Building Details

Buildings 1

Units 2

Tenancy Multi

Listing Agency: Marcus & Millichap - San Francisco a***@marcusmillichap.com Show Phone

Listed By: Angelo Baglieri · License #CA 01996324

Source: Crexi

Added: Jul 13 Changed: Aug 20 Last Checked: Aug 19 at 11:45PM

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Investment Insights

Based on property information with market context.

185-187 Solano Street presents a fully vacant, side-by-side duplex opportunity in Tiburon, featuring two two-story residential units. The property includes a 4-bedroom, 2-bathroom unit and a 2-bedroom, 1-bathroom unit, with private one-car garages and additional driveway parking for two vehicles. Each unit has in-unit washer and dryer, dedicated storage rooms behind each garage, and private decks at the front entry.

Recent improvements include fresh interior and exterior paint throughout the building and newly stained oversized decks. Both residences have water views from the front entryways and decks. The landscaped front yard includes mature plants and greenery, and the private rear yard offers an additional deck and outdoor space that wraps around the property.

With separate private deck and outdoor areas serving both residences, the layout supports independent day-to-day living while keeping the duplex configured as one turn-key acquisition.

Key Highlights

• Fully vacant side‑by‑side duplex at 185‑187 Solano Street in Tiburon
• Unit mix: 4 bed/2 bath two‑story unit plus 2 bed/1 bath unit
• Each unit has a private one‑car garage, driveway parking for two vehicles, and dedicated storage behind the 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

$89,317

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

3.88%

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%

$1,786,340 $1.8M

Cap Rate 7%

$1,275,957 $1.3M

Cap Rate 9%

$992,411 $992.4K

Market Conditions

NOI Build-Up for 2,661 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

$135.7K $51.00/SF

− Vacancy

−$8.1K −$3.05/SF

EGI

$127.6K $47.95/SF

− OpEx

−$38.3K −$14.39/SF

NOI

$89.3K $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%

$1,786,340

Cap Rate 7%

$1,275,957

Cap Rate 9%

$992,411

Alternative Uses

Best Use

Multifamily LT 5

$1.28M

$1.12M – $1.49M (±1% cap)

NOI $89,317 @ 7.0% cap · market cap 3.88%

Second Best

Apartment 5plus

$550.7K

$481.8K – $642.5K (±1% cap)

NOI $38,547 @ 7.0% cap · market cap 1.68%

Theoretical Best

Specialty Retail

$13.00M

$11.37M – $15.16M (±1% cap)

NOI $909,852 @ 7.0% cap · market cap 39.56%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Duplexes

Suggested Use

Top Pick Bakery Auto Parts Store Locksmith Garden Center (Bike/Boat/Book/etc) Store Catering Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

2

Residential units

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

618

Businesses Nearby

Explore this area Business Placement

Demographics for 94920, CA

13,010

Population

5,778

Households

2.3

Avg Household Size

49

Median Age

80%

College-Educated

99%

High-School Grad

6.5 sq mi

ZIP Area

2,002

Density / Sq Mi

$238,304

Median Household Income

$95,634

Median Earnings

$3,501

Median Rent

$2,000,001

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this duplexes located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Duplex - Fully vacant side-by-side duplex with two private decks, two-car driveway parking, in-unit laundry, and recently refreshed interiors and exteriors.

Where is this duplex located?

The property is located at 185-187 Solano Street Tiburon, CA.

What is the asking price?

The asking price for this property is $2,300,000.

What are key features of this property?

This property features: Fully vacant side‑by‑side duplex at 185‑187 Solano Street in Tiburon; Unit mix: 4 bed/2 bath two‑story unit plus 2 bed/1 bath unit; Each unit has a private one‑car garage, driveway parking for two vehicles, and dedicated storage behind the garage