Updated Duplex with Independent
For Sale
$1,695,000
288-290 Miller Avenue, Mill Valley, CA 94941
Two separately serviced residences include flexible living arrangements, outdoor space, and an attached garage.
Property Size1,948 SF
Price / SF$870.12
Days on Market14
Property Features for 288-290 Miller Avenue
General Information
Standard status
Active
Size
1,948 SF
Property subtype
Multi-Family (2-4 Units)
Taxes and HOA fees
Annual Taxes
$25,722
Building Details
Building Size
1,948 SF
Year Built
1952
Listing Agency:
Golden Gate Sotheby's International Realty
(415) 317-4257
Listed By:
Jennie Hooker
(415) 317-4257
Source:
Gregglynn
Added: Aug 18
Changed: Aug 30
Last Checked: Aug 30 at 10:19PM
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 Golden Gate Sotheby's International Realty
Investment Insights
Based on property information with market context.
This duplex contains 1,948 square feet across a primary residence and a fully independent lower-level unit. The main home includes 3 bedrooms and 2 full baths, original hardwood flooring, updated interiors, and a front bedroom suitable for office or reading space. The kitchen and primary bedroom connect to a rear deck and low-maintenance yard. The secondary residence offers 1 bedroom and 1 bath with its own living setup, making it suitable for rental use, guests, extended family, office space, or a creative studio.
Each residence has dedicated laundry, separate utility meters, and an individual heating system. The property also includes an attached garage and nearby parking. Downtown shops, cafes, restaurants, the Lumber Yard, parks, and nature trails are nearby, with access to Highway 101 and San Francisco.
Each residence has dedicated laundry, separate utility meters, and an individual heating system. The property also includes an attached garage and nearby parking. Downtown shops, cafes, restaurants, the Lumber Yard, parks, and nature trails are nearby, with access to Highway 101 and San Francisco.
Key Highlights
- 1,948‑square‑foot duplex with two independent residences
- Main residence offers 3 bedrooms, 2 full baths, and original hardwood floors
- Separate 1‑bedroom, 1‑bath lower‑level 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
$65,385
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
3.86%
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%
$1,307,700
$1.3M
Cap Rate 7%
$934,071
$934.1K
Cap Rate 9%
$726,500
$726.5K
Market Conditions
NOI Build-Up for 1,948 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
$99.3K $51.00/SF
− Vacancy
−$5.9K −$3.05/SF
EGI
$93.4K $47.95/SF
− OpEx
−$28.0K −$14.39/SF
NOI
$65.4K $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%
$1,307,700
Cap Rate 7%
$934,071
Cap Rate 9%
$726,500
Alternative Uses
Best Use
Multifamily LT 5
$934.1K
$817.3K – $1.09M
NOI $65,385 @ 7.0% cap · market cap 3.86%
Second Best
Apartment 5plus
$403.1K
$352.7K – $470.3K
NOI $28,219 @ 7.0% cap · market cap 1.66%
Theoretical Best
Specialty Retail
$9.52M
$8.33M – $11.10M
NOI $666,063 @ 7.0% cap · market cap 39.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,812
Businesses Nearby
Explore this area
Business Placement
Demographics for 94941, CA
31,480
Population
13,860
Households
2.3
Avg Household Size
47
Median Age
77%
College-Educated
99%
High-School Grad
37.7 sq mi
ZIP Area
835
Density / Sq Mi
$210,217
Median Household Income
$100,535
Median Earnings
$2,949
Median Rent
$1,990,100
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?
Duplex - Two separately serviced residences include flexible living arrangements, outdoor space, and an attached garage.
Where is this duplex located?
The property is located at 288-290 Miller Avenue Mill Valley, CA.
What is the asking price?
The asking price for this property is $1,695,000.
What are key features of this property?
This property features: 1,948‑square‑foot duplex with two independent residences; Main residence offers 3 bedrooms, 2 full baths, and original hardwood floors; Separate 1‑bedroom, 1‑bath lower‑level residence
