INVESTMENT Highlights
240 Tamal Vista has been specifically designated by the town of Corte Madera as one of 10 Housing Opportunity Sites – a selective classification being used to encourage much-needed housing on high-potential sites.
Through the recent Housing Element update, Corte Madera has established a streamlined approval process for Housing Opportunity Sites in order to meet their state-mandated regional housing needs allocation – compressing the entitlement timeline to an estimated 4 to 6 months.
The Site’s 1.57-acre footprint is strategically situated one block from Highway 101 and subject to objective development standards including a maximum density of 35 units per acre, a 50-foot height limit, and no retail requirement.
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CORTE MADERA, CA
240 Tamal Vista
Berkadia in conjunction with Cushman & Wakefield is pleased to exclusively present the opportunity to acquire 240 Tamal Vista (“Tamal Vista” or the “Site”) a 1.57-acre site that has been distinctly identified as one of ten Housing Opportunity Sites primed for residential development within the Town of Corte Madera. Surrounded by Marin County’s upscale retail, world-class dining, exceptional recreation, and outdated apartment inventory, 240 Tamal Vista is well-positioned to provide much-needed modern for-rent or for-sale residences to a cost-prohibitive single-family home market with average prices exceeding $2.1MM and average households earning ±$250K annually. With zero multifamily properties under construction across the entire County, and only one project delivered in the past 58 years within the local submarket, 240 Tamal Vista is poised to draw the region's increasingly sophisticated resident base as Marin County's newest luxury residential community.
EXECUTIVE SUMMARY
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2024 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.
BERKADIA
Jason Parr
Senior Managing Director
+1 415 773 3588
jason.parr@berkadia.com
Scott Macdonald
Managing Director
+1 415 310 0487
scott.macdonald@berkadia.com
John Hansen
Director
+1 415 342 5772
john.hansen@berkadia.com
Sydney Ladrech
Senior Financial Analyst
+1 916 677 6633
sydney.ladrech@berkadia.com
Brayden Joel
Financial Analyst
+1 503 933 9284
brayden.joel@berkadia.com
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55 Residential Units with Streamlined Path to Approval
Corte Madera’s obsolete housing inventory features eight market-rate multifamily communities greater than 25 units with only one property delivered since 1965 – highlighting the scarcity of contemporary apartments suitable for the area’s highly sophisticated resident base.
As the Town’s median household income climbs 16% to ±$220K over the next five years, 240 Tamal Vista’s submarket is expected to remain dramatically undersupplied in quality rental housing with zero projects planned or prospective, in addition to zero communities under construction in all of Marin County.
Outdated Local Supply & Zero Multifamily Pipeline
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Recently named 8th most affluent county nationally, and 3rd wealthiest in the Bay Area, Marin County’s extraordinarily robust resident demographics are magnified within Corte Madera – boasting a median household income that is 36% higher than the overall County.
An influx of high-earning residents has driven average single-family home prices to ±$2.1MM over the trailing 90 days with average monthly mortgage payments of ±$11K - representing 53% of the Town’s average annual household income and remaining out of reach for most residents.
Barriers to Single-Family Homeownership in One of Nation’s Wealthiest Locales
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Ideally located just north of the Golden Gate Bridge, Corte Madera offers close proximity to San Francisco’s high-paying jobs and world-renowned employment base including companies such as Amazon, Apple, DocuSign, Google, LinkedIn, Meta, PG&E, PwC, Salesforce, Uber, and Yelp.
240 Tamal Vista’s position along Highway 101 provides residents convenient north-south travel and access to Marin’s diverse transit network including Interstate 580, three ferry terminals, several bus service providers, Sonoma Marin Area Rail Transit (SMART), and numerous biking trails – allowing for seamless commutes to the ±686,000 jobs located in San Francisco and Marin Counties.
Locally, the Marin County employment base is fortified by companies including BioMarin Pharmaceutical, Comcast, FICO, Ultragenyx Pharmaceutical, and durable healthcare providers including Kaiser Permanente Novato, Kaiser Permanente San Rafael, Marin Health Medical Center, and Sutter Health.
Direct Access to ±686,000 Jobs
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Within a 10-minute drive of San Francisco, 240 Tamal Vista’s future residents will have immediate access to the City’s employment, entertainment, dining options, and cultural events, while benefiting from Marin County’s slower pace of life surrounded by coastal vistas, redwood forests, and rolling hills.
Ranked as the 2nd best place to live in Marin County in 2023 by Niche.com, Corte Madera offers residents a highly desirable mix of A+ rated public schools, low crime rates, well-maintained neighborhoods, abundant recreation, and a strong sense of community, while eliciting a dense suburban feel through the Town’s array of bars, coffee shops, restaurants, and parks.
Exceptional Quality of Life Within Core SF Bay Area
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CUSHMAN & WAKEFIELD
Whitney Strotz
+1 415 451 2406
whitney.strotz@cushwake.com
Trevor Buck
+1 415 451 2436
trevor.buck@cushwake.com
Brian Foster
+1 415 451 2437
brian.foster@cushwake.com
Steven Leonard
+1 415 451 2434
steven.leonard@cushwake.com
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Berkadia in conjunction with Cushman & Wakefield is pleased to exclusively present the opportunity to acquire 240 Tamal Vista (“Tamal Vista” or the “Site”) a 1.57-acre site that has been distinctly identified as one of ten Housing Opportunity Sites primed for residential development within the Town of Corte Madera. Surrounded by Marin County’s upscale retail, world-class dining, exceptional recreation, and outdated apartment inventory, 240 Tamal Vista is well-positioned to provide much-needed modern for-rent or for-sale residences to a cost-prohibitive single-family home market with average prices exceeding $2.1MM and average households earning ±$250K annually. With zero multifamily properties under construction across the entire County, and only one project delivered in the past 58 years within the local submarket, 240 Tamal Vista is poised to draw the region's increasingly sophisticated resident base as Marin County's newest luxury residential community.
EXECUTIVE SUMMARY