14-Unit Apartment Building with
For Sale
$4,150,000
1015 S A Street, Santa Rosa, CA 95404
Renovated residential asset with an established retail component and additional rental positioning within Santa Rosa.
Property Size6,849 SF
Days on Market62
Property Features for 1015 S A Street
General Information
Standard status
Active
Size
6,849 SF
Property subtype
Multi Family Home
Zoning
CITY
Additional Details
Highway Access
Yes
Multifamily Units
14
Building Details
Building Size
6,849 SF
Year Built
1936
Tenancy
Multi
Listing Agency:
CBRE, Inc.
(408) 893-8063
Listed By:
Adam Foley · License #02144332
(408) 893-8063
Source:
Brucebaldwin
Added: Jun 23
Changed: Aug 21
Last Checked: Aug 22 at 12:36PM
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 CBRE, Inc.
Investment Insights
Based on property information with market context.
Las Flores Apartments is a 14-unit mixed-use property combining residential apartments with retail space. The multifamily component has undergone a full renovation, and the property includes an established retail tenant. Residential rents are approximately 10% below market, creating a documented difference between current apartment income and prevailing market levels. The building was constructed in 1936 and is identified with CITY zoning.
The property is located just off U.S. 101 in Santa Rosa, with access to downtown, the Sonoma and Napa wine regions, and the broader Bay Area employment base. Its residential-and-retail configuration provides two distinct occupancy components within one property, while the renovated apartment portion and existing retail tenancy establish the current operating framework.
The property is located just off U.S. 101 in Santa Rosa, with access to downtown, the Sonoma and Napa wine regions, and the broader Bay Area employment base. Its residential-and-retail configuration provides two distinct occupancy components within one property, while the renovated apartment portion and existing retail tenancy establish the current operating framework.
Key Highlights
- 14 residential units plus a retail component in one mixed‑use property
- Multifamily portion has been fully renovated
- Residential rents are approximately 10% below market
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
$119,634
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
2.88%
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%
$2,392,680
$2.4M
Cap Rate 7%
$1,709,057
$1.7M
Cap Rate 9%
$1,329,267
$1.3M
Market Conditions
NOI Build-Up for 6,849 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
$228.5K $33.36/SF
− Vacancy
−$11.0K −$1.60/SF
EGI
$217.5K $31.76/SF
− OpEx
−$97.9K −$14.29/SF
NOI
$119.6K $17.47/SF
Area
Santa Rosa, CA
Vacancy
4.80%
Lease Rate
$33.36 /SF/Yr
Expense Ratio
45.00%
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%
$2,392,680
Cap Rate 7%
$1,709,057
Cap Rate 9%
$1,329,267
Alternative Uses
Best Use
Apartment 5plus
$1.71M
$1.50M – $1.99M
NOI $119,634 @ 7.0% cap · market cap 2.88%
Second Best
Mixed Use
$1.12M
$976.8K – $1.30M
NOI $78,145 @ 7.0% cap · market cap 1.88%
Theoretical Best
Multifamily LT 5
$1.90M
$1.67M – $2.22M
NOI $133,200 @ 7.0% cap · market cap 3.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14
Residential units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
909
Businesses Nearby
Explore this area
Business Placement
Demographics for 95404, CA
38,034
Population
16,850
Households
2.3
Avg Household Size
43
Median Age
45%
College-Educated
90%
High-School Grad
75.4 sq mi
ZIP Area
504
Density / Sq Mi
$102,802
Median Household Income
$57,388
Median Earnings
$1,890
Median Rent
$865,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated residential asset with an established retail component and additional rental positioning within Santa Rosa.
Where is this apartment building located?
The property is located at 1015 S A Street Santa Rosa, CA.
What is the asking price?
The asking price for this property is $4,150,000.
What are key features of this property?
This property features: 14 residential units plus a retail component in one mixed‑use property; Multifamily portion has been fully renovated; Residential rents are approximately 10% below market
