Two-Cottage
For Sale
$895,000
111 C Street, San Rafael, CA 94901
Two separate residences share a garden, laundry porch, and fenced driveway parking.
Property Size1,493 SF
Price / SF$599.46
Days on Market206
Property Features for 111 C Street
General Information
Standard status
Active
Size
1,493 SF
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Additional Details
Highway Access
Yes
Amenities
crown moldings
brick fireplace
entry porch
private back porch
shared laundry porch
front patio
shared garden
driveway parking
Partial
3
Parquet, Wood, Linoleum
Dishwasher, Washer, Range/Oven Free Standing, Carbon Monoxide Detector
Alarm -Smoke/Fire
Composition, Shingle
Wood, Rear
Rear Porch, Front Porch, Uncovered
Parking. Fenced Yard.
No Covered Parking, Uncovered.
Secluded, Green Belt, Greenbelt.
Building Details
Year Built
1924
Buildings
2
Listing Agency:
Logic Investments, Inc.
(415) 252-8400
Listed By:
Olga Soboleva
Source:
Xome
Added: Feb 6
Changed: Aug 30
Last Checked: Aug 30 at 2:50PM
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 Logic Investments, Inc.
Investment Insights
Based on property information with market context.
This duplex comprises two individual cottage residences totaling 1,493 square feet. The larger home offers two bedrooms, one bathroom, an eat-in kitchen, a living room with a brick fireplace, crown molding, front and rear porches, and views toward the garden. The second residence includes an open living, dining, and kitchen area, one bedroom, one bathroom, an entry foyer, a front patio, and an upstairs flexible room suitable for office or personal use.
Shared amenities include a laundry porch, landscaped garden, and driveway parking within a fenced yard. The property is located at 111 C Street in San Rafael’s Gerstle Park area, with dining, shopping, recreation, and freeway access described as nearby. Built in 1924, the homes feature wood, parquet, and linoleum flooring along with composition shingle roofing.
Shared amenities include a laundry porch, landscaped garden, and driveway parking within a fenced yard. The property is located at 111 C Street in San Rafael’s Gerstle Park area, with dining, shopping, recreation, and freeway access described as nearby. Built in 1924, the homes feature wood, parquet, and linoleum flooring along with composition shingle roofing.
Key Highlights
- Two residences with a combined 1,493 SF
- Front home includes 2 bedrooms, 1 bath, eat‑in kitchen, and brick fireplace
- Rear home offers 1 bedroom, 1 bath, open living area, and upstairs flexible room
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
$50,113
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
5.60%
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%
$1,002,260
$1.0M
Cap Rate 7%
$715,900
$715.9K
Cap Rate 9%
$556,811
$556.8K
Market Conditions
NOI Build-Up for 1,493 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
$76.1K $51.00/SF
− Vacancy
−$4.6K −$3.05/SF
EGI
$71.6K $47.95/SF
− OpEx
−$21.5K −$14.39/SF
NOI
$50.1K $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%
$1,002,260
Cap Rate 7%
$715,900
Cap Rate 9%
$556,811
Alternative Uses
Best Use
Multifamily LT 5
$715.9K
$626.4K – $835.2K
NOI $50,113 @ 7.0% cap · market cap 5.60%
Second Best
Apartment 5plus
$309.0K
$270.4K – $360.5K
NOI $21,628 @ 7.0% cap · market cap 2.42%
Theoretical Best
Specialty Retail
$7.29M
$6.38M – $8.51M
NOI $510,488 @ 7.0% cap · market cap 57.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
666
Businesses Nearby
Explore this area
Business Placement
Demographics for 94901, CA
43,338
Population
16,412
Households
2.6
Avg Household Size
40
Median Age
48%
College-Educated
82%
High-School Grad
13.1 sq mi
ZIP Area
3,308
Density / Sq Mi
$108,837
Median Household Income
$50,122
Median Earnings
$2,229
Median Rent
$1,369,500
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?
Duplex - Two separate residences share a garden, laundry porch, and fenced driveway parking.
Where is this duplex located?
The property is located at 111 C Street San Rafael, CA.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: Two residences with a combined 1,493 SF; Front home includes 2 bedrooms, 1 bath, eat‑in kitchen, and brick fireplace; Rear home offers 1 bedroom, 1 bath, open living area, and upstairs flexible room
