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Pineridge 396 Pine Hill Rd

38 Unit Block of Flats £11,189,035 (£294,448/Unit) 5.24% Net Initial Yield Mill Valley, CA 94941

Investment Highlights

  • Rare Offering in Historically Under Supplied Market
  • Immediate Access to Highly Desirable Amenities & Employment Hubs
  • Ability to Draft Off of Mill Valley's Exceptional Demographic Profile
  • Strong Market Fundamentals & Continued Post-Pandemic Growth
  • Average Market Rent at Pineridge Represents a 74% Discount to the Cost of Homeownership in Mill Valley
  • Proximity to Marin County Hiking Trails, Beaches, and Muir Woods National Monument

Executive Summary

Jones Lang LaSalle America’s Inc. (“JLL”), is pleased to present the exclusive listing of Pineridge Apartments (the “Property”), a boutique, value-add multifamily asset located in Mill Valley, California. The Property offers a unique investment opportunity in a highly desirable, supply-constrained market poised for out sized rent growth.
The property contains 38 units and is comprised of one and two bedroom units. The living spaces at Pineridge offer a well maintained, spacious feel, in a quiet suburban community. The asset has undergone interior and exterior improvements, with 100% of the units having been renovated. Each renovated unit features all new flooring and counter tops, stainless steel appliances, and fully-renovated bathrooms.
Situated in Mill Valley, a picturesque city in Marin County just north of San Francisco, this asset sits in a prime location known for its natural beauty, vibrant community, and excellent quality of life. With its convenient proximity to the city and breathtaking scenery, Mill Valley has long been a sought-after residential destination offering residents a quiet abode, with direct access to the largest employment hubs in the Bay Area.
Investors will appreciate the attractive market dynamics of Mill Valley, which has seen consistent demand for housing and limited supply. This asset offers the chance to enter an undersupplied market that has demonstrated resilience even during challenging times like the recent pandemic.
With its ideal location, proximity to amenities, and potential for value appreciation, this 38-unit multifamily asset in Mill Valley presents a rare investment opportunity for investors looking to capitalize on the ongoing demand for quality housing in a prime California location.
Reach out to Ryan Wagner with further interest regarding details and financials for Pineridge Apartments.

Property Facts Under Contract

Price £11,189,035
Price Per Unit £294,448
Sale Type Investment
Net Initial Yield 5.24%
Gross Rent Multiplier 10.83
No. Units 38
Property Type Residential
Property Subtype Apartment
Apartment Style Garden
Building Class C
Lot Size 0.92 AC
Building Size 24,780 SF
Average Occupancy 97%
Number of Floors 2
Year Built/Renovated 1965/2014
Parking Ratio 2.1/1,000 SF

Unit Amenities

  • Cable Ready
  • Dishwasher
  • Disposal
  • Microwave
  • Storage Space
  • Heating
  • Eat-in Kitchen
  • Kitchen
  • Wooden Floors
  • Refrigerator
  • Oven
  • Stainless Steel Appliances
  • Tub/Shower
  • Walk-In Closets
  • Carpet
  • Grill
  • Deck
  • Family Room
  • Patio
  • Smoke Free
  • Wheelchair Accessible (Rooms)
  • Window Coverings

Site Amenities

  • Courtyard
  • Laundry Facilities
  • Pool
  • Property Manager on Site
  • Grill
  • Laundry Service
  • Lift
  • Maintenance on site

Unit Mix Information

Description No. Units Avg. Rent.Mo SF
1+1 24 £2,375 600
2+1 14 £2,720 780

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
050-151-33
Land Assessment
£5,016,351
Improvements Assessment
£7,641,505
Total Assessment
£12,657,856
  • Listing ID: 33599292

  • Date on Market: 22/10/2024

  • Last Updated:

  • Address: 396 Pine Hill Rd, Mill Valley, CA 94941

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