Updated Duplex with Rental
New
For Sale
$1,695,000
288-290 Miller Avenue, Mill Valley, CA 94941
Residential Income, Mill Valley, CA
Property Size1,948 SF
Lot Size0.12 Acres
Price / SF$870.12
Days on Market5
Property Features for 288-290 Miller Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 4, Bedroom 1, Bathroom 3, Bedroom 2
Parking
3
Lot features
Landscape Back, Landscape Front
Elementary school district
Marin
Middle school district
Marin
High school district
Marin
Directions
101 to Blithedale exit, left on Camino Alto, left onto Miller.
Subdivision
Mill Valley
Standard status
Active
APN
02821303
Size
1,948 SF
Lot size
0.12 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Water source
Public
Amenities
attached garage
dedicated laundry
back deck
low-maintenance yard
Building Details
Year built
1952
Number of units
2
Listing Agency:
Golden Gate Sotheby's International Realty
(415) 464-9300
Listed By:
Jennie M Hooker
(415) 317-4257
Added: Aug 19
Last Checked: Aug 23 at 4:06PM
MLS# 326070737
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,948-square-foot duplex includes a primary residence with three bedrooms, two full bathrooms, original hardwood flooring, and updated interior finishes. The home connects to a rear deck and low-maintenance yard, while a separate one-bedroom, one-bath residence provides an independently configured second living space. Each residence has its own laundry, utility meter, and heating system, supporting distinct household or rental use. An attached garage is also included.
Built in 1952 on a 0.122-acre parcel in Mill Valley, the property is served by public water and public sewer. Its setting provides access to downtown shops, cafes, restaurants, the Lumber Yard, parks, and nature trails, with Highway 101 access for travel toward San Francisco.
Built in 1952 on a 0.122-acre parcel in Mill Valley, the property is served by public water and public sewer. Its setting provides access to downtown shops, cafes, restaurants, the Lumber Yard, parks, and nature trails, with Highway 101 access for travel toward San Francisco.
Key Highlights
- 1,948 SF duplex on a 0.122‑acre lot
- Main residence includes 3 bedrooms and 2 full baths
- Separate 1‑bedroom, 1‑bath 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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Utilities to site
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 independent residences support owner occupancy, rental use, or flexible multigenerational living arrangements.
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 SF duplex on a 0.122‑acre lot; Main residence includes 3 bedrooms and 2 full baths; Separate 1‑bedroom, 1‑bath residence
