Searchlight Lending 1300 4th St 6,873 SF Retail Building San Rafael, CA 94901 $3,784,220 CAD ($550.59 CAD/SF) 6.18% Cap Rate

Great location downtown San Rafael, iconic building was once the Italian Bank. It was constructed in 1928 and features Italian Renaissance Revival architecture. One of kind property which stands out above and beyond most of the properties in downtown area. Currently it is under interior renovation from the previous restaurant owner. The Bank building is ADA compliant and has elevator to the second-floor offices, which bathrooms on both floors. It also boasts a large basement with a safe downstairs for storage, and a walk-in box for beer kegs etc. The past owner did a lot of upgrades 2018, on the during his ownership. 3% increase every year the initial 1st year rent $10,500.00 then it jumps to $14,420.00 for the second year plus the increases. The Cap rate Increase in the second year to 6.29% then it is blended for the total of the 5-year lease,