Four-Unit Apartment
For Sale
$1,500,000
Pending
1041 3rd St, Novato, CA 94945
Two-bedroom residences include in-unit laundry, dishwashers, covered parking, storage, and private outdoor areas.
Property Size4,000 SF
Days on Market49
Property Features for 1041 3rd St
General Information
Standard status
Pending
Size
4,000 SF
Property subtype
Investment
Additional Details
Public Transit
Yes
Multifamily Units
4
Amenities
exposed beam ceilings
in-unit laundry
dishwashers
covered parking
tenant storage
fenced patios or decks
Building Details
Building Size
4,000 SF
Year Built
1968
Stories
2
Units
4
Listed By:
Katherine Y Raphael
(415) 259-9891
Source:
Elliman
Added: Sep 11
Changed: Oct 25
Last Checked: Oct 28 at 8:49AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Katherine Y Raphael
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Investment Insights
Based on property information with market context.
This four-unit residential income property was built in 1968 and includes spacious two-bedroom residences on a level parcel. Property features include exposed beam ceilings, in-unit laundry, dishwashers, covered parking, tenant storage, and several fenced patios or decks. Updated electrical adds to the physical improvements.
Located at 1041 3rd St in Downtown Novato, the property is within Marin County and offers walkable and bike-friendly access. Walk Score is 72, Bike Score is 79, and Transit Score is 42.
Located at 1041 3rd St in Downtown Novato, the property is within Marin County and offers walkable and bike-friendly access. Walk Score is 72, Bike Score is 79, and Transit Score is 42.
Key Highlights
- Four‑unit property with spacious 2‑bedroom residences
- Built in 1968 on a level parcel
- In‑unit laundry and dishwashers in the residences
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$134,261
Cap Rate
8.95%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,685,220
$2.7M
Cap Rate 7%
$1,918,014
$1.9M
Cap Rate 9%
$1,491,789
$1.5M
Market Conditions
NOI Build-Up for 4,000 SF
Gross rent
$204.0K $51.00/SF
− Vacancy
−$12.2K −$3.05/SF
EGI
$191.8K $47.95/SF
− OpEx
−$57.5K −$14.39/SF
NOI
$134.3K $33.57/SF
Area
Marin County, CA
Vacancy
5.98%
Lease Rate
$51.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,685,220
Cap Rate 7%
$1,918,014
Cap Rate 9%
$1,491,789
Alternative Uses
Best Use
Multifamily LT 5
$1.92M
$1.68M – $2.24M
NOI $134,261 @ 7.0% cap · market cap 8.95%
Second Best
Apartment 5plus
$827.8K
$724.3K – $965.7K
NOI $57,944 @ 7.0% cap · market cap 3.86%
Theoretical Best
Specialty Retail
$19.54M
$17.10M – $22.79M
NOI $1,367,685 @ 7.0% cap · market cap 91.18%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Open Analytics
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,761
Businesses Nearby
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Business Placement
Demographics for 94945, CA
17,876
Population
7,355
Households
2.4
Avg Household Size
47
Median Age
52%
College-Educated
92%
High-School Grad
23.3 sq mi
ZIP Area
767
Density / Sq Mi
$109,750
Median Household Income
$65,060
Median Earnings
$2,168
Median Rent
$1,094,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Two-bedroom residences include in-unit laundry, dishwashers, covered parking, storage, and private outdoor areas.
Where is this quadplex located?
The property is located at 1041 3rd St Novato, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Four‑unit property with spacious 2‑bedroom residences; Built in 1968 on a level parcel; In‑unit laundry and dishwashers in the residences
