Mixed-Use Building with
For Sale
$3,000,000
301 Poplar St, Mill Valley, CA 94941
Residential Income, Mill Valley, CA
Property Size5,869 SF
Lot Size0.15 Acres
Price / SF$511.16
Days on Market18
Property Features for 301 Poplar St
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Off Street, Parking Lot, Carport
Exterior features
No Yard
Appliances
Dryer, Washer
Subdivision
Not Listed
Lot features
Level
Directions
Less than 1-mile from Tam Junction - follow Hwy-1 towards Muir Beach.
Standard status
Active
APN
05025226
Size
5,869 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1961
Number of units
8
Flooring type
Vinyl, Wood, Tile, Carpet - Partial
Building materials
Stucco, Wood Siding
Listing Agency:
RE/MAX Accord · RE/MAX International
(925) 283-9200
Listed By:
Kevin Obrien · License #1385083
(925) 595-0422
Added: Aug 19
Changed: Sep 3
Last Checked: Sep 5 at 4:06AM
MLS# 41145498
Copyright © 2026 Bay East. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,869-square-foot mixed-use building contains eight residential apartments on the upper level and three commercial spaces below. The apartment mix includes two two-bedroom units and three one-bedroom units, while the ground-floor areas are zoned General Commercial / Mixed Use for retail, office, or other commercial occupancy. The building was constructed in 1961 and includes recent improvements such as sound-limiting measures between units. Stucco and wood siding, public water and sewer, forced-air heating, and a mix of vinyl, wood, carpet, and tile flooring are documented. Washers and dryers are also included.
The property occupies 0.1527 acres and is adjacent to a fire station, with visibility toward Hwy-1 / Shoreline Hwy. Parking is provided through off-street spaces, a parking lot, and a carport. Pro forma cap rates are stated at 5.6% with current tenants and 7% through HUD programs. A rent roll and three years of financial statements are available in the disclosure package.
The property occupies 0.1527 acres and is adjacent to a fire station, with visibility toward Hwy-1 / Shoreline Hwy. Parking is provided through off-street spaces, a parking lot, and a carport. Pro forma cap rates are stated at 5.6% with current tenants and 7% through HUD programs. A rent roll and three years of financial statements are available in the disclosure package.
Key Highlights
- 5,869‑square‑foot mixed‑use building with 8 apartments and 3 commercial spaces
- Upper‑level apartment mix includes two 2‑bedroom units and three 1‑bedroom units
- Ground‑floor areas zoned General Commercial / Mixed Use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$118,847
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.96%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,376,940
$2.4M
Cap Rate 7%
$1,697,814
$1.7M
Cap Rate 9%
$1,320,522
$1.3M
Market Conditions
NOI Build-Up for 5,869 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$211.3K $36.00/SF
− Vacancy
−$21.1K −$3.60/SF
EGI
$190.2K $32.40/SF
− OpEx
−$71.3K −$12.15/SF
NOI
$118.8K $20.25/SF
Area
Marin County, CA
Vacancy
10.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,376,940
Cap Rate 7%
$1,697,814
Cap Rate 9%
$1,320,522
Alternative Uses
Best Use
Mixed Use
$1.70M
$1.49M – $1.98M
NOI $118,847 @ 7.0% cap · market cap 3.96%
Second Best
Apartment 5plus
$1.21M
$1.06M – $1.42M
NOI $85,019 @ 7.0% cap · market cap 2.83%
Theoretical Best
Specialty Retail
$28.67M
$25.08M – $33.45M
NOI $2,006,736 @ 7.0% cap · market cap 66.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
369
Businesses Nearby
Explore this area
Business Placement
Demographics for 94941, CA
31,480
Population
13,860
Households
2.3
Avg Household Size
47
Median Age
77%
College-Educated
99%
High-School Grad
37.7 sq mi
ZIP Area
835
Density / Sq Mi
$210,217
Median Household Income
$100,535
Median Earnings
$2,949
Median Rent
$1,990,100
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Eight-unit mixed-use property with residential apartments above three commercial spaces and off-street parking.
Where is this mixed-use property located?
The property is located at 301 Poplar St Mill Valley, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 5,869‑square‑foot mixed‑use building with 8 apartments and 3 commercial spaces; Upper‑level apartment mix includes two 2‑bedroom units and three 1‑bedroom units; Ground‑floor areas zoned General Commercial / Mixed Use
