Off market jan 2023 for $1.3M

$1,535,845

Est. refi paymentEst. refi $8,239/mo

•

3,728

sq ft

1129 3rd St, Novato, CA 94945

About this home

Massive rental upside, estimated at 94% above current rents. 1129 3rd Street is a rarely available four-unit multifamily property located in downtown Novato, just 1.5 blocks from Grant Avenue. The property consists entirely of 2-bedroom, 1.5-bathroom townhouse-style units. Each unit has a private patio, a dedicated carport parking spot, and an exterior storage closet. These home-like units cater to long-term tenants who appreciate the immediate proximity to the amenities of Novato's thriving downtown, including dining, shopping, and employment opportunities. The current tenants have all been calling the property home for eight or more years. In-place rents at the property are almost 50% below what are believed to be market rents, offering the potential of significant upside to a new owner. Once stabilized at market rents, 1129 3rd Street should provide above market cash flow and an opportunity for significant appreciation due to it's excellent location in Downtown Novato, where only one other fourplex has been sold in the past five years.

Multi-familyProperty Type

1973Year Built

7,501 sq ftLot Size

$412Est. Price/Sq.Ft.

6 spacesParking

Listed by John Garrett •DRE #01421403 • Marcus & Millichap Real Estate Investment Services, Inc.

•415-652-8431 (agent)

•john.garrett@marcusmillichap.com (agent)

Bought with Ben Faber •DRE #01913767 • Compass

Redfin checked: 2 minutes ago

•Source:BAREIS #322091194

Redfin Estimate

$1,535,845

$186K since sold in January 2023$14K since September

Recently sold homes
Estimate history
Homes for sale

This home's estimate is 20.1% higher than the average sale price ($1.28M) of 6 comparable homes.

SOLD AUG 10, 2026
$1,550,000
A
8 beds6 baths4,004 sq ft
1048 7th St, Novato, CA 94945
SOLD AUG 6, 2026
$1,570,000
B
8 beds6 baths4,004 sq ft
1052 7th St, Novato, CA 94945
SOLD BY REDFIN AUG 7, 2026
1662 Center Rd, Novato, CA 94947
$1,050,000
C
6 beds3 baths2,352 sq ft
1662 Center Rd, Novato, CA 94947
SOLD AUG 25, 2026
$1,200,000
D
5 beds2.5 baths2,581 sq ft
489 Quercus Ct, Novato, CA 94945
SOLD APR 28, 2026
$1,400,000
E
5 beds2.5 baths3,678 sq ft
723 Alice St, Novato, CA 94945
SOLD OCT 9, 2026
$905,000
F
3 beds2.5 baths1,902 sq ft
1634 Center Rd, Novato, CA 94947

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Earn from this home

Sell

$449,213

Est. take-home

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Refinance

Est. cash available

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Market trends in 94945, CA

Last updated September 2026

Buyer's Market

Seller's Market

Seller's market

Sale-to-list price

101.2%

0.6% MoM

Median sale price

$1.1M

$2K MoM

Avg. days on market

43d

9 days MoM

Recently sold homes

4 MoM

New listings for sale

EARLY ACCESS
$575,000
2 beds1 bath— sq ft
8 Somerset Pl, Novato, CA 94945
OPEN TODAY, 10AM TO 1PM
$899,000
3 beds2 baths1,582 sq ft
2033 Shady Ln, Novato, CA 94945
$849,000
3 beds2 baths1,220 sq ft
563 Fernando Dr, Novato, CA 94945
$1,050,000
4 beds3.5 baths2,319 sq ft
1 Green Point Ln, Novato, CA 94945
OPEN TODAY, 10AM TO 12:30PM
$1,695,000
4 beds3.5 baths3,138 sq ft
11 Zandra Pl, Novato, CA 94945
$789,900
2 beds2 baths1,296 sq ft
2569 Topaz Dr, Novato, CA 94945
Skyline Properties
$1,095,000
3 beds2 baths1,900 sq ft
52 Glen Rd, Novato, CA 94945
VIDEO TOUR
$1,873,000
5 beds3.5 baths3,596 sq ft
10 Santa Yorma Ct, Novato, CA 94945
OPEN SAT, 1PM TO 3PM
$1,450,000
4 beds2.5 baths2,612 sq ft
226 Butterfield Dr, Novato, CA 94945
$1,195,000
5 beds4 baths2,400 sq ft
2072 Feliz Rd, Novato, CA 94945
See all

Provided by Redfin

Sale history for 1129 3rd St

Year

Property tax

Land + Additions

Assessment*

2026

$20,035 (+0.2%)

$640,328 + $790,594

$1,430,922

2025

$19,986 (+1.8%)

$640,328 + $790,594

$1,430,922

2024

$19,627 (−12.8%)

$627,777 + $775,098

$1,402,875

2023

$22,514 (+9.6%)

$615,468 + $759,900

$1,375,368

2022

$20,535 (+0.4%)

$459,000 + $1,181,568

$1,640,568

2021

$20,456 (+1.6%)

$450,000 + $1,158,400

$1,608,400

2020

$20,126 (+59.7%)

$808,288 + $762,821

$1,571,109

2019

$12,606 (+1.5%)

$800,000 + $755,000

$1,555,000

2018

$12,416 (+1.9%)

$317,419 + $601,070

$918,489

2017

$12,189 (+7.5%)

$305,095 + $577,734

$882,829

2016

$11,339 (+1.7%)

$305,095 + $577,734

$882,829

2015

$11,150 (+2.2%)

$299,115 + $566,409

$865,524

2014

$10,907 (+0.6%)

$288,854 + $546,980

$835,834

2013

$10,839 (+1.1%)

$288,854 + $546,980

$835,834

2012

$10,723 (+3.0%)

$287,550 + $544,510

$832,060

2011

$10,411

$281,913 + $533,835

$815,748

2010

$10,404 (+1.3%)

$276,385 + $523,368

$799,753

2009

$10,269 (+5.2%)

$274,322 + $519,461

$793,783

2008

$9,763

$274,975 + $520,698

$795,673

Tax history for 1129 3rd St

Year

Property tax

Land + Additions

Assessment*

2026

$20,035 (+0.2%)

$640,328 + $790,594

$1,430,922

2025

$19,986 (+1.8%)

$640,328 + $790,594

$1,430,922

2024

$19,627 (−12.8%)

$627,777 + $775,098

$1,402,875

2023

$22,514 (+9.6%)

$615,468 + $759,900

$1,375,368

2022

$20,535 (+0.4%)

$459,000 + $1,181,568

$1,640,568

2021

$20,456 (+1.6%)

$450,000 + $1,158,400

$1,608,400

2020

$20,126 (+59.7%)

$808,288 + $762,821

$1,571,109

2019

$12,606 (+1.5%)

$800,000 + $755,000

$1,555,000

2018

$12,416 (+1.9%)

$317,419 + $601,070

$918,489

2017

$12,189 (+7.5%)

$305,095 + $577,734

$882,829

2016

$11,339 (+1.7%)

$305,095 + $577,734

$882,829

2015

$11,150 (+2.2%)

$299,115 + $566,409

$865,524

2014

$10,907 (+0.6%)

$288,854 + $546,980

$835,834

2013

$10,839 (+1.1%)

$288,854 + $546,980

$835,834

2012

$10,723 (+3.0%)

$287,550 + $544,510

$832,060

2011

$10,411

$281,913 + $533,835

$815,748

2010

$10,404 (+1.3%)

$276,385 + $523,368

$799,753

2009

$10,269 (+5.2%)

$274,322 + $519,461

$793,783

2008

$9,763

$274,975 + $520,698

$795,673

*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.

Public record

Public record
Zoning
Permits

Beds

—

Baths

—

Stories

—

Lot width

—

Lot depth

—

Lot size

7,500 Sq. Ft.

Year renovated

1973

Sq. Ft.

3,728

Year built

1973

Style

Multi-Family (2-4 Unit)

County

Marin County

APN

141-241-22

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Oct 19, 2026.

R10-4.5

Medium Density Multi-Family Residential District

The R10 zoning district is intended for areas appropriate for a variety of medium density dwelling units, including multi-family, two-family and single family residences, either attached or detached. The maximum allowable residential density ranges from 10.1 to 20 dwelling units per acre. The R10 zoning district is consistent with the Medium Density Multiple Family Residential land use designation of the General Plan.

Permitted uses

Include but are not limited to:

Livestock production
Day care facility
Housing-Group
Housing-Single unit
Housing-Multiple units
Housing-Senior
Housing-Other
Recreation
Communications tower

Jul 31, 2025 • Final

Commercial plumbing

Remove and replace a water heater with a new unit of the same capacity in a closet.

Plumbing

Water heater

Apr 16, 2024 • Final

Commercial plumbing

Plumbing

Permit history is from public records and may be incomplete or inaccurate. Redfin and its agents make no representations about the property condition or permit status. Buyers should independently verify all information.

Property details

Parking

Parking & Garage Information
Parking Total: 6
Parking Features: Covered

Interior

Heating & Cooling
Cooling: Central
Heating: Central

Interior Features
Laundry Features: Coin Operated, In Common Area, Washer/Dryer Leased
# of Stories (Total): 2

Multi-Unit Information
# of Units (Total): 4

Unit 1 Information
# of Rooms: 4
# of Bedrooms (Total): 2
# of Bathrooms (Full): 1
# of Bathrooms (Partial): 1

Unit 2 Information
# of Rooms: 4
# of Bedrooms (Total): 2
# of Bathrooms (Full): 1
# of Bathrooms (Partial): 1
# of Units: 4

Unit 3 Information
# of Rooms: 4
# of Bedrooms (Total): 2

Unit 4 Information
# of Rooms: 4
# of Bedrooms (Total): 2
# of Bathrooms (Full): 1
# of Bathrooms (Partial): 1

Exterior

Property Information
Property Type: Residential Income
Property Sub Type: Quadruplex

Lot Information
Lot Size Square Feet: 7,501
Lot Size Acres: 0.1722
Lot Size Source: Assessor Auto-Fill
Lot Features: Garden

Utilities

Utilities Information
Sewer: Public Sewer

Location

HOA Information
Association YN: No

Public facts

Beds: —
Baths: —
Sq. Ft.: 3,728
Stories: —
Lot Size: 7,500 square feet
Style: Multi-Family (2-4 Unit)
Year Built: 1973
Year Renovated: 1973
County: Marin County
APN: 141-241-22

Home facts updated by county records on Oct 19, 2026

Around this home

Schools

Olive Elementary School

Public K-5 • Assigned • 0.9mi

7/10

Sinaloa Middle School

Public 6-8 • Assigned • 1.4mi

7/10

San Marin High School

Public 9-12 • Assigned • 2.1mi

10/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

3/10 Fire Factor

0.46% chance of being in a wildfire in next 30 years

3/10 Heat Factor

7 days above 91° expected this year, 17 days in 30 years

1/10 Wind Factor

Minimal risk of severe winds over next 30 years

7/10 Air Factor

12 unhealthy days expected this year, 12 days in 30 years

Provided by First Street

Historical weather

Novato, CA • 94945

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

In this area, properties receive around 10.8 hours in June and 5 hours in December, placing it above the U.S. average for solar exposure.

10.8 hrs

5 hrs

JuneDecember

Provided by Shadowmap

Estimated sale price

$1.46M – $1.77M

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Home values near 1129 3rd St

Data from public records.

Address	Redfin Estimate
1120 3rd St, Novato, CA 2 Beds \| 1 Baths \| 1098 Sq. Ft.	$741,842
1117 3rd St, Novato, CA - Beds \| - Baths \| 3472 Sq. Ft.	$1,397,147

Address	Redfin Estimate
1124 3rd St, Novato, CA 2 Beds \| 1 Baths \| 732 Sq. Ft.	$665,664
1125 3rd St, Novato, CA - Beds \| - Baths \| 3238 Sq. Ft.	—

Address	Redfin Estimate
1113 3rd St, Novato, CA 8 Beds \| 4 Baths \| 4032 Sq. Ft.	$1,676,241
1128 3rd St, Novato, CA 4 Beds \| 3 Baths \| 2505 Sq. Ft.	$1,107,465

Property information provided by BAREIS when last listed in 2022. This data may not match . Learn more.

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GreatSchools Ratings provided by GreatSchools.org.

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About this home

Redfin Estimate

Earn from this home

Market trends in 94945, CA

Sale history for 1129 3rd St

Tax history for 1129 3rd St

Public record

Property details

Around this home

Schools

Lifestyle

Climate risks

Historical weather

Sun exposure

Nearby similar homes

New listings for sale in 94945

Home values near 1129 3rd St

More real estate resources