Medical Office Building with
For Sale
$3,800,000
1181 Boulevard Way, Walnut Creek, CA 94595
Former dental office with on-site and street parking supports an established medical-office layout.
Property Size6,400 SF
Price / SF$593.75
Days on Market46
Property Features for 1181 Boulevard Way
General Information
Standard status
Active
Size
6,400 SF
Class
B
Property subtype
office, medical
Additional Details
Asking Price
$3,800,000
Public Transit
Yes
Amenities
building signage
Building Details
Buildings
1
Listing Agency:
Spokane
(509) 822-0088
Listed By:
Michael Sharapata · License #01737708
(509) 822-0088
Source:
Property.jll
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 29 at 6:20PM
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 Spokane
Investment Insights
Based on property information with market context.
This 6400 SF medical office property is configured for clinical use and was previously occupied as a dental office. The building offers efficient floor plans, available building signage, and both on-site and street parking. Its medical-office configuration provides a practical starting point for continued healthcare use.
Located at 1181 Boulevard Way in Walnut Creek, the property is near Downtown Walnut Creek and approximately a 5-min drive from the Walnut Creek BART station. Street visibility and nearby transit access add to the property's functional profile for patients, providers, and staff.
Located at 1181 Boulevard Way in Walnut Creek, the property is near Downtown Walnut Creek and approximately a 5-min drive from the Walnut Creek BART station. Street visibility and nearby transit access add to the property's functional profile for patients, providers, and staff.
Key Highlights
- 6400 SF medical office building
- Former dental office configuration
- Building signage available
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
$115,718
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
3.05%
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%
$2,314,360
$2.3M
Cap Rate 7%
$1,653,114
$1.7M
Cap Rate 9%
$1,285,756
$1.3M
Market Conditions
NOI Build-Up for 6,400 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
$188.2K $29.40/SF
− Vacancy
−$33.9K −$5.29/SF
EGI
$154.3K $24.11/SF
− OpEx
−$38.6K −$6.03/SF
NOI
$115.7K $18.08/SF
Area
Contra Costa County, CA
Vacancy
18.00%
Lease Rate
$29.40 /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%
$2,314,360
Cap Rate 7%
$1,653,114
Cap Rate 9%
$1,285,756
Alternative Uses
Best Use
Office B
$1.65M
$1.45M – $1.93M
NOI $115,718 @ 7.0% cap · market cap 3.05%
Second Best
Healthcare Medical
$1.36M
$1.19M – $1.58M
NOI $94,867 @ 7.0% cap · market cap 2.50%
Theoretical Best
Office A
$2.42M
$2.12M – $2.82M
NOI $169,344 @ 7.0% cap · market cap 4.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,358
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94595, CA
17,716
Population
9,835
Households
1.8
Avg Household Size
68
Median Age
69%
College-Educated
98%
High-School Grad
5.2 sq mi
ZIP Area
3,407
Density / Sq Mi
$98,108
Median Household Income
$87,486
Median Earnings
$2,677
Median Rent
$816,600
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.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Former dental office with on-site and street parking supports an established medical-office layout.
Where is this medical office space located?
The property is located at 1181 Boulevard Way Walnut Creek, CA.
What is the asking price?
The asking price for this property is $3,800,000.
What are key features of this property?
This property features: 6400 SF medical office building; Former dental office configuration; Building signage available
