Four-Unit Quadplex with
For Sale
$1,675,000
1348 Grand Ave, San Rafael, CA 94901
Circa 1883 property with basement laundry and landscaped outdoor areas.
Property Size2,733 SF
Days on Market103
Property Features for 1348 Grand Ave
General Information
Standard status
Active
Size
2,733 SF
Property subtype
Investment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
4
Amenities
basement laundry
landscaped front and back yards
Building Details
Building Size
2,733 SF
Year Built
1883
Units
4
Listing Agency:
(415) 257-2065
Listed By:
Jin Pourtabib · License #01771122
Source:
Elliman
Added: May 21
Changed: Aug 30
Last Checked: Aug 31 at 2:23PM
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 Jin Pourtabib
Investment Insights
Based on property information with market context.
This circa 1883 San Rafael property contains four separate residential units, each with its own layout and character. The configuration supports owner occupancy in one unit alongside rental income from the remaining units. Basement laundry adds shared utility space, while parking is provided by an attached one-car garage and a separate detached garage.
Landscaped front and rear yards provide outdoor space around the residence. The property is near San Rafael’s Dominican neighborhood, downtown, shopping, and other amenities, with access to Highway 101 and public transportation. WalkScore is 25, BikeScore is 44, and TransitScore is 39.
Landscaped front and rear yards provide outdoor space around the residence. The property is near San Rafael’s Dominican neighborhood, downtown, shopping, and other amenities, with access to Highway 101 and public transportation. WalkScore is 25, BikeScore is 44, and TransitScore is 39.
Key Highlights
- Four separate residential units in a quadplex configuration
- Built circa 1883
- Attached one‑car garage plus separate detached garage
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
$91,734
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
5.48%
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%
$1,834,680
$1.8M
Cap Rate 7%
$1,310,486
$1.3M
Cap Rate 9%
$1,019,267
$1.0M
Market Conditions
NOI Build-Up for 2,733 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
$139.4K $51.00/SF
− Vacancy
−$8.3K −$3.05/SF
EGI
$131.0K $47.95/SF
− OpEx
−$39.3K −$14.39/SF
NOI
$91.7K $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%
$1,834,680
Cap Rate 7%
$1,310,486
Cap Rate 9%
$1,019,267
Alternative Uses
Best Use
Multifamily LT 5
$1.31M
$1.15M – $1.53M
NOI $91,734 @ 7.0% cap · market cap 5.48%
Second Best
Apartment 5plus
$565.6K
$494.9K – $659.8K
NOI $39,590 @ 7.0% cap · market cap 2.36%
Theoretical Best
Specialty Retail
$13.35M
$11.68M – $15.57M
NOI $934,471 @ 7.0% cap · market cap 55.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,677
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?
Quadplex - Circa 1883 property with basement laundry and landscaped outdoor areas.
Where is this quadplex located?
The property is located at 1348 Grand Ave San Rafael, CA.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: Four separate residential units in a quadplex configuration; Built circa 1883; Attached one‑car garage plus separate detached garage
