Ask AI about this property

Review the available facts, identify missing information and prepare questions for the agent.

What should I ask the agent before proceeding? What information is missing from this listing?

Building Details

Building Size 12,236 SF

Year Built 1977

Year Renovated 2025

Buildings 1

Tenancy Multi

Listing Agency: Meridian Commercial

Listed By: Samuel Ko · License #01894341 Show Phone

Source: Commercialcafe

Added: Mar 28 Changed: Oct 2 Last Checked: Oct 14 at 8:36PM

Report an Issue

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 Meridian Commercial

Investment Insights

Based on property information with market context.

This multi-tenant distribution facility at 106 Galli Drive includes approximately ±12,236 SF on an approximately half-acre corner lot. A comprehensive renovation added a new roof and gutters, replaced portions of the roof structure, installed new roll-up doors and windows, and refreshed the interior and exterior finishes. Site improvements include upgraded paving, curbs, hardscape, irrigation, lighting, and landscaping. The property also includes a secure gated yard and parking area of approximately ±10,000 SF.

The building is located in Bel Marin Keys Industrial Park in Novato, with access to major highways and transportation hubs. Two major shopping centers and local services are within walking distance. The water main is being upgraded to support new fire sprinklers, while two new restrooms and multiple sewer stub-outs are planned for delivery, supporting flexible space configuration and division.

Key Highlights

• ±12,236 SF multi‑tenant industrial building
• Approximately half‑acre corner lot in Bel Marin Keys Industrial Park
• Secure gated yard and parking area of approximately ±10,000 SF

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$186,712

Cap Rate

5.66%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,734,240 $3.7M

Cap Rate 7%

$2,667,314 $2.7M

Cap Rate 9%

$2,074,578 $2.1M

Is this asking price fair?

Market Conditions

NOI Build-Up for 12,236 SF

Gross rent

$234.9K $19.20/SF

− Vacancy

−$15.3K −$1.25/SF

EGI

$219.7K $17.95/SF

− OpEx

−$32.9K −$2.69/SF

NOI

$186.7K $15.26/SF

Area

Marin County, CA

Vacancy

6.50%

Lease Rate

$19.20 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$3,734,240

Cap Rate 7%

$2,667,314

Cap Rate 9%

$2,074,578

Alternative Uses

Best Use

Warehouse

$2.67M

$2.33M – $3.11M (±1% cap)

NOI $186,712 @ 7.0% cap · market cap 5.66%

Second Best

Industrial

$2.09M

$1.83M – $2.44M (±1% cap)

NOI $146,465 @ 7.0% cap · market cap 4.44%

Theoretical Best

Specialty Retail

$59.77M

$52.30M – $69.73M (±1% cap)

NOI $4,183,748 @ 7.0% cap · market cap 126.78%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

Distribution centers

Suggested Use

Top Pick Real Estate Agency Dental Office Restaurant Spa & Massage Center Skin Care Clinic Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Yes

Fenced yard

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,109

Businesses Nearby

Explore this area Business Placement

Demographics for 94949, CA

17,588

Population

7,541

Households

2.3

Avg Household Size

46

Median Age

48%

College-Educated

93%

High-School Grad

13.4 sq mi

ZIP Area

1,313

Density / Sq Mi

$116,101

Median Household Income

$60,149

Median Earnings

$2,596

Median Rent

$1,075,600

Median Home Value

Market

Vacancy Rate% for Industrial in West region

3.7% 2019

4.3% 2020

2.6% 2021

2.5% 2022

4.8% 2023

6.9% 2024

7.9% 2025

Similar For Sale Nearby

See more

Flex Building with Fenced Storage

33 Commercial Blvd, Novato, CA 94949

$3,000,000

View details

Flex Industrial Condominium

46 Digital #2B, Novato, CA 94949

$750,000

1,820 SF

View details

Medical Office and Dental Suites

7428 Redwood Blvd, Novato, CA 94945

Contact for pricing

12,205 SF

View details

7-Unit Office Investment Property

1304 Grant Avenue, Novato, CA 94945

$1,800,000

View details

Four-Unit Apartment Property

1041 3rd St, Novato, CA 94945

$1,500,000

View details

Renovated Apartment Community

195 Los Robles Road, Novato, CA 94949

$14,500,000

35,346 SF

View details

Novato Commercial Condominiums For Sale

1615 Hill #23, Novato, CA 94947

$550,000

3,352 SF

View details

Well-Maintained Office Building For Sale

890 Lamont Avenue, Novato, CA 94945

Contact for pricing

View details

Three-Story Elevator Office Building

1701 Novato Blvd, Novato, CA 94947

Contact for pricing

32,600 SF

View details

Downtown Retail Shopping Center

1761 Grant Ave, Novato, CA 94945

$24,762,335

View details

Versatile Commercial Live-Work Space

74 Digital #11, Novato, CA 94949

$339,000

1,625 SF

View details

Specialty Property with Carport

301 San Sebastian Way, Novato, CA 94949

$197,500

800 SF

View details

Frequently Asked Questions

What type of property is this?

Distribution center - Multi-tenant industrial facility with a gated yard, flexible configuration options, and substantial recent building improvements.

Where is this distribution center located?

The property is located at 106 Galli Drive Novato, CA.

What is the asking price?

The asking price for this property is $3,300,000.

What are key features of this property?

This property features: ±12,236 SF multi‑tenant industrial building; Approximately half‑acre corner lot in Bel Marin Keys Industrial Park; Secure gated yard and parking area of approximately ±10,000 SF