San Rafael Multifamily Investment
For Sale
$2,850,000
20 Marian Court, San Rafael, CA 94901
Ten-unit apartment building in San Rafael with value-add potential.
Property Size8,232 SF
Price / SF$346.21
Days on Market479
Property Features for 20 Marian Court
General Information
Standard status
Active
Size
8,232 SF
Property subtype
Commercial
Amenities
Assigned Spaces
Central Forced Air Heating
Flat/Low Pitch Roof
Building Details
Year Built
1963
Listing Agency:
JEFREY HENDERSON, BROKER
(408) 453-7461
Listed By:
JEFREY HENDERSON · License #01483399
Source:
Corcoran
Added: Apr 22, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:06AM
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 JEFREY HENDERSON, BROKER
Investment Insights
Based on property information with market context.
The property at 20 Marian Court in San Rafael, California, features 10 market-rate apartment units. The building contains all 2-bedroom, 1-bathroom floor plans. The property's total size is 8,232 square feet. Current rents are nearly $600 below market rates, with an additional $250 or more possible through renovation premiums. This presents a value-add opportunity for investors to potentially stabilize the property at a 6.57% capitalization rate.
Key Highlights
- All units feature 2 Bedroom, 1 Bathroom floorplans, ideal for the target demographic.
- Significant value‑add opportunity through rent increases.
- In‑place rents are nearly $600 below market rents.
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
$119,249
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
4.18%
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%
$2,384,980
$2.4M
Cap Rate 7%
$1,703,557
$1.7M
Cap Rate 9%
$1,324,989
$1.3M
Market Conditions
NOI Build-Up for 8,232 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
$230.2K $27.96/SF
− Vacancy
−$13.3K −$1.62/SF
EGI
$216.8K $26.34/SF
− OpEx
−$97.6K −$11.85/SF
NOI
$119.2K $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%
$2,384,980
Cap Rate 7%
$1,703,557
Cap Rate 9%
$1,324,989
Alternative Uses
Best Use
Apartment 5plus
$1.70M
$1.49M – $1.99M
NOI $119,249 @ 7.0% cap · market cap 4.18%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$40.21M
$35.18M – $46.91M
NOI $2,814,696 @ 7.0% cap · market cap 98.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,175
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Ten-unit apartment building in San Rafael with value-add potential.
Where is this apartment building located?
The property is located at 20 Marian Court San Rafael, CA.
What is the asking price?
The asking price for this property is $2,850,000.
What are key features of this property?
This property features: All units feature 2 Bedroom, 1 Bathroom floorplans, ideal for the target demographic.; Significant value‑add opportunity through rent increases.; In‑place rents are nearly $600 below market rents.
