963 San Antonio Road, Novato
Amazing op to own a share in 1,473 acre working ranch, horse property, just 25 mins north of the GGB in Marin. The ranch consists of 3 shared houses, new 60' pool, multiple camp sites w/ safari tents, 4 ponds, 20+ miles of dirt roads Mt Bike hiking horseback riding trails, hunting, birding & exploration ops for kids. Incredible sunrise/sunset trail rides. Ideal weekend entertaining & family getaway w/ tight-knit SF member community.
Features and Amenities
- Ranch is fully owned by North Marin Land Trust, LLC (NMLC). The 20 owners are unit-holders of NMLC, each owning an equal percentage, currently 5%.
- All unit-holders retain pro rata ownership as land appreciates.
- All unit-holders participate in mitigation banking revenue.
- Ability to sell unit at any point in time (with 75% approval from other unit-holders required to approve new incoming family).
- A five-person board provides ranch governance, including developing the annual budget and deciding on day-to-day issues.
- Volunteer committees include Pool, Housing, Deer Camp, High Camp, Infrastructure, Cattle, Trails, Landscaping, Social.
- Monthly dues have ranged from $400-$1600 per month, depending on mitigation revenue and capital needs for ranch improvements. Dues target of $500 per month following sales of shares to new members.
- NMLC has approximately $4mm of debt. Proceeds from sales of new units will go toward paying down debt and ranch improvements.
- Starting in 2010, we began developing a mitigation bank covering about 75% of ranch acreage. A mitigation bank is land that is permanently protected from future development, with an environmental easement ensuring its protection. In exchange for protecting the land, landowners receive credits that can be sold to real estate developers who are required to buy mitigation banking credits to offset wildlife or habitat impact of their development projects.
- The first phase of the project has been approved by the US Department of Fish and Wildlife, and the second phase is under review, with approval expected this year.
- Revenue to NMLC will come in over the next 20 years.
- Revenue to NMLC so far have totaled about $1mm.
- Revenue over the next 20 years has been projected to be as high as $15 million, although there is uncertainty about the ultimate amount and timing