Updated Duplex with Covered
For Sale
$1,200,000
523 Belle Avenue, San Rafael, CA 94901
Two occupied residences feature renovated kitchens, basement laundry and storage, designated parking, and shared outdoor areas.
Property Size2,368 SF
Price / SF$506.76
Days on Market47
Property Features for 523 Belle Avenue
General Information
Standard status
Active
Size
2,368 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Road Access
Yes
Amenities
on-site laundry
storage
common area
garden area
Building Details
Year Built
1955
Tenancy
Multi
Listing Agency:
J.Peter Realtors
(408) 465-4899
Listed By:
The Jamison Team
(408) 465-4899
Source:
Tuscanaproperties
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 28 at 10:14AM
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 J.Peter Realtors
Investment Insights
Based on property information with market context.
This 2,368-square-foot duplex, built in 1955, contains two tenant-occupied residences, each arranged with two bedrooms and one bathroom. Both units include updated kitchens and practical living areas. Basement amenities add shared laundry and storage, while the carport provides one designated parking space for each residence.
Outdoor features include a shared common area suited to barbecuing, dining, entertaining, or relaxing, along with a separate garden area for flowers, herbs, or vegetables. The property is located near Dominican University of California, shopping, dining, everyday services, downtown San Rafael, and local transportation routes. China Camp State Park and McNears Beach are also nearby, with access to hiking, biking, picnicking, and waterfront recreation.
Outdoor features include a shared common area suited to barbecuing, dining, entertaining, or relaxing, along with a separate garden area for flowers, herbs, or vegetables. The property is located near Dominican University of California, shopping, dining, everyday services, downtown San Rafael, and local transportation routes. China Camp State Park and McNears Beach are also nearby, with access to hiking, biking, picnicking, and waterfront recreation.
Key Highlights
- 2,368‑square‑foot duplex built in 1955
- Two tenant‑occupied residences, each with 2 bedrooms and 1 bathroom
- Updated kitchens and functional living areas in both units
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
$79,482
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
6.62%
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%
$1,589,640
$1.6M
Cap Rate 7%
$1,135,457
$1.1M
Cap Rate 9%
$883,133
$883.1K
Market Conditions
NOI Build-Up for 2,368 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
$120.8K $51.00/SF
− Vacancy
−$7.2K −$3.05/SF
EGI
$113.5K $47.95/SF
− OpEx
−$34.1K −$14.39/SF
NOI
$79.5K $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%
$1,589,640
Cap Rate 7%
$1,135,457
Cap Rate 9%
$883,133
Alternative Uses
Best Use
Multifamily LT 5
$1.14M
$993.5K – $1.32M
NOI $79,482 @ 7.0% cap · market cap 6.62%
Second Best
Apartment 5plus
$490.0K
$428.8K – $571.7K
NOI $34,303 @ 7.0% cap · market cap 2.86%
Theoretical Best
Specialty Retail
$11.57M
$10.12M – $13.49M
NOI $809,670 @ 7.0% cap · market cap 67.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,863
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
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 occupied residences feature renovated kitchens, basement laundry and storage, designated parking, and shared outdoor areas.
Where is this duplex located?
The property is located at 523 Belle Avenue San Rafael, CA.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: 2,368‑square‑foot duplex built in 1955; Two tenant‑occupied residences, each with 2 bedrooms and 1 bathroom; Updated kitchens and functional living areas in both units
