for sale 1251 south eliseo drive -...

Nick Egide | BRE# [email protected]

The information herein has not been independently verified by the real estate brokers. Interested parties should have experts of their choice inspect and verify all information.Real estate brokers are not experts with respect to building construction, environmental, legal, tax, and other such matters.

68 Mitchell Blvd., #100 | San Rafael, CA 94903(415) 451-4900 | www.meridiancommercial.com

1251 South Eliseo DriveGreenbrae | California

FOR SALE




Property Details

1251 South Eliseo in Greenbrae is located in the most sought after medical enclave in Marin County one block from Marin General Hospital. Marin General Hospital is currently working on a $600 Million renovation and expansion that will further enhance the desirability of this medical community. Buildings for sale in this area are very rare

1251 South Eliseo offers two unique opportunities.

1. Owner-user: A 26,638± square foot medical facility that is ideal for a skilled nursing or acute care practice. There is existing county approval for a 70 bed facility and the building is currently in the process of getting OSHPD approvals.

2. Development: Currently a national health care facility desiring a long-term lease for an acute care site has negotiated a Letter of Intent to lease the site. Contact listing agent for specific details.

The building in its current state will require extensive renovations.

Building Size: 26,638± square feet

Lot Size: 1.30± acres

Parking: 34 off-street with street parking

Zoning: AP Administrative Professional

Year Built: 1969

Price: $14,995,000


FOR SALE

• 43 treatment rooms • Physical and occupational therapy rooms

• Former skilled nursing facility • Laundry room

• Full kitchen and dining room facilities • Recreation area

• Private en suite bathrooms in all rooms • Tranquil park and creek-side setting





FOR SALE

*Design review and conditional use permit for a total of 70 beds approved by the City of Larkspur, pending OSHPD approval





FOR SALE




Market Overview

Marin CountyMarin County serves primarily as a wealthy bedroom community for San Francisco and related Bay Area business centers. It is blessed with an excellent climate, unsurpassed scenery and recreational opportunities, low crime, and excellent schools. The county lies immediately north of San Francisco across the Golden Gate Bridge. The county’s character is rural and it contains many parks, such as the Golden Gate National Recreation Area, Point Reyes National Seashore, and Mount Tamalpais State Park. Sonoma County to the north, the San Francisco Bay to the east, and San Francisco to the south, Pacific Ocean to the west border Marin County. Marin County contains an approximate 521 square miles of which one-third is set aside for parks and open space preserves.

PopulationThe Bay Area has witnessed rapid growth during the last three decades and is recognized as the fourth largest metropolitan area in the nation. The population of Marin County increased from 223,400 in 1985 to 261,221 in 2014. Marin’s growth rate through the 1990’s was relatively stable at approximately 0.7% annually.

Total Population Marin County

2011 2012 2013 2014253,040 254,790 255,056 261,221

IncomeMarin County is characterized by very high-income levels. While the population has grown only slowly over the last 20 years, all indices of income have grown at a very rapid pace. In essence, Marin County has been transformed over that period to an area of wealth and high disposable income. By way of example, average household income grew from $83,000 in 1990 to $91,529 in 2014. That number is expected to continuously climb.


FOR SALE

Marin County Demographic OverviewTotal Population (2014): 261,221Population 65 and over: 20%Employed: 136,200Unemployed: 6,500

EmploymentAccording to the California State Economic and Development Department, as of February 2016 Marin County’s unemployment rate was 3.2%. The unemployment rate in the San Francisco MSA was 5.2% in 2016. This compares with an unadjusted unemployment rate of 5.6% and 5.2% for California and for the nation during the same period.

Many research and development companies are choosing to locate or remain in Marin due to the quality of life available to the employees and the existence of more natural environment, which fosters creativity. Other advantages include a much shorter and less hectic commute to and from places of employment.

Lately, Marin has been a hot bed for pharmaceutical, biomedical and gaming companies. BioMarin, maker of orphan drugs have committed themselves further to the Marin market by purchasing the 350,000 square foot office project they occupy. Eighty percent of its 1,300 employees are based Marin County. In addition, the County houses the world renowned, Buck Center, devoted solely to research on aging and age-related diseases. The County has consistently had one of the lowest unemployment rates in the California.





FOR SALEHousingThe median home sales price increased from $314,250 in 1993 to $523,000 in 2000 and finally to $822,400 in 2013. The Greenbrae/Kentfield area currently has a median home sales price of $2,014,000 and an average listing price of $2,814,275 as of 2016.

SummaryMarin County is one of the most desirable places to live with housing prices, average income and buying power among the highest in the nation.

As a wealthy bedroom community for San Francisco, southern Marin County provides a trade area composed of affluent educated consumers. With virtually zero developable land available; it is highly unlikely that any new competing nursing facilities will be built in the Property’s primary and secondary market areas.

Marin County is anticipated to continue to maintain its position as one of the most desirable places to live in the Bay Area and will continue to attract the wealthiest sector of the population. Overall, both the immediate and long-term projections for the county are positive.

In conclusion, Marin County is an area, which offers growing economic opportunity, diverse recreational amenities, and a variety of tranquil communities. The unique character of Marin is enhanced by its desirable climate, varied topography and spectacular coastline. The County is presently entering into a new phase of maturation. Changes in both lifestyle and technology will permit Marin to grow and change with attention focused on the future, providing it residents a quality of life known to few other places.

Greenbrae/Larkspur/KentfieldGreenbrae is home to Marin General Hospital. Measure F will cover the majority of the $600 Million needed to complete Marin General’s building plan to seismically upgrade and rebuild major portions of the facilities. Marin General is also the only trauma unit in Marin County. In addition, due to the location of the hospital, the area has become a medical enclave serving the entire County.





FOR SALE

Ross$1,320,000

Kentfield$166,234

Greenbrae$137,377

Larkspur$118,129

Tiburon$152,719

Corte Madera$141,448

Mill Valley$140,620

Belvedere$185,590

Average Annual Household Income





FOR SALE

Marin General Hospital

Larkspur Ferry Terminal

Sir Francis Drake Blvd.

To San Francisco

1251 South Eliseo Drive

Marin Catholic

High School

Redwood High School

Bon Air Shopping

Center

Marin Country

Mart

To Sonoma

To Richmond





FOR SALE

Marin General Hospital

1251 South Eliseo Drive

for sale 1251 south eliseo drive -...

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