Downtown Apartment
For Sale
Contact for pricing
138 Tunstead Avenue, San Anselmo, CA 94960
A 1962 apartment property with C-2 Downtown Commercial zoning near downtown amenities.
Property Size7,927 SF
Price / SF$466.13
Days on Market11
Property Features for 138 Tunstead Avenue
General Information
Standard status
Active
Size
7,927 SF
Total Parking Spaces
10
Property subtype
Multifamily
Zoning
C-2 Downtown Commercial
Investment Type
Stabilized
Net Operating Income
$148,509
Additional Details
Highway Access
Yes
Building Details
Year Built
1962
Buildings
1
Units
10
Tenancy
Multi
Listing Agency:
Keegan & Coppin Co Larkspur
Listed By:
John Mohun · License #02232254
Source:
Crexi
Added: Jul 27
Changed: Aug 3
Last Checked: Aug 5 at 8:49AM
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 Keegan & Coppin Co Larkspur
Investment Insights
Based on property information with market context.
138 Tunstead Avenue is a 7,927-square-foot apartment property completed in 1962 and designated C-2 Downtown Commercial. The building has remained under family ownership since 1971 and has received ongoing maintenance and improvements over the years.
The property is located in downtown San Anselmo, within walking distance of restaurants, cafes, boutiques, parks, and daily conveniences. San Anselmo is situated in Marin County’s Ross Valley, with access to Highway 101, San Francisco, and the greater North Bay. The surrounding area includes tree-lined streets, open space, and a mix of locally operated businesses and community amenities.
The property is located in downtown San Anselmo, within walking distance of restaurants, cafes, boutiques, parks, and daily conveniences. San Anselmo is situated in Marin County’s Ross Valley, with access to Highway 101, San Francisco, and the greater North Bay. The surrounding area includes tree-lined streets, open space, and a mix of locally operated businesses and community amenities.
Key Highlights
- 7,927‑square‑foot apartment property
- Built in 1962
- C‑2 Downtown Commercial zoning
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
$114,831
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
3.11%
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%
$2,296,620
$2.3M
Cap Rate 7%
$1,640,443
$1.6M
Cap Rate 9%
$1,275,900
$1.3M
Market Conditions
NOI Build-Up for 7,927 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
$221.6K $27.96/SF
− Vacancy
−$12.9K −$1.62/SF
EGI
$208.8K $26.34/SF
− OpEx
−$94.0K −$11.85/SF
NOI
$114.8K $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%
$2,296,620
Cap Rate 7%
$1,640,443
Cap Rate 9%
$1,275,900
Alternative Uses
Best Use
Apartment 5plus
$1.64M
$1.44M – $1.91M
NOI $114,831 @ 7.0% cap · market cap 3.11%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$38.72M
$33.88M – $45.17M
NOI $2,710,410 @ 7.0% cap · market cap 73.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,339
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?
Apartment building - A 1962 apartment property with C-2 Downtown Commercial zoning near downtown amenities.
Where is this apartment building located?
The property is located at 138 Tunstead Avenue San Anselmo, CA.
What is the asking price?
The asking price for this property is $3,695,000.
What are key features of this property?
This property features: 7,927‑square‑foot apartment property; Built in 1962; C‑2 Downtown Commercial zoning
