516 Richardson Street, Sausalito, CA 94965, Sausalito, 94965 - 0 bed, 0 bath
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Sausalito, CA 94965
This trophy property represents a Strong Value Opportunity, listed at $4,695,000—positioned well below the $4,982,884 Fair Market Value by 5%. This valuation gap offers $287,884 in Instant Equity. Featuring a Mint Condition Rating with modern renovations, this Mediterranean-style villa offers panoramic Bay views and significant upside through potential condo conversion or ADU additions. With six separately metered units, this is a premier asset for Buy-and-Hold Investors or Portfolio Diversifiers seeking a legacy income-producing property in historic Sausalito.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 516 Richardson Street Subject | $4,695,000* List Price | 0 | 0 | 5,577 | $893 | - |
A 545 Bridgeway Street Sold | $4,000,000 | 8 | 10 | 4,488 | $891 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Property is new construction or fully renovated.
While originally built in 1925, the property has undergone extensive recent renovations (likely within the last 5 years). Interior images reveal modern kitchens with stainless steel appliances and updated cabinetry, along with bathrooms featuring contemporary subway tile and new fixtures. The units appear in mint condition with updated flooring and separate metering for utilities, meeting the criteria for a high-end renovation.
Situated on a coveted corner lot in historic Old Town Sausalito, this trophy property offers world-class views of the San Francisco skyline, Alcatraz, and the Bay, ensuring high long-term desirability.
The property presents multiple avenues for equity growth, including potential condo conversion, ADU additions, or a lot split via the SB-9 process, providing investors with diverse exit strategies.
With six residential units, four garages, and dedicated office/flex spaces that are all separately metered, the asset offers robust in-place income with additional monetization opportunities for storage and parking.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 5577, other record living area = 5433.
Dating back to 1925, this Mediterranean-style villa may require significant capital expenditure for seismic retrofitting, system modernizations, or the upkeep of its classic period architectural details.
While the upside potential is high, navigating Sausalito's strict zoning for condo conversions or SB-9 lot splits can be a lengthy and costly process requiring extensive due diligence.
Investor Alert! Rare trophy property on one of the most coveted blocks in historic Old Town Sausalito, offering panoramic views of the San Francisco Bay, city skyline, Angel Island, and Alcatraz. Set on a prime corner lot along a quiet cul-de-sac, this Mediterranean-style villa features two circa-1920 buildings on a single parcel with six units, four garages, and a dedicated office/flex space. The unit mix includes four light-filled 1BD/1BA upper residences and two spacious 3BD/2BA middle-level units. Many units enjoy east-facing water views, private entrances, hardwood floors, fireplaces, and classic period details. All units are separately metered for PG&E and water. The property's distinctive architecture - arched walkways, clay tile accents, and interconnected courtyards - creates a cohesive and inviting environment. Additional amenities include four large garage/flex spaces, storage rooms, office space, and a common laundry facility with restroom, offering multiple avenues for added income. Ideally located just blocks from Sausalito's waterfront, ferry, shops, dining, Southview Park, and Swede's Beach, tenants enjoy an exceptional lifestyle with convenient access to San Francisco by ferry, bike, bus, or car. With strong in-place income and cap rate, low vacancy, and significant upside potential through condo conversion, garage/storage monetization, ADU addition, or possible lot split with SB-9 streamlined process (buyer to verify), this is a rare opportunity to acquire a legacy asset in one of the Bay Area's most sought-after enclaves.
No exterior & parking available.
Grades K-8 • 2.3 mi
Grades K-8 • 2.3 mi
Grades 9-12 • 3.7 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 4.0 | 50% |
| Baths | 0.0 | 5.0 | 50% |
| Square foot | 5,577 | 5,032.5 | 50% |
| Lot Size | 6,373 | 6,235.5 | 50% |
| Price | $4.70M | $4.35M | 50% |
| Price per sq ft | $842 | $867 | 50% |
| Built year | 1925 | 1944 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 26 | 232 | 50% |
May 11, 2026
$4,695,000
Initial Listing
Sep 12, 2024
$4,250,000
Public Record
Jul 6, 2007
$480,500
Public Record
Jul 6, 2007
$334,000
Public Record
Nov 9, 1999
$414,000
Public Record