Triplex With Private
For Sale
$2,100,000
92 Elizabeth Way, San Rafael, CA 94901
Three occupied residences offer varied layouts, shared laundry, individual parking, and enclosed storage for each unit.
Property Size9,999 SF
Price / SF$210.02
Days on Market235
Property Features for 92 Elizabeth Way
General Information
Standard status
Active
Size
9,999 SF
Total Parking Spaces
3
Property subtype
Triplex
Occupancy
100%
Units
Unit Mix
2 x 2BR/1BA, 1 x 3BR/2BA
Multifamily Units
3
Parking per Unit
1
Additional Details
Road Access
Yes
Amenities
shared free laundry
enclosed storage space
None, Central Air
3
Laminate, Wood
Dishwasher, Range/Oven Free Standing, Dryer, Washer
Cathedral/vaulted Ceiling
Flat
Rear
Fenced Yard.
3 Garage Spaces. 3 Parking Spaces. Converted Garage.
Shingle, Concrete
Freestanding, Garden, Low Maintenance.
Building Details
Year Built
1963
Tenancy
Multi
Listing Agency:
Marshall & Co Prop Mgmnt Inc
(415) 847-0906
Listed By:
Sarah Jainchill
(415) 847-0906
Source:
Xome
Added: Jan 8
Changed: Aug 30
Last Checked: Aug 30 at 1:42PM
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 Marshall & Co Prop Mgmnt Inc
Investment Insights
Based on property information with market context.
Built in 1963, this triplex contains two adjacent two-bedroom, one-bathroom residences measuring 2,000 square feet each, along with a separate three-bedroom, two-bathroom residence totaling 2,500 square feet. The units feature laminate and wood flooring, central air, dishwashers, freestanding ranges, and in-unit washers and dryers. Cathedral or vaulted ceilings are also noted. Each residence has a dedicated parking space and a large enclosed storage area, while laundry is shared on the property.
The property is located at 92, 94, and 96 Elizabeth Way in San Rafael’s Fair Hills Manor subdivision. Sun Valley Elementary School and Sun Valley Park are nearby, with Downtown San Rafael a short drive away. Exterior features include a fenced rear yard, low-maintenance landscaping, and three garage spaces.
The property is located at 92, 94, and 96 Elizabeth Way in San Rafael’s Fair Hills Manor subdivision. Sun Valley Elementary School and Sun Valley Park are nearby, with Downtown San Rafael a short drive away. Exterior features include a fenced rear yard, low-maintenance landscaping, and three garage spaces.
Key Highlights
- Three‑unit property with two 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence
- Two 2‑bedroom units measure 2,000 square feet each; the 3‑bedroom unit measures 2,500 square feet
- All three units are tenant occupied with long‑term renters
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
$144,846
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
6.90%
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%
$2,896,920
$2.9M
Cap Rate 7%
$2,069,229
$2.1M
Cap Rate 9%
$1,609,400
$1.6M
Market Conditions
NOI Build-Up for 9,999 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
$279.6K $27.96/SF
− Vacancy
−$16.2K −$1.62/SF
EGI
$263.4K $26.34/SF
− OpEx
−$118.5K −$11.85/SF
NOI
$144.8K $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%
$2,896,920
Cap Rate 7%
$2,069,229
Cap Rate 9%
$1,609,400
Alternative Uses
Best Use
Multifamily LT 5
$4.79M
$4.20M – $5.59M
NOI $335,618 @ 7.0% cap · market cap 15.98%
Second Best
Apartment 5plus
$2.07M
$1.81M – $2.41M
NOI $144,846 @ 7.0% cap · market cap 6.90%
Theoretical Best
Specialty Retail
$48.84M
$42.74M – $56.98M
NOI $3,418,871 @ 7.0% cap · market cap 162.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
335
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?
Triplex - Three occupied residences offer varied layouts, shared laundry, individual parking, and enclosed storage for each unit.
Where is this triplex located?
The property is located at 92 Elizabeth Way San Rafael, CA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: Three‑unit property with two 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence; Two 2‑bedroom units measure 2,000 square feet each; the 3‑bedroom unit measures 2,500 square feet; All three units are tenant occupied with long‑term renters
