Four-Unit Apartment
New
For Sale
$1,500,000
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 Market2
Property Features for 1041 3rd St
General Information
Standard status
Active
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: Sep 12
Last Checked: Sep 12 at 9:34AM
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
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 = 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
$134,261
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
8.95%
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%
$2,685,220
$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
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
$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 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%
$2,685,220
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.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,761
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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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
