16-Unit Apartment
For Sale
$1,600,000
17 Clay Ct, Novato, CA 94949
Wooded hillside property offers two-bedroom residences with private laundry appliances.
Property Size4,308 SF
Days on Market40
Property Features for 17 Clay Ct
General Information
Standard status
Active
Size
4,308 SF
Property subtype
Multi Family Home
Building Details
Building Size
4,308 SF
Year Built
1978
Buildings
1
Stories
2
Listing Agency:
Cbre, Inc.
(408) 409-3431
Listed By:
Adam Foley · License #02144332
(408) 409-3431
Source:
Dualprideproperties
Added: Jul 22
Changed: Aug 29
Last Checked: Aug 17 at 8:32PM
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 Cbre, Inc.
Investment Insights
Based on property information with market context.
This apartment property comprises 16 residences arranged across four separate fourplex buildings. Constructed in 1978 with wood-frame construction, the residences are spacious two-bedroom units averaging 996 square feet. Each home includes its own washer and dryer, adding a practical in-unit amenity for residents. The buildings are situated on a wooded hillside in Novato, within Marin County.
The property benefits from direct access to US-101, while a nearby SMART rail station provides rail connectivity toward San Francisco and the wider Bay Area employment base. The four buildings, located at 1, 17, 30, and 33 Clay Court, may be acquired together as a portfolio or purchased individually.
The property benefits from direct access to US-101, while a nearby SMART rail station provides rail connectivity toward San Francisco and the wider Bay Area employment base. The four buildings, located at 1, 17, 30, and 33 Clay Court, may be acquired together as a portfolio or purchased individually.
Key Highlights
- 16‑unit apartment portfolio comprising four individual fourplex buildings
- Two‑bedroom residences average 996 square feet
- Washer and dryer included in every residence
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
$144,599
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
9.04%
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%
$2,891,980
$2.9M
Cap Rate 7%
$2,065,700
$2.1M
Cap Rate 9%
$1,606,656
$1.6M
Market Conditions
NOI Build-Up for 4,308 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
$219.7K $51.00/SF
− Vacancy
−$13.1K −$3.05/SF
EGI
$206.6K $47.95/SF
− OpEx
−$62.0K −$14.39/SF
NOI
$144.6K $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%
$2,891,980
Cap Rate 7%
$2,065,700
Cap Rate 9%
$1,606,656
Alternative Uses
Best Use
Multifamily LT 5
$2.07M
$1.81M – $2.41M
NOI $144,599 @ 7.0% cap · market cap 9.04%
Second Best
Apartment 5plus
$891.5K
$780.1K – $1.04M
NOI $62,406 @ 7.0% cap · market cap 3.90%
Theoretical Best
Specialty Retail
$21.04M
$18.41M – $24.55M
NOI $1,472,997 @ 7.0% cap · market cap 92.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
179
Businesses Nearby
Explore this area
Business Placement
Demographics for 94949, CA
17,588
Population
7,541
Households
2.3
Avg Household Size
46
Median Age
48%
College-Educated
93%
High-School Grad
13.4 sq mi
ZIP Area
1,313
Density / Sq Mi
$116,101
Median Household Income
$60,149
Median Earnings
$2,596
Median Rent
$1,075,600
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 - Wooded hillside property offers two-bedroom residences with private laundry appliances.
Where is this apartment building located?
The property is located at 17 Clay Ct Novato, CA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 16‑unit apartment portfolio comprising four individual fourplex buildings; Two‑bedroom residences average 996 square feet; Washer and dryer included in every residence
