Colliers Brokers $15.5 Million Sale of The Pier at Sausalito in Rare Marin County Multifamily Trade

Colliers has brokered the $15.5 million sale of The Pier at Sausalito, a 28-unit multifamily complex at 120 Bulkley Avenue in Sausalito, California, the firm announced Aug. 24, 2026. The transaction stands as the only multifamily sale of more than 15 units in Sausalito over the past four years, underscoring the acute scarcity of investable apartment assets in Marin County.

Colliers' Ryan Rodriguez, Executive Vice President; Dustin Dolby, Vice Chair; Matthew Flaherty, Vice President; Ben Wemer, Associate; and Brad Lagomarsino represented both the private buyer and seller in the dual-agency assignment.

Deal Metrics and Asset Profile

At $15.5 million, the transaction implies a price of approximately $553,571 per unit and roughly $764 per square foot based on the property's approximately 20,235 square feet of residential area. The four-story building, originally constructed in 1959 and significantly renovated around 1980, sits on a 0.63-acre lot zoned R-3 for multifamily use and is considered one of the largest apartment communities in Sausalito.

Prior to closing, the property was marketed in the $16.0 million to $16.5 million range, with offering cap rates cited at approximately 5.02% to 5.09%. The $15.5 million closing price represents a discount to those asking levels.

Previous ownership invested more than $1.35 million in capital expenditures, including plumbing upgrades, new fixtures, countertops, and cabinets. Each of the 28 units features new vinyl flooring and an in-unit washer and dryer. Most units include private balconies with panoramic views of the San Francisco Bay, and the property offers carport parking and additional garage storage. The building is a visible landmark from the bay and is within walking distance of Sausalito's downtown retail, dining, arts, and entertainment district, as well as the Sausalito ferry terminal.

Supply Constraints Drive Investor Demand

"The transaction reflects the strong investor demand for multifamily opportunities in Marin County," said Ryan Rodriguez. "Downtown Sausalito is one of the most desirable residential communities in the Bay Area, however, it is also one of the most challenging markets in California for multifamily development. In the last 20 years, there have only been 490 market-rate multifamily units delivered across Marin County, representing just a 2.4% increase in total inventory."

That constrained supply pipeline has made assets like The Pier at Sausalito rare trading opportunities. The property's scale — 28 units across four stories — qualifies it as one of the larger apartment communities in a city where the rental stock is small and fragmented.

Bay Area Multifamily Market Context

"The Bay Area is currently navigating the most constrained multifamily supply pipeline in over a decade, a tightening that has recently compressed San Francisco's vacancy rate below 3.6% and propelled its annual rent growth to 12.6%, signifying the highest increase in rents nationally," said Matthew Flaherty. "High-quality properties in premier northern San Francisco neighborhoods nearest to Sausalito have seen 5.8% rent growth in the trailing twelve months and demand to rent is projected to remain elevated for the remainder of 2026. The Pier at Sausalito is uniquely positioned to capture the spillover demand from high-earning professionals seeking a lower-density coastal lifestyle, with average market rents at The Pier offering an 18% discount to effective rents at premier properties in San Francisco's northern neighborhoods."

Recent leasing data show one-bedroom, one-bath units at the property — approximately 700 square feet — asking in the range of $3,495 to $3,500 per month, consistent with Flaherty's characterization of the asset as a relative value alternative to comparable San Francisco product.

Significance for Marin County Investment Sales

The transaction provides one of the few recent pricing benchmarks for larger multifamily assets in Sausalito and Marin County more broadly. With only 490 market-rate units delivered countywide over two decades, opportunities to acquire stabilized, renovated properties of this scale are infrequent. The dual-agency representation by Colliers — with Ryan Rodriguez, Dustin Dolby, Matthew Flaherty, Ben Wemer, and Brad Lagomarsino advising both sides — reflects the firm's position in the Northern California multifamily investment sales market.