158-160 E Blithedale Avenue, Mill Valley, CA 94941, Mill Valley, 94941 - 6 bed, 2 bath
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Mill Valley, CA 94941
Analysis of 158-160 E Blithedale Avenue, Mill Valley, CA 94941 is currently available with a list price of $2,800,000. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Mill Valley Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Property is moderate renovation needed.
The property, built in 1914, is described as 'well-maintained with updates to units.' However, the images reveal kitchens with dated tile countertops, older appliances (some white, some stainless but not high-end), and painted cabinets. The one residential bathroom shown features a pink tub and dated tile, indicating it is functional but significantly outdated. These elements suggest that while the property is maintained, the 'updates' are likely cosmetic refreshes from 15-30 years ago rather than recent, extensive modern renovations. Minor updates are required to modernize the aesthetics and improve overall appeal, aligning with the 'Fair' condition criteria.
This is an extremely rare mixed-use opportunity in downtown Mill Valley, featuring 12 total units (six apartments and six office/retail suites) across three buildings, providing diversified income streams and combining lifestyle appeal with strong investment fundamentals.
The property boasts a 5.2 CAP rate, a long history of stable tenancy, and offers significant upside potential through rent growth and modernization. The immediate vacancy of one unit allows for strategic rent adjustment or owner-occupancy.
Situated in the heart of Mill Valley, the property benefits from excellent street visibility on a high-traffic corridor for commercial spaces, while residential units are privately tucked away, enhancing tenant desirability in a highly sought-after area.
Built in 1914, despite being well-maintained and having some updates, the property's age may imply potential for future capital expenditures related to aging core infrastructure (e.g., plumbing, electrical systems beyond what's explicitly updated).
The listing indicates only 2 bathrooms for 6 residential units, which is an unusually low ratio. This could be a significant functional drawback for tenants, potentially impacting rental appeal or requiring future renovations to improve livability.
A recent price reduction from $3,000,000 to $2,800,000 could suggest that the initial pricing was too aggressive or that there has been a lack of strong buyer interest at the higher price point, potentially indicating market resistance.
Price reduced! One unit will now be delivered vacant; now a 5.2 CAP. 158-160 E. Blithedale Avenue is an extremely rare mixed-use opportunity in downtown Mill Valley. The property consists of 12 total unitssix apartments and six office/retail suitesacross three buildings totaling approximately 5,760 SF. With a long history of stable tenancy and a strong mix of residential and commercial uses, this asset combines steady in-place income with significant upside potential through rent growth and modernization. Apartments are tucked away off the street for privacy, while retail and office spaces enjoy excellent street visibility on a high-traffic corridor. The property has been well-maintained with updates to units, dual-pane windows, and modern features. Amenities include covered parking, private decks, in-unit laundry in select apartments, and a communal pergola-shaded picnic area that creates a sense of community. Some units enjoy views of the redwoods and surrounding hillsides. This is a rare chance to own a private-feeling income property in the heart of Mill Valley, combining lifestyle appeal with investment fundamentals.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | - | 0% |
| Baths | - | - | 0% |
| Square foot | - | - | 0% |
| Lot Size | - | - | 0% |
| Price | - | - | 0% |
| Price per sq ft | - | - | 0% |
| Built year | 1914 | - | 0% |
| HOA | $0 | $0 | 0% |
| Days on market | - | - | 0% |
Jan 31, 2026
$2,800,000
$3,000,000
-7% Price Drop
Initial Listing
Sep 19, 2025
$3,000,000
Initial Listing