Four Townhouse Income
For Sale
$1,600,000
Pending
1048 7th Street, Novato, CA 94945
Four well-maintained 2BR townhome-style rentals offer in-unit laundry, private fenced yards, and convenient off-street parking.
Property Size4,004 SF
Days on Market90
Property Features for 1048 7th Street
General Information
Standard status
Pending
Size
4,004 SF
Total Parking Spaces
8
Property subtype
Residential Income / Quadruplex
Additional Details
Fenced Yard
Yes
Multifamily Units
4
Amenities
Central, Individual
In Each Unit
Composition
Two
Concrete Perimeter
Building Details
Year Built
1979
Stories
2
Tenancy
Multi
Listing Agency:
Golden Gate Sotheby's International Realty
(415) 424-9835
Listed By:
Pamela Burke · License #02156257
(415) 424-9835
Source:
Compass
Added: May 27
Changed: Aug 23
Last Checked: Jul 24 at 1:49PM
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 Golden Gate Sotheby's International Realty
Investment Insights
Based on property information with market context.
This property is a four-unit townhouse-style residential income asset, built in 1979 and constructed with wood frame, two-story buildings on a concrete perimeter foundation. Each unit is configured as a 2-bedroom, 1.5-bath home and includes an individual laundry room plus a private fenced-in back yard area. The property also has a composition roof and offers off-street parking for each unit, including two spaces per apartment with one carport and one open spot.
The buildings sit on a level lot on the far west side of the downtown area near Novato, positioned close enough for convenience while still set back slightly. Parking is supported by an easement driveway shared with a neighboring property, which is also available for sale.
For tenants or buyers seeking turnkey rental structure, the unit-by-unit laundry access and private outdoor yard space are practical day-to-day benefits, while the dedicated parking arrangement reduces reliance on street parking. The townhouse configuration provides a distinct residential feel compared with larger apartment layouts, supported by each unit’s private yard area and straightforward parking plan.
The buildings sit on a level lot on the far west side of the downtown area near Novato, positioned close enough for convenience while still set back slightly. Parking is supported by an easement driveway shared with a neighboring property, which is also available for sale.
For tenants or buyers seeking turnkey rental structure, the unit-by-unit laundry access and private outdoor yard space are practical day-to-day benefits, while the dedicated parking arrangement reduces reliance on street parking. The townhouse configuration provides a distinct residential feel compared with larger apartment layouts, supported by each unit’s private yard area and straightforward parking plan.
Key Highlights
- Four 2BR/1.5 BA townhouse‑style apartments built in 1979
- Each unit includes an individual laundry room
- Private fenced‑in back yard area for each apartment
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
$134,395
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
8.40%
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%
$2,687,900
$2.7M
Cap Rate 7%
$1,919,929
$1.9M
Cap Rate 9%
$1,493,278
$1.5M
Market Conditions
NOI Build-Up for 4,004 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
$204.2K $51.00/SF
− Vacancy
−$12.2K −$3.05/SF
EGI
$192.0K $47.95/SF
− OpEx
−$57.6K −$14.39/SF
NOI
$134.4K $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%
$2,687,900
Cap Rate 7%
$1,919,929
Cap Rate 9%
$1,493,278
Alternative Uses
Best Use
Multifamily LT 5
$1.92M
$1.68M – $2.24M
NOI $134,395 @ 7.0% cap · market cap 8.40%
Second Best
Apartment 5plus
$828.6K
$725.0K – $966.7K
NOI $58,002 @ 7.0% cap · market cap 3.63%
Theoretical Best
Specialty Retail
$19.56M
$17.11M – $22.82M
NOI $1,369,053 @ 7.0% cap · market cap 85.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
1,585
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Four well-maintained 2BR townhome-style rentals offer in-unit laundry, private fenced yards, and convenient off-street parking.
Where is this quadplex located?
The property is located at 1048 7th Street Novato, CA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Four 2BR/1.5 BA townhouse‑style apartments built in 1979; Each unit includes an individual laundry room; Private fenced‑in back yard area for each apartment
