12781 Sir Francis Drake Blvd, Inverness, CA 94937
8,433 SF | 100% Leased | Retail Building | Inverness, CA 94937 | $3,500,000 ($415/SF) | 5.08% Cap Rate
For Sale
Active
Asking Price $3,500,000
- Property Type
-
Retail, Restaurant
- Square Feet
- 8,433 SF
- Price / Square Foot
- $415
Listing Contacts
- Property Info
Property Overview
The Bellwether Building is the heart of the town of Inverness. The property is unlike other
Marin County commercial income properties thanks to its irreplaceable location, history, and
uses. Inverness acts as the gateway to the Point Reyes National Seashore, which hosts more
than 2.4 million visitors per year, but has very limited commercial zoning. This property is
unique in that it has a large residential unit, a fully equipped restaurant with a Use Permit
and the stability of income from the U.S. Post Office and Inverness Public Utility District
leases.
Inverness Properties LLC (IP LLC) acquired the historic Bellwether Building in September
2001. The original building was built in 1900 and received major upgrades and new
additions in 1985. The U.S. Post Office is where locals chat while gathering their mail. The
thriving Saltwater Oyster Depot is popular with both locals and visitors, thanks to its fine
food and stellar reviews. Despite its local nature, the complex is on the busy road to the
Point Reyes National Seashore beaches and the Point Reyes lighthouse.
IP LLC has made a wide variety of improvements to the Bellwether Building since buying
the property. The building was re-roofed in 2006. This work included plywood underlayment
and new roof drain systems. The septic system has been upgraded with a new sand filter
disposal field (in addition to the existing leach field), a 1500-gallon grease trap and new
pump station. Other upgrades have been the replacement of the second-floor deck and
various windows, interior and exterior paint, sidewalk, decks and more. In 2017, the second-
floor apartment was completely remodeled. In 2018, IP LLC installed a new foundation with
an engineered steel seismic structure in the front of the building. The post office had a new
roof installed in 2022.
There have been no extended vacancies during IP LLC’s 22-year ownership. The Post
Office occupies approximately 2,689 square feet and has been located in the Bellwether
Building for 117 years. The Post Office lease was recently renewed to 2026 with an option
to extend to 2031. The U. S. Postal Service also reimburses the building owner for 36.5%
of the total property tax bill. Saltwater Oyster Depot leases the restaurant and café space
and is currently month-to-month while negotiating a new lease. The upstairs two-bedroom
apartment is on a month-to-month tenancy and can be used for residential, commercial or vacation rental.
Disclosures available
Marin County commercial income properties thanks to its irreplaceable location, history, and
uses. Inverness acts as the gateway to the Point Reyes National Seashore, which hosts more
than 2.4 million visitors per year, but has very limited commercial zoning. This property is
unique in that it has a large residential unit, a fully equipped restaurant with a Use Permit
and the stability of income from the U.S. Post Office and Inverness Public Utility District
leases.
Inverness Properties LLC (IP LLC) acquired the historic Bellwether Building in September
2001. The original building was built in 1900 and received major upgrades and new
additions in 1985. The U.S. Post Office is where locals chat while gathering their mail. The
thriving Saltwater Oyster Depot is popular with both locals and visitors, thanks to its fine
food and stellar reviews. Despite its local nature, the complex is on the busy road to the
Point Reyes National Seashore beaches and the Point Reyes lighthouse.
IP LLC has made a wide variety of improvements to the Bellwether Building since buying
the property. The building was re-roofed in 2006. This work included plywood underlayment
and new roof drain systems. The septic system has been upgraded with a new sand filter
disposal field (in addition to the existing leach field), a 1500-gallon grease trap and new
pump station. Other upgrades have been the replacement of the second-floor deck and
various windows, interior and exterior paint, sidewalk, decks and more. In 2017, the second-
floor apartment was completely remodeled. In 2018, IP LLC installed a new foundation with
an engineered steel seismic structure in the front of the building. The post office had a new
roof installed in 2022.
There have been no extended vacancies during IP LLC’s 22-year ownership. The Post
Office occupies approximately 2,689 square feet and has been located in the Bellwether
Building for 117 years. The Post Office lease was recently renewed to 2026 with an option
to extend to 2031. The U. S. Postal Service also reimburses the building owner for 36.5%
of the total property tax bill. Saltwater Oyster Depot leases the restaurant and café space
and is currently month-to-month while negotiating a new lease. The upstairs two-bedroom
apartment is on a month-to-month tenancy and can be used for residential, commercial or vacation rental.
Disclosures available
Property Details
- Class
- C
- Year Built/Renovated
- 1900/1985
- Stories
- 2
- Property Subtype
- Freestanding, Grocery/Convenience Store, Office/Residential
- Lot Size (sq. ft)
- 9,583 SF
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