Historic Railroad Square Commercial
For Sale
$3,500,000
10 4th Street Santa, Santa Rosa, CA 95401
Unique 1903 building in vibrant Railroad Square District.
Property Size10,950 SF
Days on Market83
Property Features for 10 4th Street Santa
General Information
Standard status
Active
Size
10,950 SF
Class
B
Property subtype
Multi Tenant Office
Building Details
Building Size
10,950 SF
Year Built
1903
Listing Agency:
North Bay Commercial Real Estate
(707) 521-3500
Listed By:
Dale Dockins · License #BR555128000
(707) 521-3500
Source:
Thebrokerlist
Added: May 18
Changed: Aug 8
Last Checked: Aug 8 at 2:37AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of North Bay Commercial Real Estate
Investment Insights
Based on property information with market context.
The Western Hotel building, constructed in 1903 by Italian stonemasons using stone from a local quarry, is located in the historical Railroad Square District. The building was converted to office and retail uses and features 5 on-site parking spaces. It is adjacent to the downtown train station and within one block of four hotels and the West End Farmer's Market. The property is located in a vibrant district with cafes and restaurants. A new multi-family project is under development adjacent to the train station. Access to Hwy 101 and Hwy 12 is within one block. The building survived the 1906 earthquake. There is a public parking lot adjacent to the property.
Key Highlights
- Prime location in the historical Railroad Square District, adjacent to the SMART Train Station and near hotels, restaurants, and the West End Farmer's Market.
- Unique and historic construction built in 1903, showcasing quality craftsmanship that withstood the 1906 earthquake.
- Excellent investment opportunity due to its stand‑out nature and ideal location in a vibrant district.
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
$154,605
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
4.42%
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%
$3,092,100
$3.1M
Cap Rate 7%
$2,208,643
$2.2M
Cap Rate 9%
$1,717,833
$1.7M
Market Conditions
NOI Build-Up for 10,950 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
$243.1K $22.20/SF
− Vacancy
−$36.9K −$3.37/SF
EGI
$206.1K $18.83/SF
− OpEx
−$51.5K −$4.71/SF
NOI
$154.6K $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%
$3,092,100
Cap Rate 7%
$2,208,643
Cap Rate 9%
$1,717,833
Alternative Uses
Best Use
Office B
$2.21M
$1.93M – $2.58M
NOI $154,605 @ 7.0% cap · market cap 4.42%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$3.04M
$2.66M – $3.55M
NOI $212,957 @ 7.0% cap · market cap 6.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,555
Businesses Nearby
Explore this area
Business Placement
Demographics for 95401, CA
37,272
Population
14,281
Households
2.6
Avg Household Size
38
Median Age
28%
College-Educated
80%
High-School Grad
20.9 sq mi
ZIP Area
1,783
Density / Sq Mi
$93,513
Median Household Income
$45,630
Median Earnings
$1,978
Median Rent
$628,900
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Unique 1903 building in vibrant Railroad Square District.
Where is this office building located?
The property is located at 10 4th Street Santa Santa Rosa, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Prime location in the historical Railroad Square District, adjacent to the SMART Train Station and near hotels, restaurants, and the West End Farmer's Market.; Unique and historic construction built in 1903, showcasing quality craftsmanship that withstood the 1906 earthquake.; Excellent investment opportunity due to its stand‑out nature and ideal location in a vibrant district.
