1974 duplex of 2BR units over two one-car garages and laundry room. To the back a triplex with a brick facade that was formerly the railway station master’s house. According to the Assessor's record, the house was built in 1924, added to in 1939, and become a triplex sometime before 1970.
This is a contractor’s special. The rear building needs substantial remodeling and updating. All three units are vacant and ready to take on a new owner. Full reports available. The price has recently been reduced $200,000.
Five units in two buildings on one parcel. The back triplex was the stationmaster’s house for Southern Pacific Railway, built in 1924. A real estate office was carved out then an addition in 1939. According to the Assessor’s records, it became a triplex sometime before 1970. The front duplex was added in 1974.
Both buildings are wood frame construction with the back triplex having a brick façade on portions of three sides. The front duplex houses a laundry room with new owned equipment. There are also two one-car garages. The duplex has a composition shingle roof and the triplex a mix of flat torch-down and sloped composition shingle. There is some wood shingle roofing over window wells. The triplex has an oversized one-car garage. There is open parking for 3-4 cars.
The property is a street-to-street lot with some additional on-street parking offered up on Park St and additional on-street parking on Red Hill. Units are separately metered for PG&E. The utilities were undergrounded in 2007.
Environmental testing shows a presence of mold in the triplex that will have to be remediated by a new owner. Reports and bids are available. There are also some building permits that were never finalized with the city.
While we believe the highest and best use is to remodel and continue renting the existing vacant triplex, one other option is to demo the triplex and build a new 2-4 unit building in its place. Buyer to confirm with the Town of San Anselmo.
The sellers are looking for a clean “AS-IS” offer and have priced it accordingly. All serious offers will be considered.
With approximately $200,000 of upgrades, you could have a building worth conservatively, $2,100,000. Pricing is based on a 4.5% CAP rate or 15 times income. The upgrades estimate allows for mold remediation ($80,000) and triplex unit upgrades and general building repairs ($120,000).
Alternatively, replace the triplex with new construction. The front duplex would have a value of about $1,050,000 (16 times income) as part of a larger complex. At the asking price, this would leave only $300,000 assigned to the land value for new construction.
Unit A – lower unit of the front duplex. 2BR plus a small office with a large view deck and access to the back yard area. Bath with stall shower. 1-car garage (currently rented out). Electric wall heat. Recently vacated and being rented.
Unit B – Upper unit of the front duplex. 2BR unit plus bonus loft. Both a front view deck and a rear deck and stairs to your private garden area. Vaulted ceilings and a Swedish FP. Bath with stall shower. 1-car garage (currently used by owner). Electric wall heat.
Unit 1 – Lower-level studio in the back triplex. Wall of windows look out onto the San Anselmo hills. Large kitchen. Bathroom with stall shower. Electric baseboard heating.
Unit 2 – Upper-level of the back triplex. Front door opens to a stairway to this compact 2BR apartment. Nice views of the San Anselmo hills. Full bath with shower over tub. Compact kitchen with gas range. Window A/C in living room and wood burning fireplace in the living room. Electric baseboard heating.
Unit 3 – Back studio of triplex with a large kitchen and separate dining area. Full bath with shower over tub. Bonus room downstairs plumbed for an additional half-bath.
- 5 UNITS