San Rafael Multifamily Investment
For Sale
$2,450,000
16 Marian Court, San Rafael, CA 94901
Two-building property with below-market rents and value-add potential.
Property Size8,568 SF
Price / SF$285.95
Days on Market281
Property Features for 16 Marian Court
General Information
Standard status
Active
Size
8,568 SF
Property subtype
Multifamily
Building Details
Building Size
8,568 SF
Year Built
1971
Listing Agency:
Ground Matrix
(707) 570-7802
Listed By:
Jerry Adamson · License #CalDRE #01935945
Source:
Groundmatrix
Added: Nov 21, 2025
Changed: Aug 23
Last Checked: Aug 29 at 7:10AM
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 Ground Matrix
Investment Insights
Based on property information with market context.
Constructed in 1971, this property features two buildings comprising seven 1-bedroom units and four 2-bedroom units. Ground-floor units include private fenced yards, while second-floor units offer spacious balconies. The current rents are below market value, presenting an opportunity to increase net operating income through annual rent increases. The property is located in a Federal Opportunity Zone, offering potential capital gains incentives for investors. Situated in the Canal district of San Rafael, the property is directly adjacent to the San Rafael Creek. Its location provides convenient access to HWY 101 and 580, facilitating travel to the Richmond-San Rafael bridge and San Francisco, while remaining approximately 2 miles from downtown San Rafael. The property is located on a quiet cul-de-sac and offers on-site and street parking for tenants. The property has stable tenancy with over 5 years without vacancy. There are 14 parking spaces. On-site management is available. The rent increase moratorium is expected to end December 31, 2021.
Key Highlights
- Federal Opportunity Zone provides unique capital gains incentives.
- Opportunity to increase Net Operating Income (NOI) through raising below‑market rents.
- Convenient location near HWY 101 and 580, providing easy access to transportation.
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
$124,117
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
5.07%
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%
$2,482,340
$2.5M
Cap Rate 7%
$1,773,100
$1.8M
Cap Rate 9%
$1,379,078
$1.4M
Market Conditions
NOI Build-Up for 8,568 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
$239.6K $27.96/SF
− Vacancy
−$13.9K −$1.62/SF
EGI
$225.7K $26.34/SF
− OpEx
−$101.6K −$11.85/SF
NOI
$124.1K $14.49/SF
Area
Marin County, CA
Vacancy
5.80%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
45.00%
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%
$2,482,340
Cap Rate 7%
$1,773,100
Cap Rate 9%
$1,379,078
Alternative Uses
Best Use
Apartment 5plus
$1.77M
$1.55M – $2.07M
NOI $124,117 @ 7.0% cap · market cap 5.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$41.85M
$36.62M – $48.83M
NOI $2,929,581 @ 7.0% cap · market cap 119.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,351
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?
Apartment building - Two-building property with below-market rents and value-add potential.
Where is this apartment building located?
The property is located at 16 Marian Court San Rafael, CA.
What is the asking price?
The asking price for this property is $2,450,000.
What are key features of this property?
This property features: Federal Opportunity Zone provides unique capital gains incentives.; Opportunity to increase Net Operating Income (NOI) through raising below‑market rents.; Convenient location near HWY 101 and 580, providing easy access to transportation.
