Duplex With Detached
For Sale
$999,000
38 Bret Avenue, San Rafael, CA 94901
Residential Income, San Rafael, CA
Property Size2,244 SF
Lot Size0.15 Acres
Price / SF$445.19
Days on Market52
Property Features for 38 Bret Avenue
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Bedrooms
3
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 2, Bedroom 3, Bathroom 3, Bathroom 1, Bedroom 1, Bedroom 2
Parking
2
Parking features
Covered, On Street
Directions
Follow US-101 S to Francisco Blvd W in San Rafael. Take exit 451A for Francisco Blvd toward Andersen Drive from US-101 S. Take Andersen Dr to left on Du Bois. Right on Bret Ave.
Subdivision
San Rafael
Standard status
Active
APN
01315117
Size
2,244 SF
Lot size
0.15 Acres
Utilities
Sewer type
Private Sewer
Heating system
Central, Wall Furnace
Building Details
Year built
1948
Floors in Building
1
Number of units
2
Listing Agency:
Golden Gate Sotheby's International Realty
(415) 456-1200
Listed By:
Alexandra Bondanza
(415) 446-8292
Added: Jul 29
Changed: Sep 13
Last Checked: Sep 18 at 12:06PM
MLS# 326064828
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 duplex property includes two separate homes on a 0.1492-acre lot. The primary residence offers three bedrooms, two full bathrooms, and established living areas. A detached accessory dwelling unit adds a private kitchen and bathroom, creating a distinct second living space within the property’s overall 2,244 square feet.
Built in 1948, the property has central heating and a wall furnace. Parking includes covered spaces and on-street availability, while sewer service is provided
Built in 1948, the property has central heating and a wall furnace. Parking includes covered spaces and on-street availability, while sewer service is provided
Key Highlights
- Duplex on 0.1492‑acre lot with 2,244 SF total
- Main residence: 3 bedrooms and 2 full bathrooms
- Detached ADU with its own kitchen and bathroom
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
$75,320
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
7.54%
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%
$1,506,400
$1.5M
Cap Rate 7%
$1,076,000
$1.1M
Cap Rate 9%
$836,889
$836.9K
Market Conditions
NOI Build-Up for 2,244 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
$114.4K $51.00/SF
− Vacancy
−$6.8K −$3.05/SF
EGI
$107.6K $47.95/SF
− OpEx
−$32.3K −$14.39/SF
NOI
$75.3K $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%
$1,506,400
Cap Rate 7%
$1,076,000
Cap Rate 9%
$836,889
Alternative Uses
Best Use
Multifamily LT 5
$1.08M
$941.5K – $1.26M
NOI $75,320 @ 7.0% cap · market cap 7.54%
Second Best
Apartment 5plus
$464.4K
$406.3K – $541.8K
NOI $32,507 @ 7.0% cap · market cap 3.25%
Theoretical Best
Specialty Retail
$10.96M
$9.59M – $12.79M
NOI $767,271 @ 7.0% cap · market cap 76.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,351
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residences provide flexible living arrangements, guest accommodations, or rental use on one residential parcel.
Where is this duplex located?
The property is located at 38 Bret Avenue San Rafael, CA.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Duplex on 0.1492‑acre lot with 2,244 SF total; Main residence: 3 bedrooms and 2 full bathrooms; Detached ADU with its own kitchen and bathroom
