Six-Unit Multifamily
New
For Sale
$4,250,000
401 Pine St, Mill Valley, CA 94941
Well-maintained multifamily asset with varied layouts, private outdoor areas, parking, and resident-focused amenities.
Property Size9,220 SF
Lot Size0.57 Acres
Days on Market2
Property Features for 401 Pine St
General Information
Standard status
Active
Size
9,220 SF
Lot size
0.57 Acres
Property subtype
Investment
Units
Unit Mix
4 x 3BR/2BA, 2 x 4BR/3BA
Multifamily Units
6
Amenities
garages
in-unit laundry
patios
balconies
off-street parking
community gathering space
Building Details
Building Size
9,220 SF
Year Built
1977
Stories
2
Units
6
Listed By:
Katherine Y Raphael
(415) 259-9891
Source:
Elliman
Added: Sep 12
Last Checked: Sep 12 at 2:40PM
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 Katherine Y Raphael
Investment Insights
Based on property information with market context.
Pine Grove Residences is a 6-unit multifamily property built in 1977 on a 0.57-acre lot in Mill Valley. The unit mix includes four 3-bedroom/2-bath flats and two 4-bedroom/3-bath townhomes, providing a combination of conventional flat and townhouse-style layouts.
Property features include garages, in-unit laundry, patios, balconies, ample off-street parking, and a community gathering space. The property is located 8 miles north of San Francisco in Southern Marin County, with a Walk Score of 57 and a Bike Score of 41.
Property features include garages, in-unit laundry, patios, balconies, ample off-street parking, and a community gathering space. The property is located 8 miles north of San Francisco in Southern Marin County, with a Walk Score of 57 and a Bike Score of 41.
Key Highlights
- 6‑unit multifamily property on a 0.57‑acre lot
- Four 3‑bedroom/2‑bath flats and two 4‑bedroom/3‑bath townhomes
- Built in 1977
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
$133,562
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
3.14%
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%
$2,671,240
$2.7M
Cap Rate 7%
$1,908,029
$1.9M
Cap Rate 9%
$1,484,022
$1.5M
Market Conditions
NOI Build-Up for 9,220 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
$257.8K $27.96/SF
− Vacancy
−$15.0K −$1.62/SF
EGI
$242.8K $26.34/SF
− OpEx
−$109.3K −$11.85/SF
NOI
$133.6K $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%
$2,671,240
Cap Rate 7%
$1,908,029
Cap Rate 9%
$1,484,022
Alternative Uses
Best Use
Apartment 5plus
$1.91M
$1.67M – $2.23M
NOI $133,562 @ 7.0% cap · market cap 3.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$45.04M
$39.41M – $52.54M
NOI $3,152,514 @ 7.0% cap · market cap 74.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
6
Residential units
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
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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?
Apartment building - Well-maintained multifamily asset with varied layouts, private outdoor areas, parking, and resident-focused amenities.
Where is this apartment building located?
The property is located at 401 Pine St Mill Valley, CA.
What is the asking price?
The asking price for this property is $4,250,000.
What are key features of this property?
This property features: 6‑unit multifamily property on a 0.57‑acre lot; Four 3‑bedroom/2‑bath flats and two 4‑bedroom/3‑bath townhomes; Built in 1977
