miles north of San Francisco. Its residents average an annual median household income of $134,902 with single-homes averaging $1,650,900 and for-sale condominium at $985,000. It is within hiking, biking and driving distance of some of the most beautiful vistas and protected open spaces in the western United States. The Town reflects the easy, outdoor lifestyle long associated with California, with open space and parks bordering waterways to its cosmopolitan, fashionable homes and businesses.

PROPERT Y HIGHLIGHTS // Parc Mar in

• Sprawling Landscaped Central Courtyard

• Expansive Sunbathing Deck

• Condo Quality Finishes

• Modern Quartz Countertops

• Upgraded Cabinetry

• Stainless Steel Appliance Package

• Sparkling Swimming Pool

• In-Home Laundry

• Private Expansive Yards*

• Desirable Commuter Location

• Assigned Parking, Additional Spaces Available

• Pet Friendly

• Outdoor Kitchen, BBQ Area

• Yardi projecting Southern Marin rents to increase 44% by 2029

* Select UnitsP R O P E R T Y D E S C R I P T I O N8


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• In-Home Laundry

• Private Expansive Yards*

• Desirable Commuter Location

• Assigned Parking, Additional Spaces Available

• Pet Friendly

• Outdoor Kitchen, BBQ Area

• Yardi projecting Southern Marin rents to increase 44% by 2029

* Select Units

437,000 Sq FtThe Village at Corte Madera

370,000 Sq Ft

Town Center Corte Madera

Corte Madera

Source: Trulia

2.7 Miles to Golden Gate Ferry Terminal

12 Miles to San Francisco

Median Home Price:

$1,695,900

Corte Madera

Source: Census

Median Household

$134,902

P R O P E R T Y D E S C R I P T I O N 9

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P R O P E R T Y D E S C R I P T I O N10


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Financial Analysis

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SCHEDULED POTENTIAL*

UNIT TYPE # OF UNITS RENTAL RANGE AVERAGE RENT MONTHLY INCOME AVERAGE RENT MONTHLY INCOME

2 Bdr 1 Ba Townhome 23 $3,095-$3,700 $3,399 $78,177 $3,750 $86,250

2 Bdr 1 Ba Flat** 7 $2,795-$3,300 $3,083 $21,583 $3,579 $25,050

3 Bdr 1 Ba Townhome 1 $4,195-$4,195 $4,195 $4,195 $4,195 $4,195

1 Bdr 1 Ba Flat 1 $2,750-$2,750 $2,750 $2,750 $2,950 $2,950

TOTALS/

WEIGHTED AVERAGES32 $3,335 $106,705 $3,701 $118,445

GROSS ANNUALIZED

RENTS$1,280,460 $1,421,340

RENT ROLL SUMMARY // Parc Mar in

F I N A N C I A L A N A L Y S I S22


NOTE: PER MARIN COUNTY RECORDS, THE TOTAL BUILDING SQUARE FOOTAGE IS 32,209 SQUARE FEET.

** UNIT 107, A 2 BDR, 1 BA FLAT CURRENTLY USED AS 1 BDR, 1 BA FLAT, WITH SEPARATE LEASING OFFICE

* POTENTIAL RENT IS BROKERS OPINION OF FAIR MARKET RENT FOR SUBJECT PROPERTY BASED ON THE ENCLOSED RENT SURVEY. BUYER SHOULD CONDUCT ITS OWN MARKET

SURVEY AND INDEPENDENTLY VERIFY.


UNIT TYPE # OF UNITS RENTAL RANGE AVERAGE RENT MONTHLY INCOME AVERAGE RENT MONTHLY INCOME

2 Bdr 1 Ba Townhome 23 $3,095-$3,700 $3,399 $78,177 $3,750 $86,250

2 Bdr 1 Ba Flat** 7 $2,795-$3,300 $3,083 $21,583 $3,579 $25,050

3 Bdr 1 Ba Townhome 1 $4,195-$4,195 $4,195 $4,195 $4,195 $4,195

1 Bdr 1 Ba Flat 1 $2,750-$2,750 $2,750 $2,750 $2,950 $2,950

TOTALS/

WEIGHTED AVERAGES32 $3,335 $106,705 $3,701 $118,445


UNIT UNIT TYPE RENT/MONTH RENT/MONTH

101 2 Bdr 1 Ba Twn $3,450 $3,750

102 2 Bdr 1 Ba Twn $3,500 $3,750

103 2 Bdr 1 Ba Twn $3,345 $3,750

104 2 Bdr 1 Ba Twn $3,495 $3,750

105 2 Bdr 1 Ba Twn $3,395 $3,750

106 2 Bdr 1 Ba Twn $3,395 $3,750

107** 2 Bdr 1 Ba Flat $2,795 $3,550

108 2 Bdr 1 Ba Flat $2,895 $3,550

201 2 Bdr 1 Ba Twn $3,295 $3,750

202 2 Bdr 1 Ba Twn $3,095 $3,750

203 2 Bdr 1 Ba Twn $3,105 $3,750

204 2 Bdr 1 Ba Twn $3,549 $3,750

205 2 Bdr 1 Ba Twn $3,295 $3,750

206 2 Bdr 1 Ba Twn $3,295 $3,750

207 2 Bdr 1 Ba Flat $3,199 $3,550

208 2 Bdr 1 Ba Flat $3,300 $3,550

GROSS ANNUALIZED

RENTS$1,280,460 $1,421,340

RENT ROLL DETAIL // Parc Mar in

F I N A N C I A L A N A L Y S I S 23

** 2 BDR, 1 BA UNIT CONVERTED TO 1 BDR, 1 BA UNIT, PLUS SEPARATE LEASING OFFICE

* POTENTIAL RENT IS BROKERS OPINION OF FAIR MARKET RENT FOR SUBJECT PROPERTY BASED ON THE ENCLOSED RENT SURVEY. BUYER SHOULD CONDUCT ITS OWN

MARKET SURVEY AND INDEPENDENTLY VERIFY.

RENT ROLL DETAIL cont . / / Parc Mar in


UNIT UNIT TYPE RENT/MONTH RENT/MONTH

301 2 Bdr 1 Ba Twn $3,395 $3,750

302 2 Bdr 1 Ba Twn $3,395 $3,750

303 2 Bdr 1 Ba Twn $3,299 $3,750

304 2 Bdr 1 Ba Twn $3,290 $3,750

305 2 Bdr 1 Ba Twn $3,395 $3,750

306 2 Bdr 1 Ba Twn $3,399 $3,750

307 2 Bdr 1 Ba Flat $3,299 $3,550

308 2 Bdr 1 Ba Flat $2,995 $3,550

401 2 Bdr 1 Ba Twn $3,700 $3,750

402 2 Bdr 1 Ba Twn $3,550 $3,750

403 2 Bdr 1 Ba Twn $3,550 $3,750

404 2 Bdr 1 Ba Twn $3,495 $3,750

405 2 Bdr 1 Ba Twn $3,495 $3,750

406 3 Bdr 1 Ba Twn $4,195 $4,195

407 1 Bdr 1 Ba Flat $2,750 $2,950

408 2 Bdr 1 Ba Flat $3,100 $3,750

Total $106,705 $118,445



* POTENTIAL RENT IS BROKERS OPINION OF FAIR MARKET RENT FOR SUBJECT PROPERTY BASED ON THE ENCLOSED RENT SURVEY. BUYER SHOULD CONDUCT ITS OWN

MARKET SURVEY AND INDEPENDENTLY VERIFY.

OPERATING STATEMENT // Parc Mar in

INCOME PROFORMA YEAR 1 PROFORMA PER UNIT PER SF

Gross Scheduled Rent $1,280,460 $1,492,407 $46,638 $46.34

Physical Vacancy 2.0% (25,609) 2.0% (29,848) (933) (0.93)

Total Vacancy 2.0% ($25,609) 2.0% ($29,848) ($933) ($1)

Economic Occupancy 98.00% 98.00%

Effective Rental Income 1,254,851 1,462,559 45,705 45.41

Other Income

Utility Bill-Back 39,169 45,042 1,408 1.40

All Other Income 22,500 32,690 1,022 1.01

Total Other Income $61,669 $77,732 $2,429 $2.41

Effective Gross Income $1,316,520 $1,540,291 $48,134 $47.82

EXPENSES PROFORMA YEAR 1 PROFORMA PER UNIT PER SF

Real Estate Taxes 263,083 263,083 8,221 8.17

Insurance 8,772 8,772 274 0.27

Utilities - Electric 738 738 23 0.02

Utilities - Water 21,393 21,393 669 0.66

Utilities - Gas 461 461 14 0.01

Trash Removal 21,173 21,173 662 0.66

Repairs & Maintenance 37,731 37,731 1,179 1.17

Landscaping/Pool 18,218 18,218 569 0.57

Supplemental Tax Assessments 24,567 24,567 768 0.76

Payroll 50,516 50,516 1,579 1.57

Exterminating 1,800 1,800 56 0.06

General & Administrative 5,000 5,000 156 0.16

Misc. Expenses 5,000 5,000 156 0.16

Management Fee 3.0% 39,486 3.0% 46,209 1,444 1.43

Total Expenses $497,948 $504,661 $15,771 $15.67

Expenses as % of EGI 37.8% 32.8%

Net Operating Income $818,572 $1,035,630 $32,363 $32.15


PRICING DETAIL // Parc Mar in

PRICE $21,000,000

Down Payment $8,400,000

Number of Units 32

Price Per Unit $656,250

Price Per SqFt $651.99

Building SqFt 32,209

Lot Size 3.50 Acres

Approx. Year Built / Substantially Renovated 1961/2017

RE TURNS CURRENT YEAR 1

Cap Rate 3.90% 4.93%

GRM 16.40 14.07

Cash-on-Cash 4.27% 6.85%

Debt Coverage Ratio 1.78 2.25

FINANCING 1ST LOAN

Loan Amount $12,600,000

Loan Type New

Interest Rate 3.65%

Amortization 30 Years

Year Due 2029




Sales Comparables

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65

4

31

2

32 UNITS


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PROPER TIES# OF

UNITSPRICE/

UNITPRICE/

SFYEARBUILT

PARC MARIN // 1441 Casa Buena Dr, Cor te Madera , CA, 94925 32 $656,250 $651.99 1961/2017

1 THE COVE // 50 Barbaree Way, Belvedere Tiburon, CA 94920 281 $907,473 $843 1963

2 THE PIER AT SAUSALITO // 120 Bulk ley Ave, Sausal i to, CA 94965 28 $553,571 $766 1959

3 CENTRAL VALLEY HOME APAR TMENTS // 1 Creekside Way, M i l l Val ley, CA 94941 24 $750,000 $467 1988

4 MALLARD POINTE // 1 Mal lard Rd, Tiburon, CA 94920 22 $827,273 $827 1951

5 MIXED -USE TAM COMMONS // 505 M i l ler Ave, M i l l Val ley, CA 94941 15 $713,333 $811 2010

6 THE LUXURY RESIDENCES // 108 Ross Ave, San Anselmo, CA 94960 10 $650,000 $564 1968

S A L E S C O M P A R A B L E S 31

T H E C O V E50 Barbaree Way, B elvedere Tiburon, CA 94920

1

UNITS UNIT T YPE

Offering Price: $21,000,000 23 2 Bdr 1 Ba Twn House

Price/Unit: $656,250 7 2 Bdr 1 Ba Flat

Price/SF: $651.99 1 3 Bdr 1 Ba

CAP Rate: 3.90% 1 1 Bdr 1 Ba

GRM: 16.40

Total No. of Units: 32

Year Built: 1961/2017

TotalUnits32 Year

Built1961/2017P A R C M A R I N1441 Casa Buena Dr, C orte Madera , CA, 94925

TotalUnits281 Year

Built 1963UNITS UNIT T YPE

Close of Escrow: 3/31/2017 98 1 Bdr 1 Ba

Days on Market: 90 150 2 Bdr 2 Ba

Sales Price: $255,000,000 29 3 Bdr 2 Ba

Price/Unit: $937,500 4 4 Bdr 2 Ba

Price/SF: $843.29

CAP Rate: 3.50%

GRM: 20.00

Total No. of Units 281

Year Built: 1963


NOTES: 100% SUBSTANTIALLY RENOVATED AT A COST APPROACHING APPROXIMATELY $110,000 PER UNIT

NOTES: PROPERTY WAS RENOVATED, BUT SUBSTANTIAL RENOVATIONS REMAINED AND WERE NOT INCLUDED IN PRICE

C E N T R A L V A L L E Y H O M E A P A R T M E N T S1 Creekside Way, Mi l l Val ley, CA 94941

3

TotalUnits28 Year

Built 1959

TotalUnits

YearBuilt 1988

2

UNITS UNIT T YPE


Days on Market: 60 4 2 Bdr 1 Ba

Sales Price: $15,500,000*

Price/Unit: $553,571

Price/SF: $766.00

CAP Rate: 2.74%

GRM: 21.23


Year Built: 1959

T H E P I E R A T S A U S A L I T O120 Bulk ley Ave, Sausa l ito, CA 94965

24UNITS UNIT T YPE


Days on Market: 180

List Price: $18,000,000*


Price/SF: $467.30

CAP Rate: 3.20%

GRM 16.28

Total No . of Units 24

Year Built: 1988

* PRE RENOVATION BASIS



NOTES: PROPERTY WAS IN ORIGINAL CONDITION WITH SUBSTANTIAL RENOVATIONS REQUIRED BY BUYER


M I X E D - U S E T A M C O M M O N S505 Mi l ler Ave, Mi l l Val ley, CA 94941

5

TotalUnits

YearBuilt 1951M A L L A R D P O I N T E

1 Mal lard Rd, Tiburon, CA 94920

TotalUnits

YearBuilt 2010

4

22UNITS UNIT T YPE


Days on Market: 90

Sales Price: $18,200,000*


Price/SF: $827.27

CAP Rate: 3.00%

GRM: 23.30


Year Built: 1951

15UNITS UNIT T YPE

On Market: 3 2 Bdr 1 Ba

List Price: $10,700,000 3 1 Bdr 1 Ba

Price/SF: $811.71 2 1 Bdr 1 Ba

CAP Rate: 3.07% 5 Office

Year Built: 2010 2 Retail

Total Apartment Units: 8

Total Commercial Suites: 7




TotalUnits13 Year

Built 19686

UNITS UNIT T YPE

On Market:

Days on Market: 30 3 3 Bdr 1.5 Ba

Sales Price: $6,450,000 10 2 Bdr 1 Ba


Price/SF: $564

CAP Rate: 4.12%

GRM: 15.14


Year Built: 1969

L U X U R Y R E S I D E N C E S108 Ross Ave, San Anselmo, CA 94960



Rent Comparables

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PROPER TIESSQUARE

FEE TAVERAGE

RENTRENT/

SF

PARC MARIN // 1441 Casa Buena Dr, Cor te Madera , CA, 94925 1,007 $3,335 -

1 THE COVE AT T IBURON // 50 Barbaree Way, Tiburon, CA, 94920 1,150 $5,645 $5.79

2 TAM RIDGE // 199 Tamal Vista B lvd, Cor te Madera , CA 94925 1,038 $4,661 $4.51

3 THE WOODLARK // 965 Magnol ia Ave, Larkspur, CA 94939 861 $3,053 $3.43

4 LARKSPUR COUR TS APAR TMENT // 100 Old Quarr y Rd N, Larkspur, CA 94939 1,051 $3,480 $3.47

5 SERENIT Y AT LARKSPUR // 700 L incoln Vi l lage Cir, Larkspur, CA 94939 903 $3,587 $4.09

RENT COMPARABLES // Parc Marin

R E N T C O M P A R A B L E S 39

P A R C M A R I N1441 Casa Buena Dr // Corte Madera, CA, 94925

Unit Type Units SF Rent Rent/SF

2 Bdr 1 Ba Twnhouse 23 - $3,399 -

2 Bdr 1 Ba Flat 7 - $3,083 -

3 Bdr 1 Ba 1 - $4,195 -

1 Bdr 1 Ba 1 - $2,750 -

Total/Avg. 32 1,007 $3,335 -

T H E C O V E A T T I B U R O N50 Barbaree Way // Tiburon, CA, 94920

1

Unit Type SF Rent Rent/SF

1 Bdr 1 Ba 595-700 $3,575-$3,675 $5.60

2 Bdr 1 Ba 980-1,080 $4,875-$4,975 $4.78

3 Bdr 2 Ba 1,375-1,375 $6,095-$6,095 $4.43

Total/Avg. 1,150 $5,645 $5.79



T A M R I D G E199 Tamal Vista Blvd // Corte Madera, CA, 94925

2 3 T H E W O O D L A R K965 Magnolia Ave // Larkspur, CA, 94939


1 Bdr 1 Ba 621-729 $3,200-$3,400 $4.88

2 Bdr 2 Ba 967-993 $4,150-$4,275 $4.26

3 Bdr 2 Ba 1,237-1,295 $5,300-$5,750 $4.66

Total/Avg. 1,038 $4,661 $4.55


1 Bdr 1 Ba 712 $2,745 $3.85

2 Bdr 1 Ba 897 $3,145 $3.50

2 Bdr 2 Ba 897-950 $3,195-$3,295 $3.51

Total/Avg. 861 $3,053 $3.43


4 L A R K S P U R C O U R T S A P A R T M E N T100 Old Quarry Rd N // Larkspur, CA, 94939

S E R E N I T Y A T L A R K S P U R700 Lincoln Village Cir // Larkspur, CA, 94939

5


1 Bdr 1 Ba 781 $2,847-$3,299 $3.93

2 Bdr 2 Ba 1,077 $3,646-$4,203 $3.65

3 Bdr 2 Ba 1,273 $4,525-$5,252 $3.84

Total/Avg. 1,051 $3,480 $3.51


1 Bdr 1 Ba 708 $3,335-$3,445 $4.78

2 Bdr 1 Ba 896 $3,760-$3,860 $4.12

2 Bdr 2 Ba 946 $4,245-$4,410 $3.81

Total/Avg. 903 $3,587 $4.09




Market Overview

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COUNTY OFM A R I N

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M A R K E T O V E R V I E W46


Located in the North Bay across the Golden Gate Bridge from San Francisco, Marin County is a dynamic community of 250,000 well-educated and involved residents. From its tidelands to the top of Mt. Tamalpais, Marin enjoys a high quality of life marked by beautiful beaches, groves of redwoods and oaks, rolling foothills, and scenic valleys. The mild, year-round Mediterranean climate is highlighted by cool, coastal fog tempering the warm inland temperatures of summer. Incorporated communities include Belvedere, Corte Madera, Fairfax, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael (the County seat), Sausalito, and Tiburon.

Marin County is known for its combination of rural and suburban lifestyles. It is a recreation destination for the entire Bay Area - the Golden Gate National Recreation Area and Point Reyes National Seashore are just two destinations out of more than 140,000 acres of public lands within Marin. The County’s active economy includes insurance related (e.g., Fireman’s Fund), finance, movie and video production (e.g., Lucas Films), agriculture, bio-technology (e.g., BioMarin), computer software (e.g., Autodesk), communications equipment, printing, and tourism. Marin County children excel in school with test scores well above the average. The 19 school districts in Marin range in attendance from 20 to 8,000, the Marin Community College has two campuses (Kentfield and Novato).

M A R I N C O U N T Y

ECONOMIC PROFILEMarin County had yet another strong economic year and is forecasted to continue to grow. As of January 2019, Marin County has a residential unemployment rate of 2.0 percent seasonally adjusted, among the lowest county rates in California. Marin County’s personal income level per capita remains the highest in California by almost $20,000 per person at approximately $107,000 per person. Marin County’s median household income level is topped only by San Francisco and San Mateo counties. More impressively, Corte Madera’s household income is $134,902.

Employment growth continues in Marin County. As of August 2016, Marin County employers added more than 3,300 jobs since August of 2015. Marin County is estimated to have inflation-adjusted (real) gross county product (GCP) growth of approximately 0.8 percent since 2015, a sign that businesses are generating income but the cost of living is also increasing.

REAL ESTATE AND FINANCIAL MARKE TSMarin County housing prices continue to increase in the face of regional demand and low inventories. According to the California Association of REALTORS®, Marin County’s median home price for a single-family home was approximately $1,151,000 VP 4.3% in April 2019, up over 11 percent from April 2018. With continued low interest rates, the threat of interest rates rising soon, and a continued lack of inventory across the Bay Area, Marin County is a microcosm of what remains a tight housing market with excess demand.

The short-term future of residential real estate prices depends on how interest rates adjust to any central banking decisions and global growth, but also to local supply conditions. Rental markets are in similar conditions to homes for purchase. A lack of inventory in rental housing also continues to support relatively high prices regionally. The longer-term depends on jobs and population growth and demographic shifts in demand for the housing stock available.

The placement of both new commercial and residential units in Marin County has continued to be a controversial subject for elected officials and local residents and employers. Issues of drought, traffic and other socioeconomic and environmental issues are part of all these local decisions.

M A R K E T O V E R V I E W 47

• Corte Madera Median Home Price: $1,650,900 (Zillow)

• Corte Madera Median Household Income: $134,902 (Census)

• Unemployment: 2.0%

Marin County had yet another strong economic year and is forecasted to continue

to grow. As of January 2019, Marin County has a residential unemployment rate

of 20% percent seasonally adjusted, among the lowest county rates in California.

Marin County’s personal income level per capita remains the highest in California

by almost $20,000 per person at approximately $107,000 per person. Marin County’s

median household income level is topped only by San Francisco and San Mateo

counties; more impressively, Corte Madera’s household income is $134,902.

Employment growth continues in Marin County. As of January 2019, Marin

County employers added more than 4,200 jobs since January 2018. Marin County

is estimated to have inflation-adjusted (real) gross county product (GCP) growth of

approximately 0.6 percent since 2018, a sign that businesses are still recovering from

the fires of 2017.

CORTE MADERA AND MARIN COUNT Y - ECONOMIC SUMMARY



TOP EMPLOYERSEMPLOYER Number of Employees

Kaiser Permanente 1,972

BioMarin Pharmaceuticals 1,770

Marin General Hospital 1,204

Fireman’s Fund Insurance Company 1,220

Autodesk 900

Dominican University 405

Safeway Inc. 925

Comcast 682

Macy’s 418

Bradley Real Estate 440

LEADING INDUSTRIESNAICS Industry Percent of Employees

Marin County 21.19%

Retail Trade 14.78%

Health Care 13.27%

Accomodation and Food Service 10.27%

Professional, Scientific Technical 9.72%

Finance 8.59%

Administrative Support 8.04%

Construction 7.73%

Other Service 4.84%

Real Estate 4.02%

OCCUPATIONS WITH FASTEST JOB GROWTH (PERCENT OF CHANGE)

Occupation Estimate YearProjected Year

Estimated Employment

Projected Employment Employment Change # Employment Change %

Biomedical Engineers 2012-2022 540 910 370 68.5%Economists 2012-2022 760 1,190 430 56.6%Statisticians 2012-2022 450 680 210 46.7%

Personal Care Aids 2012-2022 26,760 39,260 12,500 46.7%Logisticians 2012-2022 1,250 1,780 530 42.4%

Market Research andMarketing Specialists 2012-2022 10,250 14,480 4,230 41.3%

Interpreters and Translators 2012-2022 860 1,210 350 40.7%Pipelayers 2012-2022 120 170 50 41.7%

Physician Assistants 2012-2022 330 460 130 39.4%Diagnostic Medical

Sonographers 2012-2022 250 350 100 40.0%


INVESTMENT TRENDS // Parc Mar in

• 5.5% Projected Rent Growth

• 3.6% Projected Vacancy Rate

The North Bay market has continued to outperform the greater SF Metro MSA, with year-over-year Rent Growth of 4.60%. Furthermore, at

3.60% the North Bay market’s Vacancy Rate remains one of the lowest in California. While some demand for multifamily units was prompted by one-

time events such as the Sonoma County Fires, overall rental demand should remain consistently strong into 2018. With an abundance of liquidity, historically

low interest rates and favorable TaxReform signed into law, we believe this year will be another strong year for multifamily assets in the North Bay.

MARIN

Marin remains one of the most desirable submarkets in the

US. Currently Marin boasts the highest Effective Rent in the

North Bay. Rent growth is estimated to be 5.5% in 2019 in

this submarket, and Yardi projects that rent growth will

increase another 44% by 2029.

NAPA

Limited rental inventory and a booming wine tourism industry have combined to create

strong rental growth with Napa County establishing a record Average Effective Rent of

$1,688. The City of Napa is working to address the need for more affordable housing

options and approved over 630 units of new multifamily projects for construction in

2017. The largest approved project is the 495-unit Vista Tulocay development.

SONOMA

The catastrophic Sonoma County fires exacerbated an ongoing housing shortage and fueled calls by local officials

to dramatically accelerate the pace of new residential construction. Even with relaxed regulatory hurdles, housing

demand will outsize supply for many years to come. As a result, rental growth rates, vacancy trends and prices

paid per unit will continue to trend better than historical averages, while the pace of new construction will be

determined in the coming remainder of 2018.




Agent Bio

p r o f e s s i o n a l q u a l i f i c a t i o n s

c l i e n t r e f e r e n c e s

s e c t i o n 6

ERICH M. REICHENBACH

First Vice PresidentOffice: (415) 625-2146 [email protected] LIC: CA 01860626

EDUCATION University of California at Santa Barbara

BIOGRAPHY AND EXPERIENCE Ranked number one in sales and dollar volume for multi-family investment properties in Marin and Sonoma Counties, 2014-2018.

Closed over 120 transactions in investment properties including multi-family, industrial, mixed-use, single tenant and shopping centers throughout California.

Negotiated contracts including pricing, deal terms and financing in transactions totaling in excess of $300 million.

Provide analysis, consultation and marketing services directly to real estate investors,purchases, sellers conducted hundreds of broker opinions’ of value.

Extensive experience as a principal in over 10 personal investment properties including multi-family investments, development sites, residential sub-divisions and landinvestments.

Previously functioned as Managing Partner for a regional real estate development companyperforming primary deal analysis on multiple acquisitions and joint-venture targets,including complex P&L, B/S, and Cash Flow valuation modeling.

Developed and executed a successful marketing program for the sale of investment properties, including direct mail, cold calling, advertising (online and in print) and presentations to theinvestment community.

Conduct expensive research in factors affecting the local real estate markets including,macroeconomic conditions, local real estate markets and sub market valuation analysis.

Advise and assist clients in the 1031 Exchange process.

77 BULKLEY AVENUE

CITY STATE UNITS TYPE COE

San Anselmo CA Comm Office/Retail Active

Mill Valley CA 6 Multifamily Active


Stinson Beach CA 5 Commercial Active

Mill Valley CA 6 Multifamily 10/14/2018


Concord CA 28 Multifamily 05/14/2018

San Rafel CA 8 Multifamily 04/20/2018

Sausalito CA N/A Office 03/15/2018

Sausalito CA 2 Multifamily 03/28/2018





A G E N T B I O54

CITY STATE UNITS TYPE COE

San Anselmo CA Comm Office/Retail Active



Stinson Beach CA 5 Commercial Active



Concord CA 28 Multifamily 05/14/2018

San Rafel CA 8 Multifamily 04/20/2018

Sausalito CA N/A Office 03/15/2018






CLIENT REFERENCES // Er ich M. Reichenbach

Mr. Jeff K

“Erich Reichenbach just completed the sale of a 40-unit condominium complex for us in Novato. Thecomplex, comprised of ten 4-unit buildings had 10 owners, all with divergent ideas of how to sell theproperty. Erich was able to convince all ten owners to act collectively and to follow his marketing strategy and as a result we were able realize a selling price that was 30% above our previous offers! The transaction was completed in a professional and efficient manner thanks to Erich’s experience and guidance.”

Jeff K Novato, CaliforniaRepeat Client: Owns in Mill Valley, Corte Madera

Mr. Mike H “Erich Reichenbach has represented us in the purchased several multi-family properties in Marin and he consulted on the analysis of many other potential investment for my firm. In every case, Erich has demonstrated the knowledge and negotiating skills for us to acquire properties at attractive valuation that fit with our investment objectives. In each case, Erich has been a true professional. We look forward to an ongoing relationship with for many years to come.”

Mike H House PropertiesRepeat Client: Owns in Mill Valley, Corte Madera, and Sausalito

Mr. Rob C “Our partnership was like the United States Congress and Senate, it just wasn’t working! They thought they had us, and offered us literally half of what Erich Reichenbach was able to get for us. His ability to deal with owners/partners, attorneys and legal proceeds enabled everyone to have a win win with this transaction.”

Rob CApartment Owner: Sausalito, California

190 THROCKMORTON AVECLOSED: 10/19/2018

55 ROQUE MORAES COURTCLOSED: 05/14/2018

A G E N T B I O 55


ERICH REICHENBACHFirst Vice President Investments

San Francisco OfficeDirect: (415) 625-2146 // Fax: (415) 963-3010


JASON PARRManaging Director

Capital Markets | Multifamily Advisory GroupDirect: (415) 773-3588 // Mobile: (415) 407-2106


PROPERTY PARC MARIN - LoopNet...Corte Madera is an affluent, vibrant town of nearly 9,425 residents,...

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