For the first time ever, a multifamily property is available for purchase in the exclusive Marin County enclave of Belvedere, California. The Mallard Pointe apartments have just been listed for sale, located on the Belvedere Lagoon.
Listed at $22,500,000, the Mallard Pointe features 22 bungalow-style residences in duplex construction, with 16 of the 22 units featuring private waterfront docks on the exclusive Belvedere Lagoon.
At just north of $1,000,000 per unit, prices typically relegated to San Francisco, the property stands as one of the most desirable pieces of land on the West Coast, and one of the most expensive. Asked whether the pricing is justified, Ryan Wagner of Colliers International says, “When in our lifetime can someone purchase 22 rental units on almost three flat acres on the Belvedere Lagoon? Tear-down homes on the lagoon sell for $3.5 million, and there will never be a viable option to build any substantial amount of additional housing in this elite Bay Area enclave.”
Matt Wagner, also on the listing, adds “In San Francisco investors are waiting in line to purchase assets for three and four caps, while we are offering a comparable yield in a non-rent controlled environment.” The listing brokers confirmed that they have already received extensive interest from investors both locally and internationally.
Originally constructed in the early 1950’s as one of the only structures on the now fully-developed lagoon, these rental units represent a large percentage of the total rental stock in the town of Belvedere.
No stranger to high prices, in August 2015 a single family home on Belvedere Island known locally as Locksley Hall sold for a record $47,500,000. The average single-family home located on the lagoon is over $4 million dollars, offering a glimpse into the type of homes that surround the Mallard Pointe.
Brothers Ryan Wagner of Colliers International and Matt Wagner of Paragon Commercial Brokerage are listing the property. More details on the website: www.themallardpointe.com