Quadplex with Private
For Sale
$2,250,000
508 Spring St, Sausalito, CA 94965
Four 1BR/1BA units with private decks, in-unit laundry, and dedicated storage.
Property Size3,152 SF
Days on Market51
Property Features for 508 Spring St
General Information
Standard status
Active
Size
3,152 SF
Total Parking Spaces
8
Property subtype
Investment
Occupancy
100%
Additional Details
Highway Access
Yes
Multifamily Units
4
Building Details
Building Size
3,152 SF
Year Built
1955
Units
4
Tenancy
Multi
Listing Agency:
(415) 827-3626
Listed By:
Katie Wigington · License #01907619
(415) 827-3626
Source:
Elliman
Added: Jun 21
Changed: Aug 8
Last Checked: Aug 10 at 5:53AM
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 Katie Wigington
Investment Insights
Based on property information with market context.
This legacy quadplex offers four well-maintained 1BR/1BA homes, each featuring a private deck. Over the years, the residences have been upgraded with newer kitchens and baths, fresh paint completed within the last three years, and floors that have been refinished or newly installed. Each unit includes in-unit laundry and dedicated storage, and the property also provides a large shared backyard for outdoor relaxation.
Parking is set up for convenience with four covered spaces plus four additional tandem, uncovered spots. The shared outdoor area is complemented by the separate deck experience at each home. The building is described as being one block from the bus and about a 15-minute stroll to the ferry, with quick access to San Francisco via Highways 101 and 580.
All four units are currently rented, with three on flexible month-to-month terms. The configuration can support owner-occupancy as well as investment use. The remarks also note potential for an ADU and/or condo conversion, subject to buyer verification.
Parking is set up for convenience with four covered spaces plus four additional tandem, uncovered spots. The shared outdoor area is complemented by the separate deck experience at each home. The building is described as being one block from the bus and about a 15-minute stroll to the ferry, with quick access to San Francisco via Highways 101 and 580.
All four units are currently rented, with three on flexible month-to-month terms. The configuration can support owner-occupancy as well as investment use. The remarks also note potential for an ADU and/or condo conversion, subject to buyer verification.
Key Highlights
- Four well‑maintained 1BR/1BA units in a legacy building built in 1955, each with a private deck
- Updates across all units include newer kitchens and baths, plus fresh paint within the last three years
- Unit interiors feature refinished or newly installed floors, with private in‑unit laundry and dedicated storage for each home
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
$105,797
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
4.70%
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%
$2,115,940
$2.1M
Cap Rate 7%
$1,511,386
$1.5M
Cap Rate 9%
$1,175,522
$1.2M
Market Conditions
NOI Build-Up for 3,152 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
$160.8K $51.00/SF
− Vacancy
−$9.6K −$3.05/SF
EGI
$151.1K $47.95/SF
− OpEx
−$45.3K −$14.39/SF
NOI
$105.8K $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%
$2,115,940
Cap Rate 7%
$1,511,386
Cap Rate 9%
$1,175,522
Alternative Uses
Best Use
Multifamily LT 5
$1.51M
$1.32M – $1.76M
NOI $105,797 @ 7.0% cap · market cap 4.70%
Second Best
Apartment 5plus
$652.3K
$570.8K – $761.0K
NOI $45,660 @ 7.0% cap · market cap 2.03%
Theoretical Best
Specialty Retail
$15.40M
$13.47M – $17.96M
NOI $1,077,736 @ 7.0% cap · market cap 47.90%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,457
Businesses Nearby
Explore this area
Business Placement
Demographics for 94965, CA
11,447
Population
6,797
Households
1.7
Avg Household Size
50
Median Age
65%
College-Educated
93%
High-School Grad
14.6 sq mi
ZIP Area
784
Density / Sq Mi
$140,417
Median Household Income
$84,023
Median Earnings
$2,952
Median Rent
$1,492,600
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?
Quadplex - Four 1BR/1BA units with private decks, in-unit laundry, and dedicated storage.
Where is this quadplex located?
The property is located at 508 Spring St Sausalito, CA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Four well‑maintained 1BR/1BA units in a legacy building built in 1955, each with a private deck; Updates across all units include newer kitchens and baths, plus fresh paint within the last three years; Unit interiors feature refinished or newly installed floors, with private in‑unit laundry and dedicated storage for each home
