Building Details

Year Built 1901

Listing Agency: LEE & ASSOCIATES Show Phone

Listed By: TYLER CLARK · License #01900784 Show Phone

Source: Corcoran

Added: Aug 28, 2025 Changed: Sep 12 Last Checked: Sep 12 at 7:47AM

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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 LEE & ASSOCIATES

Investment Insights

Based on property information with market context.

This historically significant property, originally constructed in 1901, is located in Corte Madera. The multi-building campus has a total area of approximately 10,464 square feet and is situated on a 19,920 square foot lot, which is equivalent to 0.46 acres. Currently configured for religious and community use, the property's flexible R-2 Low Density Multiple-Dwelling zoning allows for a range of future possibilities. The property includes a sanctuary featuring vaulted timber ceilings and a pipe organ, a fellowship hall with a fireplace, a full kitchen, a nursery or bonus room, multiple offices, and additional meeting spaces. Furthermore, there is a separate apartment with four bedrooms and two bathrooms, as well as a former retail storefront that was previously used as a thrift shop, providing additional utility and potential income streams.

Key Highlights

• Large ±10,464 SF multi‑building campus on a ±19,920 SF lot in the heart of Corte Madera.
• Flexible R‑2 Low Density Multiple‑Dwelling zoning offers a range of future possibilities.
• Historically significant property originally constructed in 1901.

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

$151,582

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

3.37%

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%

$3,031,640 $3.0M

Cap Rate 7%

$2,165,457 $2.2M

Cap Rate 9%

$1,684,244 $1.7M

Market Conditions

NOI Build-Up for 10,464 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

$292.6K $27.96/SF

− Vacancy

−$17.0K −$1.62/SF

EGI

$275.6K $26.34/SF

− OpEx

−$124.0K −$11.85/SF

NOI

$151.6K $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%

$3,031,640

Cap Rate 7%

$2,165,457

Cap Rate 9%

$1,684,244

Alternative Uses

Best Use

Retail

$47.70M

$41.74M – $55.66M (±1% cap)

NOI $3,339,340 @ 7.0% cap · market cap 74.21%

Second Best

Apartment 5plus

$2.17M

$1.89M – $2.53M (±1% cap)

NOI $151,582 @ 7.0% cap · market cap 3.37%

Theoretical Best

Specialty Retail

$51.11M

$44.72M – $59.63M (±1% cap)

NOI $3,577,864 @ 7.0% cap · market cap 79.51%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Churches & religious facilities

Location Intelligence

Trade Area within ½ mile

1,010

Businesses Nearby

Explore this area Business Placement

Demographics for 94925, CA

10,204

Population

4,147

Households

2.5

Avg Household Size

44

Median Age

77%

College-Educated

99%

High-School Grad

3.2 sq mi

ZIP Area

3,189

Density / Sq Mi

$220,771

Median Household Income

$120,154

Median Earnings

$3,468

Median Rent

$1,702,000

Median Home Value

Market

Vacancy Rate% for Multifamily in West region

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

Questions? Ask Rey

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What type of property is this? Where is this churches & religious facilities located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Church & religious facility - Historically significant property with flexible zoning and income potential.

Where is this church & religious facility located?

The property is located at Tamalpais Dr Corte Madera, CA.

What is the asking price?

The asking price for this property is $4,500,000.

What are key features of this property?

This property features: Large ±10,464 SF multi‑building campus on a ±19,920 SF lot in the heart of Corte Madera.; Flexible R‑2 Low Density Multiple‑Dwelling zoning offers a range of future possibilities.; Historically significant property originally constructed in 1901.