Two-Unit Duplex with Enclosed
New
For Sale
$1,490,000
310 Belle Ave, San Rafael, CA 94901
Updated duplex with private outdoor areas, in-unit laundry, landscaped grounds, and dedicated parking for each residence.
Property Size3,312 SF
Days on Market5
Property Features for 310 Belle Ave
General Information
Standard status
Active
Size
3,312 SF
Property subtype
Investment
Units
Unit Mix
2BR/1BA
Parking per Unit
2
Amenities
in-unit laundry
storage
private outdoor area
spacious enclosed deck
landscaped grounds
Building Details
Building Size
3,312 SF
Year Built
1977
Stories
2
Units
3
Listed By:
Vince Gramalia
(415) 246-5924
Source:
Elliman
Added: Sep 5
Last Checked: Sep 8 at 5:31AM
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 Vince Gramalia
Investment Insights
Based on property information with market context.
Built in 1977, this duplex contains two occupied residences, each offering just over 1,000 square feet with two bedrooms, one bathroom, in-unit laundry, and storage. Both units include private outdoor space, while the upper residence also features a spacious enclosed deck. Recent improvements include new gas water heaters, and the property has been maintained and updated over time.
The grounds include mature landscaping, established bushes, and fruit trees. Each unit is assigned two on-site parking spaces. The property is near downtown San Rafael shopping and services as well as Dominican University. Transportation context includes a Walk Score of 61, a Bike Score of 71, and a Transit Score of 39.
The grounds include mature landscaping, established bushes, and fruit trees. Each unit is assigned two on-site parking spaces. The property is near downtown San Rafael shopping and services as well as Dominican University. Transportation context includes a Walk Score of 61, a Bike Score of 71, and a Transit Score of 39.
Key Highlights
- Two occupied units, each with just over 1,000 square feet
- Each residence includes 2 bedrooms, 1 bathroom, in‑unit laundry, and storage
- Private outdoor area for each unit; upper unit has a spacious enclosed deck
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
$111,168
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
7.46%
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%
$2,223,360
$2.2M
Cap Rate 7%
$1,588,114
$1.6M
Cap Rate 9%
$1,235,200
$1.2M
Market Conditions
NOI Build-Up for 3,312 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
$168.9K $51.00/SF
− Vacancy
−$10.1K −$3.05/SF
EGI
$158.8K $47.95/SF
− OpEx
−$47.6K −$14.39/SF
NOI
$111.2K $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%
$2,223,360
Cap Rate 7%
$1,588,114
Cap Rate 9%
$1,235,200
Alternative Uses
Best Use
Multifamily LT 5
$1.59M
$1.39M – $1.85M
NOI $111,168 @ 7.0% cap · market cap 7.46%
Second Best
Apartment 5plus
$685.4K
$599.7K – $799.6K
NOI $47,978 @ 7.0% cap · market cap 3.22%
Theoretical Best
Specialty Retail
$16.18M
$14.16M – $18.87M
NOI $1,132,443 @ 7.0% cap · market cap 76.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,032
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?
Duplex - Updated duplex with private outdoor areas, in-unit laundry, landscaped grounds, and dedicated parking for each residence.
Where is this duplex located?
The property is located at 310 Belle Ave San Rafael, CA.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Two occupied units, each with just over 1,000 square feet; Each residence includes 2 bedrooms, 1 bathroom, in‑unit laundry, and storage; Private outdoor area for each unit; upper unit has a spacious enclosed deck
