1041 3rd Street, Novato, CA 94945, Novato, 94945 - 0 bed, 0 bath
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1041 3rd Street
Novato, CA 94945
ACTIVE
CONDITION: FAIR
0Beds
0Baths
4,000Sq Ft
7,501Lot Size
Property Price
LIST PRICE$1,500,000
EST. MARKET VALUE
$1,541,586
SUMMARY
This Prime Investment Opportunity is a Quadruplex listed at a List Price of $1,500,000—positioned well below the $1,541,587 Fair Market Value by 2%. This valuation gap offers $41,587 in Instant Equity. Featuring a Condition Rating of 4, the property offers spacious 2-bedroom units with in-unit laundry and updated electrical. While the building requires modernization, its downtown location ensures strong rental demand. This asset is an ideal acquisition for Buy-and-Hold Investors or Value-Add Developers seeking long-term growth.
Estimated Market Value
$1,541,586
Based on Realkey algorithm analyzing recent comparable sales in Novato.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1041 3rd Street Subject 0 bd · 0 ba · 4,000 sqft · $385 | $1,500,000* List Price | 0 | 0 | 4,000 | $385 | - |
A 1052 7th Street Sold 0 bd · 0 ba · 4,004 sqft · $392 · 0.2 mi | $1,570,000 | 0 | 0 | 4,004 | $392 | 0.2 mi |
B 1048 7th Street Sold 0 bd · 0 ba · 4,004 sqft · $387 · 0.2 mi | $1,550,000 | 0 | 0 | 4,004 | $387 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1968, this property is well-maintained but dated. The kitchen features older painted cabinetry and basic appliances, though counters and flooring have received partial updates. While the electrical system is noted as updated, the aerial view shows a roof with significant wear, and the overall interior finishes appear to be over 20 years old, requiring modernization to reach current market standards.
PROSSTRENGTHS & OPPORTUNITIES
- Prime Downtown Location
Centrally located in the heart of Downtown Novato, this property offers high tenant demand and excellent walkability within the prestigious Marin County market.
- Modernized Unit Amenities
Units are equipped with highly desirable features including in-unit laundry, dishwashers, and updated electrical, which enhance tenant retention and reduce immediate capital needs.
- Strong Investment Fundamentals
As a well-maintained quadruplex with spacious 2-bedroom layouts and midcentury architectural appeal, the property offers substantial rental upside and a rare entry point into a competitive sub-market.
CONSRISKS & DEFICIENCIES
- Midcentury Maintenance Requirements
Constructed in 1968, the building may necessitate ongoing capital improvements for aging infrastructure components typical of this era, such as plumbing or roofing.
- Limited Site Expansion
The 7,501 sqft level parcel is largely utilized by the existing 4,000 sqft structure and covered parking, leaving minimal room for further development or additional units.
About 1041 3rd Street
Centrally located in the heart of Downtown Novato, Third Street Apartments is a well-maintained 4-unit property featuring spacious 2-bedroom units setback on a level parcel in coveted Marin County. This midcentury gem includes exposed beam ceilings, in-unit laundry, dishwashers, covered parking, tenant storage, several fenced patios or decks, and updated electrical. Third Street Apartments offers a rare investment opportunity with strong fundamentals and substantial upside potential in a highly desirable location.
Property Details
Public Facts
- Property Type
- Quadruplex
- Year Built
- 1968
- Lot Size
- 7,501 Sq. Ft.
Interior
- Total Bedrooms
- 0
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 4,000 | 4,004 |
| Lot Size | 7,501 | 7,145 |
| Price | $1.50M | $1.56M |
| Price per sq ft | $375 | $390 |
| Built year | 1968 | 1979 |
| HOA | $0 | $0 |
| Days on market | 45 | 73 |
Pricing History
Listed for Sale
Sep 9, 2026
$1,500,000
Initial Listing
Sold
Feb 3, 1999
$195,000
Public Record
Sold
Feb 2, 1999
$152,500
Public Record
Sold
Jan 14, 1994
$412,500
Public Record