NOT LISTED FOR SALE

40 Princess St Sausalito, CA 94965

Estimated Value: $2,640,899

6 Beds
6 Baths
4,000 Sq Ft
$660/Sq Ft Est. Value

Last Sold September 13, 2022

Last sale price $3,000,000 $750 Per Sq Ft

Est. 12% decrease in value since last sale

Current estimated payment $17,810/month

177 Days on Market

Highlights

  • Views of San Francisco
  • Victorian Architecture
  • 1-minute walk to Yee Tock Chee Park
  • Tamalpais High School Rated A
  • Heating Available

About This Home

As of September 2022

A potential 6-unit mixed-use investment property consisting of two 3-bed-room, 2 bath units, 1-studio, 1 bath unit and three offices. Located in the heart of Sausalito, this well-maintained structure is endowed with substantial intrinsic value based on its classical Victorian architecture and absolutely premier location. With sweeping views of beautiful San Francisco Bay, this rare property allows for the potential re-configuration into a variety of uses including additional multi-family units and optimally situated boutique retail and office spaces. Currently, operates the property as a boutique Bed & Breakfast Hotel. The existing configuration includes six hotel rooms, one residential apartment and one office suite. Alternative uses are allowed. A renovation plan with guidance from the City of Sausalito will help a future investor achieve substantial market-level rents across all units. Property is extremely well suited to provide strong returns and considerable value appreciation.

Last Agent to Sell the Property

Erich Reichenbach

Marcus & Millichap Real Estate License #01860626 Listed on: 03/15/2022

Last Buyer's Agent

John Warner

John Warner, Broker License #DRE #01249361

Property Details

Home Type

  • Apartment

Year Built

  • Built in 1920

Lot Details

  • 3,489 Sq Ft Lot

Property Views

  • Bay
  • San Francisco
  • Views of the Bay Bridge
  • Bridge
  • Downtown

Home Design

  • Victorian Architecture
  • Mixed Use
  • Concrete Foundation
  • Bitumen Roof

Interior Spaces

  • 6 Bedrooms
  • 4,000 Sq Ft Home
  • 3-Story Property
  • Washer and Dryer Hookup

Utilities

  • No Cooling
  • Heating Available
  • Individual Gas Meter
  • Internet Available
  • Cable TV Available

Community Details

  • 6 Units
  • Gross Income $243,600

Listing and Financial Details

  • Assessor Parcel Number 065-131-15

Property Details

Home Type

Apartment

Year Built

Built in 1920

Lot Details

0

Listing Details

  • Type: Residential Income
  • Property Sub Type: Other
  • Subtype Description: Apartments, Mixed Use
  • Directions To Property: Bridgeway to Princess Street
  • Lot Size Acres: 0.0801
  • Stories: 3
  • CapRate: 4.60
  • Actual or Scheduled: Scheduled
  • ArchitecturalStyle: Victorian
  • Number Commercial Units: 3
  • Special Features: None

Interior Features

  • Price Per Square Foot: 750.00
  • Square Footage: 4000.00
  • NumberOfBuildings: 1

Exterior Features

  • Foundation: Concrete
  • Lot Features: Sidewalk
  • Roof: Bitumen
  • View: Bay, Bay Bridge, Bridges, City, Downtown, San Francisco

Garage/Parking

  • Parking Features: Other

Utilities

  • Cooling: None
  • Sewer: Public Sewer
  • Utilities: Cable Available, City, Internet Available
  • Water Source: Public
  • Heating: Individual
  • Laundry Features: Washer/Dryer Hookups
  • Separate Meters: Electricity, Gas

Lot Info

  • Assessor Parcel Number: 065-131-15
  • Lot Size Sq Ft: 3489.00

Building Info

  • Year Built: 1920

Multi Family

  • Number of 3 Bedroom Units: 2
  • Number of Studio Units: 1
  • NumberOfUnitsTotal: 6

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Mar 15, 2022
Closed on
Sep 12, 2022
Sold by
Neverrriore43 Llc
Bought by
596 Sausalito Blvd Llc
Seller's Agent
Erich Reichenbach
Marcus & Millichap Real Estate
Buyer's Agent
John Warner
John Warner, Broker
List Price
$3,875,000
Sold Price
$3,000,000
Premium/Discount to List
-$875,000
-22.58%
Views
2
Current Estimated Value
$2,640,899

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$359,101
Avg. Annual Appreciation
-3.78%
Original Mortgage
$1,950,000
Outstanding Balance
$1,863,740
Interest Rate
5.3%
Mortgage Type
New Conventional
Estimated Equity
$777,159

Purchase Details

Closed on
Dec 20, 2016
Sold by
Chador Michelle
Bought by
Chador Daniel M

Purchase Details

Closed on
Dec 19, 2016
Sold by
The Gables Inn Sausalito Llc
Bought by
Nevermore 43 Llc

Purchase Details

Closed on
Dec 12, 2016
Sold by
Chador Daniel M and Pratt Bruce C
Bought by
The Gables Inn Sausalito Llc

Purchase Details

Closed on
Nov 20, 2014
Sold by
The Gables Inn Sausalito Llc
Bought by
Chador Daniel M and Pratt Bruce C

Purchase Details

Closed on
Aug 6, 2007
Sold by
Pratt Bruce
Bought by
The Gables Inn Sausalito Llc

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,600,000
Interest Rate
6.87%
Mortgage Type
Commercial

Purchase Details

Closed on
Jul 17, 2007
Sold by
Chador Abraham and Abrahman Chador & Co Inc Money
Bought by
Pratt Bruce

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$1,600,000
Interest Rate
6.87%
Mortgage Type
Commercial

Purchase Details

Closed on
Apr 17, 2007
Sold by
Pratt Stephanie
Bought by
Pratt Bruce
Source: Public Records

Range of Values:

--
Value Increase
--
Percent Increase
--
Adjusted for Inflation
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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Buyer Sale Price Title Company
596 Sausalito Blvd Llc $3,000,000 Old Republic Title
Chador Daniel M -- Fidelity National Title Co
Nevermore 43 Llc $4,000,000 Fidelity National Title Co
Pratt Bruce C -- Fidelity National Title Co
The Gables Inn Sausalito Llc -- Old Republic Title
Chador Daniel M -- None Available
The Gables Inn Sausalito Llc -- Old Republic Title Company
Pratt Bruce $2,000,000 Old Republic Title Company
Pratt Bruce -- Old Republic Title Company
Source: Public Records

Mortgage History

Date Status Borrower Loan Amount
Open 596 Sausalito Blvd Llc $1,950,000
Previous Owner Pratt Bruce $1,600,000
Source: Public Records

Property History

Date Event Price List to Sale Price per Sq Ft
09/13/2022 09/13/22 Sold $3,000,000 0.0% $750 / Sq Ft
08/15/2022 08/15/22 Off Market $3,000,000 -- --
03/15/2022 03/15/22 For Sale $3,875,000 -- $969 / Sq Ft
Source: Bay Area Real Estate Information Services (BAREIS)

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $48,183 $3,121,102 $544,649 $2,576,453
2024 $43,186 $3,059,952 $533,970 $2,525,982
2023 $42,866 $3,000,000 $523,500 $2,476,500
2022 $56,624 $4,376,920 $3,827,705 $549,215
2021 $55,614 $4,291,160 $3,752,665 $538,495
2020 $55,566 $4,247,200 $3,714,200 $533,000
2019 $54,183 $4,161,600 $3,641,400 $520,200
2018 $52,830 $4,080,000 $3,570,000 $510,000
2017 $54,215 $4,000,000 $3,500,000 $500,000
2016 $33,942 $2,219,099 $1,497,892 $721,207
2015 $34,274 $2,185,779 $1,475,401 $710,378
2014 $26,584 $2,000,000 $1,200,000 $800,000
Source: Public Records

Agents Affiliated with this Home

  • Erich Reichenbach

    Seller's Agent in 2022

    Erich Reichenbach

    Marcus & Millichap Real Estate

    (415) 625-2146

    2 in this area

    13 Total Sales

    Erich Reichenbach
    Section Image
  • John Warner

    Buyer's Agent in 2022

    John Warner

    John Warner, Broker

    (415) 269-5566

    1 in this area

    13 Total Sales

    John Warner
    Section Image
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Map

Source: Bay Area Real Estate Information Services (BAREIS)

MLS Number: 322022022

Bay Area Real Estate Information Services (BAREIS)

APN: 065-131-15

California Marin County Sausalito 94965

40 Princess St, Sausalito, CA

Not Listed for Sale

MultiFamily

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