16-Unit Renovated Apartment
For Sale
$4,725,000
1315 Lincoln Avenue, San Rafael, CA 94901
Sixteen one-bedroom apartments feature updated flooring and countertops.
Property Size10,980 SF
Price / SF$430.33
Days on Market333
Property Features for 1315 Lincoln Avenue
General Information
Standard status
Active
Size
10,980 SF
Property subtype
5+ Units / Five or More Units
Units
Unit Mix
16 x 1BR/1BA
Multifamily Units
16
Taxes and HOA fees
Annual Taxes
$73,080
Amenities
Attached Garage
No, No, 10980, None, None
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Jefrey Henderson, Broker
(415) 535-7414
Listed By:
Jefrey Henderson · License #01483399
(415) 535-7414
Source:
Compass
Added: Oct 3, 2025
Changed: Aug 30
Last Checked: Aug 30 at 7:44PM
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 Jefrey Henderson, Broker
Investment Insights
Based on property information with market context.
Located at 1315 Lincoln Avenue in San Rafael, this apartment property contains 16 residential units, each configured with 1 bedroom and 1 bathroom. The 10,980-square-foot building was constructed in 1948 and has received light renovations, including LVT flooring and updated countertops.
The unit mix provides a consistent one-bedroom format across the property. The combination of established construction, refreshed interior finishes, and sixteen individual apartments offers a clearly defined multifamily configuration for review.
The unit mix provides a consistent one-bedroom format across the property. The combination of established construction, refreshed interior finishes, and sixteen individual apartments offers a clearly defined multifamily configuration for review.
Key Highlights
- 16 units, each with 1 bedroom and 1 bathroom
- 10,980‑square‑foot apartment property
- Light renovations include LVT flooring and updated countertops
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
$159,057
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
3.37%
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%
$3,181,140
$3.2M
Cap Rate 7%
$2,272,243
$2.3M
Cap Rate 9%
$1,767,300
$1.8M
Market Conditions
NOI Build-Up for 10,980 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
$307.0K $27.96/SF
− Vacancy
−$17.8K −$1.62/SF
EGI
$289.2K $26.34/SF
− OpEx
−$130.1K −$11.85/SF
NOI
$159.1K $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%
$3,181,140
Cap Rate 7%
$2,272,243
Cap Rate 9%
$1,767,300
Alternative Uses
Best Use
Apartment 5plus
$2.27M
$1.99M – $2.65M
NOI $159,057 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$53.63M
$46.93M – $62.57M
NOI $3,754,295 @ 7.0% cap · market cap 79.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
3,442
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Sixteen one-bedroom apartments feature updated flooring and countertops.
Where is this apartment building located?
The property is located at 1315 Lincoln Avenue San Rafael, CA.
What is the asking price?
The asking price for this property is $4,725,000.
What are key features of this property?
This property features: 16 units, each with 1 bedroom and 1 bathroom; 10,980‑square‑foot apartment property; Light renovations include LVT flooring and updated countertops
