Three-Unit Cottage
For Sale
$1,300,000
40 Canyon Rd, San Anselmo, CA 94960
Two studio units complement a two-bedroom main residence, with shared basement storage and multiple outdoor areas.
Property Size1,578 SF
Days on Market102
Property Features for 40 Canyon Rd
General Information
Standard status
Active
Size
1,578 SF
Total Parking Spaces
3
Property subtype
Investment
Units
Unit Mix
1 x 2BR/1BA, 2 x studio
Multifamily Units
3
Additional Details
Public Transit
Yes
Amenities
wood floors
pitched ceiling
yard
meandering path
hammock area
fig tree
patios
gardening areas
deck
basement
washer/dryer
Building Details
Building Size
1,578 SF
Year Built
1910
Units
3
Listing Agency:
(415) 519-3555
Listed By:
Deborah A Solvason
(415) 519-3555
Source:
Elliman
Added: May 21
Changed: Aug 29
Last Checked: Aug 29 at 1:36PM
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 Deborah A Solvason
Investment Insights
Based on property information with market context.
Built in 1910, this three-unit property combines a two-bedroom, one-bath cottage with two studio residences. The main home includes wood flooring, a pitched ceiling, generous living spaces, a one-car garage, and access to several outdoor areas. Each studio has a separate outdoor living space and one parking spot. The smaller units are currently occupied by tenants.
A large basement beneath the cottage provides shared storage and laundry with a washer and dryer. The landscaped grounds include mature trees, flowering plants, patios, gardening areas, a shaded hammock area, a meandering path, and a deck serving one studio. The property is located near groceries, shops, dining, and coffee in downtown San Anselmo and Fairfax. WalkScore is 82, rated Very Walkable, and BikeScore is 54, rated Bikeable.
A large basement beneath the cottage provides shared storage and laundry with a washer and dryer. The landscaped grounds include mature trees, flowering plants, patios, gardening areas, a shaded hammock area, a meandering path, and a deck serving one studio. The property is located near groceries, shops, dining, and coffee in downtown San Anselmo and Fairfax. WalkScore is 82, rated Very Walkable, and BikeScore is 54, rated Bikeable.
Key Highlights
- Three‑unit configuration with one two‑bedroom cottage and two studio units
- Main residence includes 2 bedrooms, 1 bath, wood floors, pitched ceiling, and a one‑car garage
- Each studio has its own outdoor living area and one parking spot
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
$52,966
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
4.07%
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%
$1,059,320
$1.1M
Cap Rate 7%
$756,657
$756.7K
Cap Rate 9%
$588,511
$588.5K
Market Conditions
NOI Build-Up for 1,578 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
$80.5K $51.00/SF
− Vacancy
−$4.8K −$3.05/SF
EGI
$75.7K $47.95/SF
− OpEx
−$22.7K −$14.39/SF
NOI
$53.0K $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%
$1,059,320
Cap Rate 7%
$756,657
Cap Rate 9%
$588,511
Alternative Uses
Best Use
Multifamily LT 5
$756.7K
$662.1K – $882.8K
NOI $52,966 @ 7.0% cap · market cap 4.07%
Second Best
Apartment 5plus
$326.6K
$285.7K – $381.0K
NOI $22,859 @ 7.0% cap · market cap 1.76%
Theoretical Best
Specialty Retail
$7.71M
$6.74M – $8.99M
NOI $539,552 @ 7.0% cap · market cap 41.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
264
Businesses Nearby
Explore this area
Business Placement
Demographics for 94960, CA
15,920
Population
6,641
Households
2.4
Avg Household Size
47
Median Age
73%
College-Educated
98%
High-School Grad
5.9 sq mi
ZIP Area
2,698
Density / Sq Mi
$172,332
Median Household Income
$84,644
Median Earnings
$2,838
Median Rent
$1,589,200
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 - Two studio units complement a two-bedroom main residence, with shared basement storage and multiple outdoor areas.
Where is this triplex located?
The property is located at 40 Canyon Rd San Anselmo, CA.
What is the asking price?
The asking price for this property is $1,300,000.
What are key features of this property?
This property features: Three‑unit configuration with one two‑bedroom cottage and two studio units; Main residence includes 2 bedrooms, 1 bath, wood floors, pitched ceiling, and a one‑car garage; Each studio has its own outdoor living area and one parking spot
