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1380 Lincoln Ave 9 Unit Apartment Building $3,750,000 ($416,667/Unit) 5.82% Cap Rate San Rafael, CA 94901
Executive Summary
1380 Lincoln Avenue presents a rare opportunity to acquire a fully renovated, income-producing 9-unit asset in the heart of San Rafael, Marin County.
Originally converted from office to residential use in 2023, the property has been comprehensively upgraded, offering investors a stabilized asset with strong in-place rents and minimal near-term capital expenditure requirements.
The unit mix—3 studios, 4 one-bedroom units, and 2 two-bedroom units—provides diversified income streams and broad tenant appeal. All units were extensively remodeled in 2023 with modern kitchens and baths, updated cabinetry, new flooring, and upgraded building systems, positioning the property competitively within the local rental market.
The asset benefits from 10 on-site parking spaces, a highly desirable amenity in this central location, further supporting tenant retention and rental demand.
With solid in-place income and leases structured with annual 3% increases, the property offers predictable cash flow alongside built-in revenue growth. Located in one of Marin County’s most supply-constrained and desirable rental markets, 1380 Lincoln Avenue is well-positioned for long-term appreciation and sustained investor returns.
Originally converted from office to residential use in 2023, the property has been comprehensively upgraded, offering investors a stabilized asset with strong in-place rents and minimal near-term capital expenditure requirements.
The unit mix—3 studios, 4 one-bedroom units, and 2 two-bedroom units—provides diversified income streams and broad tenant appeal. All units were extensively remodeled in 2023 with modern kitchens and baths, updated cabinetry, new flooring, and upgraded building systems, positioning the property competitively within the local rental market.
The asset benefits from 10 on-site parking spaces, a highly desirable amenity in this central location, further supporting tenant retention and rental demand.
With solid in-place income and leases structured with annual 3% increases, the property offers predictable cash flow alongside built-in revenue growth. Located in one of Marin County’s most supply-constrained and desirable rental markets, 1380 Lincoln Avenue is well-positioned for long-term appreciation and sustained investor returns.
Property Facts
| Price | $3,750,000 | Apartment Style | Low-Rise |
| Price Per Unit | $416,667 | Building Class | B |
| Sale Type | Investment | Lot Size | 0.22 AC |
| Cap Rate | 5.82% | Building Size | 5,200 SF |
| Gross Rent Multiplier | 12 | Average Occupancy | 100% |
| No. Units | 9 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1965/2023 |
| Property Subtype | Apartment | Parking Ratio | 2.31/1,000 SF |
| Zoning | multi family - Property zoning has been changed to multi family. | ||
| Price | $3,750,000 |
| Price Per Unit | $416,667 |
| Sale Type | Investment |
| Cap Rate | 5.82% |
| Gross Rent Multiplier | 12 |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.22 AC |
| Building Size | 5,200 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1965/2023 |
| Parking Ratio | 2.31/1,000 SF |
| Zoning | multi family - Property zoning has been changed to multi family. |
Amenities
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
- Security System
- Ceiling Fans
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Double Pane Windows
- Patio
- Wheelchair Accessible (Rooms)
Site Amenities
- 24 Hour Access
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 9 | - | - |
1 1
Fairly walkable
50/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 011-145-13 | Improvements Assessment | $2,911,162 |
| Land Assessment | $652,638 | Total Assessment | $3,563,800 |
Property Taxes
Parcel Number
011-145-13
Land Assessment
$652,638
Improvements Assessment
$2,911,162
Total Assessment
$3,563,800
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1380 Lincoln Ave
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