Investment Highlights
Executive Summary
The Bellwether Building is the heart of the town of Inverness. The property is unlike otherMarin County commercial income properties thanks to its irreplaceable location, history, anduses. Inverness acts as the gateway to the Point Reyes National Seashore, which hosts morethan 2.4 million visitors per year, but has very limited commercial zoning. This property isunique in that it has a large residential unit, a fully equipped restaurant with a Use Permitand the stability of income from the U.S. Post Office and Inverness Public Utility Districtleases.Inverness Properties LLC (IP LLC) acquired the historic Bellwether Building in September2001. The original building was built in 1900 and received major upgrades and newadditions in 1985. The U.S. Post Office is where locals chat while gathering their mail. Thethriving Saltwater Oyster Depot is popular with both locals and visitors, thanks to its finefood and stellar reviews. Despite its local nature, the complex is on the busy road to thePoint Reyes National Seashore beaches and the Point Reyes lighthouse.IP LLC has made a wide variety of improvements to the Bellwether Building since buyingthe property. The building was re-roofed in 2006. This work included plywood underlaymentand new roof drain systems. The septic system has been upgraded with a new sand filterdisposal field (in addition to the existing leach field), a 1500-gallon grease trap and newpump station. Other upgrades have been the replacement of the second-floor deck andvarious 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 withan engineered steel seismic structure in the front of the building. The post office had a newroof installed in 2022.There have been no extended vacancies during IP LLC?s 22-year ownership. The PostOffice occupies approximately 2,689 square feet and has been located in the BellwetherBuilding for 117 years. The Post Office lease was recently renewed to 2026 with an optionto 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 caf? spaceand is currently month-to-month while negotiating a new lease. The upstairs two-bedroomapartment is on a month-to-month tenancy and can be used for residential, commercial or vacation rental.Disclosures available
