Building Details

Building Size 2,700 SF

Buildings 1

Units 2

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

Listed By: Angelo Baglieri · License #License(s): CA: 01996324 Show Phone

Source: Marcusmillichap

Added: Jul 15 Changed: Aug 30 Last Checked: Aug 31 at 12:41PM

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Investment Insights

Based on property information with market context.

This duplex includes two adjacent residences: a two-story home with 4 bedrooms and 2 bathrooms, plus a second home with 2 bedrooms and 1 bathroom. Each residence includes a private one-car garage, in-unit washer and dryer, and a dedicated storage room behind the garage. Driveway parking accommodates two vehicles.

Recent work includes new interior and exterior paint throughout the building and fresh staining on the oversized decks. The residences have water views from their entry areas and private decks. Outdoor improvements include a landscaped front yard, a rear yard, and additional deck space extending around the property.

The property is being delivered fully vacant. It is located minutes from downtown Tiburon, with access to boutique shopping, restaurants, waterfront parks, and the Tiburon Ferry’s direct service to San Francisco.

Key Highlights

• Fully vacant duplex with two side‑by‑side residences
• 4‑bedroom, 2‑bathroom two‑story residence paired with a 2‑bedroom, 1‑bathroom unit
• Private one‑car garage for each residence plus driveway parking for two vehicles

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

$90,626

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

3.94%

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%

$1,812,520 $1.8M

Cap Rate 7%

$1,294,657 $1.3M

Cap Rate 9%

$1,006,956 $1.0M

Market Conditions

NOI Build-Up for 2,700 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

$137.7K $51.00/SF

− Vacancy

−$8.2K −$3.05/SF

EGI

$129.5K $47.95/SF

− OpEx

−$38.8K −$14.39/SF

NOI

$90.6K $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%

$1,812,520

Cap Rate 7%

$1,294,657

Cap Rate 9%

$1,006,956

Alternative Uses

Best Use

Multifamily LT 5

$1.29M

$1.13M – $1.51M (±1% cap)

NOI $90,626 @ 7.0% cap · market cap 3.94%

Second Best

Apartment 5plus

$558.7K

$488.9K – $651.9K (±1% cap)

NOI $39,112 @ 7.0% cap · market cap 1.70%

Theoretical Best

Specialty Retail

$13.19M

$11.54M – $15.39M (±1% cap)

NOI $923,187 @ 7.0% cap · market cap 40.14%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

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

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 - Two side-by-side residences offer garages, decks, and private laundry.

Where is this duplex located?

The property is located at 185 Solano St 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 duplex with two side‑by‑side residences; 4‑bedroom, 2‑bathroom two‑story residence paired with a 2‑bedroom, 1‑bathroom unit; Private one‑car garage for each residence plus driveway parking for two vehicles