1928 Triplex with Updated
For Sale
$1,399,000
31 Valencia Ave, San Rafael, CA 94901
Three income units with updated kitchens and classic hardwoods, plus basement storage and a deck.
Property Size3,264 SF
Days on Market60
Property Features for 31 Valencia Ave
General Information
Standard status
Active
Size
3,264 SF
Property subtype
Investment
Building Details
Building Size
3,264 SF
Year Built
1928
Units
3
Listing Agency:
(415) 925-3208
Listed By:
Aileen Tong · License #01884175
(415) 925-3208
Source:
Elliman
Added: Jun 16
Changed: Aug 7
Last Checked: Aug 14 at 11:56AM
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 Aileen Tong
Investment Insights
Based on property information with market context.
This beautifully maintained 1928 triplex blends classic architectural details with warm hardwood floors and thoughtful modern updates. It is currently configured as three income-producing units, each described as well cared for with updated kitchens. The property also features a spacious basement for storage and a separate laundry room, supporting day-to-day convenience for residents. Outdoor living is offered through a deck designed for relaxing and entertaining, with an impressive view.
The home is located close to shopping, schools, and public transportation. Based on available walk and transit metrics, the area appears more car-dependent than walkable, while still offering some access to transit.
Inside, the unit mix includes a 3-bedroom, 1-bath unit, a 2-bedroom, 1-bath unit, and a 1-bedroom, 1-bath unit, creating flexibility for a range of resident needs. The property is well maintained and currently tenant-occupied. Buyers and owner-occupants can evaluate it as a versatile option for generating rental income while also accommodating multi-generational living, with the practical benefit of on-site storage and dedicated laundry space.
The home is located close to shopping, schools, and public transportation. Based on available walk and transit metrics, the area appears more car-dependent than walkable, while still offering some access to transit.
Inside, the unit mix includes a 3-bedroom, 1-bath unit, a 2-bedroom, 1-bath unit, and a 1-bedroom, 1-bath unit, creating flexibility for a range of resident needs. The property is well maintained and currently tenant-occupied. Buyers and owner-occupants can evaluate it as a versatile option for generating rental income while also accommodating multi-generational living, with the practical benefit of on-site storage and dedicated laundry space.
Key Highlights
- 1928 property currently configured as three income‑producing units: 3BR/1BA, 2BR/1BA, and 1BR/1BA
- Each unit features updated kitchens and well‑cared‑for interiors
- Classic architectural details with hardwood floors
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
$109,557
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
7.83%
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%
$2,191,140
$2.2M
Cap Rate 7%
$1,565,100
$1.6M
Cap Rate 9%
$1,217,300
$1.2M
Market Conditions
NOI Build-Up for 3,264 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
$166.5K $51.00/SF
− Vacancy
−$10.0K −$3.05/SF
EGI
$156.5K $47.95/SF
− OpEx
−$47.0K −$14.39/SF
NOI
$109.6K $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%
$2,191,140
Cap Rate 7%
$1,565,100
Cap Rate 9%
$1,217,300
Alternative Uses
Best Use
Multifamily LT 5
$1.57M
$1.37M – $1.83M
NOI $109,557 @ 7.0% cap · market cap 7.83%
Second Best
Apartment 5plus
$675.5K
$591.0K – $788.1K
NOI $47,283 @ 7.0% cap · market cap 3.38%
Theoretical Best
Specialty Retail
$15.94M
$13.95M – $18.60M
NOI $1,116,031 @ 7.0% cap · market cap 79.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,409
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?
Triplex - Three income units with updated kitchens and classic hardwoods, plus basement storage and a deck.
Where is this triplex located?
The property is located at 31 Valencia Ave San Rafael, CA.
What is the asking price?
The asking price for this property is $1,399,000.
What are key features of this property?
This property features: 1928 property currently configured as three income‑producing units: 3BR/1BA, 2BR/1BA, and 1BR/1BA; Each unit features updated kitchens and well‑cared‑for interiors; Classic architectural details with hardwood floors
