Mill Valley - 4 Units
31 Reed Blvd. #6
$925,000

Fully managed four-plex in the Strawberry area of Mill Valley. Fourteen similar buildings share a common swimming pool, laundry and grounds with full on and off-site management for a monthly association fee. As close to worry free, hands off ownership as it gets. One 3BR/1.5BA, two 2BR and one 1BR apartments.

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This fourplex has an outstanding Mill Valley location in a private setting east of the Strawberry Shopping Center. The property is outside of the city limits of Mill Valley in the unincorporated Strawberry area between US 101 and the Town of Tiburon. This ideal location offers easy access to US 101 with San Francisco being a short commute to the south.

“Villa Tiburon” is a complex of 14 individually owned fourplexes. Through a condominium association, they share common grounds including a beautiful pool, laundry facilities, extensive landscaping and provide for complete property management; amenities not usually available to a fourplex owner.

Each building consists of a 3BR/1.5BA apartment, two 2BR apartments and one 1BR unit. All apartments have gas fired wall furnaces. Kitchens are all electric and large enough to offer eating areas within the kitchen. There are detached carports with one space per unit plus guest parking. Apartments are separately metered and tenants pay for their own PG&E.

Overall the building seems well maintained and in good condition with the roof recently replaced.

While the apartments were built in the early to mid 60’s, in 1972, the apartment complex was divided into 14 separate fourplexes under a plan of condominium ownership. Individual owners are responsible for the maintenance and repair of the interior and structure of their buildings, while the association maintains the exterior; roof and the common grounds. Both on and off-site management are in place for renting the apartments and overall management of the 14 buildings to ensure a high quality complex. Monthly association dues of $1,300 cover many of the costs normally paid by the individual owner. In addition to a resident manager and professional management by Hill & Company, it is our understanding the dues cover payment of your water bill, house PG&E, insurance, trash, pool, landscaping, exterior painting and roof replacement. The association maintains a reserve fund to take care of future capital improvements as they come up. This fund stays with the property for the benefit of the new owner. Buyer to review all association documents during their due diligence period.

While completely managed, individual owners still retain the decisions over how much rent to charge, final tenant approval and when and what repairs are to be done to the apartments. You can be actively involved or take a very low key, hands off approach to investment ownership.

Tiburon Blvd. exit off US 101, right to frontage road (Redwood Hwy.), first left onto Reed Blvd., Left into parking lot of brown shingle office building at 33 Reed Blvd. (shared access), to the Villa Tiburon Complex, #6 is around to the right.

Units are tenant occupied and can easily be shown by an appointment through the listing agent with at least 24 hours advance notice.