Retail Building Near Coddingtown
For Sale
$2,200,000
1125 W Steele, Santa Rosa, CA 95403
Free-standing retail building with high visibility and traffic count.
Property Size6,696 SF
Lot Size0.45 Acres
Price / SF$328.55
Days on Market422
Property Features for 1125 W Steele
General Information
Standard status
Active
Size
6,696 SF
Lot size
0.45 Acres
Property subtype
Commercial
Amenities
Central air
Central Cooling
Central Heating
Flat Roof
Landscape Misc
Low Maintenance
Multi Units Cooling
Building Details
Year Built
1976
Listing Agency:
SOLID PROPERTIES
5267277
Listed By:
JOE PHEFFER
(707) 481-1488
Source:
Corcoran
Added: Jul 9, 2025
Changed: Sep 3
Last Checked: Sep 2 at 9:11PM
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 SOLID PROPERTIES
Investment Insights
Based on property information with market context.
This prominent free-standing retail building is situated in a busy trade area across from Coddingtown Mall. The location benefits from high visibility and a substantial traffic count, exceeding 32,000 vehicles per day as of April 2023. It is positioned near the signalized intersection of Guerneville Road and Cleveland Avenue. The property presents an opportunity for an owner-user or potential development. It is zoned General Commercial with a North Santa Rosa Station overlay, suggesting long-term possibilities. The building includes two long-term rooftop cellular leases that provide consistent monthly income, irrespective of occupancy. The showroom features tall windows and high ceilings, enhancing the customer experience with a well-lit floor. Additional developed space with a loading dock can serve as either retail or warehouse space. The property also includes owner/manager offices, a break room, and additional storage located in a partial second story. Parking is provided by a private paved lot with 20 spaces, equating to approximately 2.94 spaces per 1,000 square feet, on a nearly half-acre parcel. The building size is 6,696 square feet.
Key Highlights
- High visibility location with heavy traffic (32,000+ vehicles/day) across from Coddingtown Mall.
- Significant monthly income from two long‑term rooftop cellular leases.
- General Commercial zoning with North Santa Rosa Station overlay allows for development opportunities.
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
$72,921
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
3.31%
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%
$1,458,420
$1.5M
Cap Rate 7%
$1,041,729
$1.0M
Cap Rate 9%
$810,233
$810.2K
Market Conditions
NOI Build-Up for 6,696 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
$114.1K $17.04/SF
− Vacancy
−$9.9K −$1.48/SF
EGI
$104.2K $15.56/SF
− OpEx
−$31.3K −$4.67/SF
NOI
$72.9K $10.89/SF
Area
Santa Rosa, CA
Vacancy
8.70%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
30.00%
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%
$1,458,420
Cap Rate 7%
$1,041,729
Cap Rate 9%
$810,233
Alternative Uses
Best Use
Retail
$1.04M
$911.5K – $1.22M
NOI $72,921 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.86M
$1.63M – $2.17M
NOI $130,224 @ 7.0% cap · market cap 5.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,391
Businesses Nearby
675k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Apparel 37%
Superstores 22%
Dining 17%
Shops & Services 12%
Target
Superstores
150,148 visits/mo
0.3 miles
In-N-Out Burger
Dining
66,687 visits/mo
0.3 miles
Whole Foods Market
Groceries
56,151 visits/mo
0.3 miles
DICK'S Sporting Goods
Apparel
55,845 visits/mo
0.4 miles
T.J. Maxx
Apparel
54,218 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Showroom - Free-standing retail building with high visibility and traffic count.
Where is this showroom located?
The property is located at 1125 W Steele Santa Rosa, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: High visibility location with heavy traffic (32,000+ vehicles/day) across from Coddingtown Mall.; Significant monthly income from two long‑term rooftop cellular leases.; General Commercial zoning with North Santa Rosa Station overlay allows for development opportunities.
