Significant Add Value Opportunity
San Francisco, CA, March 2, 2021
innovation Properties Group is pleased to announce the closing of 77 Glen Dr, 2-unit multifamily property in Sausalito, California. Innovation Properties Group represented the buyer in the transaction, with Senior Associate Christopher Baker taking the lead.
Built in 1925, the English Styled Cottage sits on an 8,500 square foot lot, and has been renovated with new kitchens, bathrooms, and flooring over the past 10 years. The building includes a full balcony to complement the incredible views as well as permitting to build an (ADU) Accessory Dwelling Unit.
All of the units are spacious and well-appointed, with both units featuring wood-burning fireplaces. Both floors have breathtaking views of Belvedere, the bay, the mountains, and feature enclosed outdoor spaces or balconies.
The Top unit features a 2-bedroom, 1-bath including cathedral ceilings, picturesque windows, a fireplace and a front porch spacious enough for lounging and enjoying the magnificent Bay views, with a second outdoor patio accessible from the kitchen. The Lower unit is a bright 1-bedroom, 1-bathroom with a spacious living room, with the potential to add an additional bedroom, hardwood floors and a plethora of storage space while still leaving room for a desk/work from home area.
The property is located in the highly sought-after Banana Belt, a weather-protected area of Sausalito. This location is a once-in-a-generation opportunity. Sausalito is known for its high quality of living, fine dining, many trails nearby and stunning views. Nearby schools are remarkable and include Willow Creek Academy, Tamalpais High, and The New Village School.
Despite the challenges of transacting during the Covid-19 pandemic, IPG was able to negotiate more than $200k off the asking price and close another intricate property sale.