Mixed-Use Building with Apartment
New
For Sale
$3,000,000
301 Poplar St, Mill Valley, CA 94941
Residential Income, Mill Valley, CA
Property Size5,869 SF
Lot Size0.15 Acres
Price / SF$511.16
Days on Market5
Property Features for 301 Poplar St
General Information
Property type
Residential Multi Family
Property subtype
Other
Parking features
Parking Lot, Off Street, Carport
Exterior features
No Yard
Appliances
Dryer, Washer
Subdivision
Not Listed
Lot features
Level
Directions
Less than 1-mile from Tam Junction - follow Hwy-1 towards Muir Beach
Standard status
Active
APN
05025226
Size
5,869 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1961
Number of units
8
Flooring type
Carpet - Partial, Tile, Vinyl, Wood
Building materials
Stucco, Wood Siding
Listing Agency:
RE/MAX Accord · RE/MAX International
(925) 283-9200
Listed By:
Kevin Obrien · License #1385083
(925) 595-0422
Added: Aug 19
Changed: Aug 20
Last Checked: Aug 23 at 7:06PM
MLS# 41145498
Copyright © 2026 Bay East. 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.
Built in 1961, this 5,869-square-foot mixed-use property includes five apartments upstairs and three commercial spaces at street level. The residential component comprises two two-bedroom units and three one-bedroom units. The lower level is designated for retail, office, or other commercial use under General Commercial / Mixed Use zoning. Recent improvements include sound-limiting measures between units, while the building features stucco and wood siding, mixed flooring, forced-air heat, and public water and sewer.
The property is located at 301 Poplar St in Mill Valley, next to a fire station and less than a mile from Tam Junction. It has some visibility to Hwy-1 / Shoreline Hwy and provides tenant parking through a parking lot, off-street spaces, and a carport. The parcel measures 0.1527 acres.
The property is located at 301 Poplar St in Mill Valley, next to a fire station and less than a mile from Tam Junction. It has some visibility to Hwy-1 / Shoreline Hwy and provides tenant parking through a parking lot, off-street spaces, and a carport. The parcel measures 0.1527 acres.
Key Highlights
- Five apartments: two 2‑bedroom units and three 1‑bedroom units
- Three ground‑floor retail, office, or commercial spaces
- General Commercial / Mixed Use zoning
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
$118,847
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
3.96%
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%
$2,376,940
$2.4M
Cap Rate 7%
$1,697,814
$1.7M
Cap Rate 9%
$1,320,522
$1.3M
Market Conditions
NOI Build-Up for 5,869 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
$211.3K $36.00/SF
− Vacancy
−$21.1K −$3.60/SF
EGI
$190.2K $32.40/SF
− OpEx
−$71.3K −$12.15/SF
NOI
$118.8K $20.25/SF
Area
Marin County, CA
Vacancy
10.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
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%
$2,376,940
Cap Rate 7%
$1,697,814
Cap Rate 9%
$1,320,522
Alternative Uses
Best Use
Retail
$26.76M
$23.41M – $31.22M
NOI $1,872,953 @ 7.0% cap · market cap 62.43%
Second Best
Mixed Use
$1.70M
$1.49M – $1.98M
NOI $118,847 @ 7.0% cap · market cap 3.96%
Theoretical Best
Specialty Retail
$28.67M
$25.08M – $33.45M
NOI $2,006,736 @ 7.0% cap · market cap 66.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
369
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 Office 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?
Mixed-use property - Upper-level apartments combine with ground-floor commercial spaces under General Commercial / Mixed Use zoning.
Where is this mixed-use property located?
The property is located at 301 Poplar St Mill Valley, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Five apartments: two 2‑bedroom units and three 1‑bedroom units; Three ground‑floor retail, office, or commercial spaces; General Commercial / Mixed Use zoning
