Multi-Tenant Office
For Sale
$1,250,000
2841 Cleveland Avenue, Santa Rosa, CA 95403
Commercial Sale, Santa Rosa, CA
Property Size7,250 SF
Lot Size0.76 Acres
Price / SF$172.41
Days on Market49
Property Features for 2841 Cleveland Avenue
General Information
Property type
Residential
Property subtype
Office
Zoning
CO - Commercial Office
Parking features
Open
Lot features
Landscape Front, Mid Block
Directions
From Hwy 101 south, take exit 491, left on Steele Ln. First right on Cleveland Ave. About 1/3 mile on the left. From Hwy 101 north, take exit 492 for Hopper Ave. First left on Cleveland Ave. About 1.2 miles on the right.
Subdivision
Santa Rosa-Northwest
Standard status
Active
APN
015492003000
Lot size
0.76 Acres
Utilities
Sewer type
Public Sewer
Heating system
Central
Cooling system
Central Air
Water source
Public
Amenities
reception area
landscaped grounds
Building Details
Year built
1963
Floors in Building
1
Flooring type
Carpet
Building materials
Frame, Stucco, Wood
Roof type
Flat
Listing Agency:
W Real Estate
(707) 591-0570
Listed By:
Todd Schapmire · License #01414195
(707) 570-9855
Added: Jul 13
Changed: Aug 19
Last Checked: Aug 30 at 5:06AM
MLS# 325076628
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This multi-tenant office property contains approximately 7,250 square feet across 23 suites. The main building includes 20 units, while a separate south wing provides three larger offices, each with its own exterior entrance. A reception area, carpeted interiors, central heating, and central air support the existing office configuration, with natural light incorporated throughout the complex. The property was built in 1963 and occupies a 0.7607-acre lot with landscaped grounds and open on-site parking.
The Santa Rosa location offers access to Highway 101 and proximity to Coddingtown Center, restaurants, Redwood Credit Union, Sonoma County administrative buildings, Santa Rosa Junior College, Kaiser, and downtown. Public water and public sewer serve the property, which is zoned CO - Commercial Office.
The Santa Rosa location offers access to Highway 101 and proximity to Coddingtown Center, restaurants, Redwood Credit Union, Sonoma County administrative buildings, Santa Rosa Junior College, Kaiser, and downtown. Public water and public sewer serve the property, which is zoned CO - Commercial Office.
Key Highlights
- Approximately 7,250 square feet with 23 office suites
- Main building contains 20 units; south wing adds 3 larger offices
- Each south‑wing office has a separate exterior entrance
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
$102,364
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
8.19%
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%
$2,047,280
$2.0M
Cap Rate 7%
$1,462,343
$1.5M
Cap Rate 9%
$1,137,378
$1.1M
Market Conditions
NOI Build-Up for 7,250 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
$161.0K $22.20/SF
− Vacancy
−$24.5K −$3.37/SF
EGI
$136.5K $18.83/SF
− OpEx
−$34.1K −$4.71/SF
NOI
$102.4K $14.12/SF
Area
Santa Rosa, CA
Vacancy
15.20%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
25.00%
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%
$2,047,280
Cap Rate 7%
$1,462,343
Cap Rate 9%
$1,137,378
Alternative Uses
Best Use
Office B
$1.46M
$1.28M – $1.71M
NOI $102,364 @ 7.0% cap · market cap 8.19%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.01M
$1.76M – $2.35M
NOI $140,999 @ 7.0% cap · market cap 11.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
23
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,201
Businesses Nearby
Explore this area
Business Placement
Demographics for 95403, CA
44,705
Population
17,504
Households
2.6
Avg Household Size
39
Median Age
27%
College-Educated
87%
High-School Grad
21.5 sq mi
ZIP Area
2,079
Density / Sq Mi
$94,480
Median Household Income
$45,928
Median Earnings
$2,215
Median Rent
$651,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office complex with varied suite layouts, landscaped grounds, open parking, and convenient Highway 101 access.
Where is this office building located?
The property is located at 2841 Cleveland Avenue Santa Rosa, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Approximately 7,250 square feet with 23 office suites; Main building contains 20 units; south wing adds 3 larger offices; Each south‑wing office has a separate exterior entrance
