Historic Office Property in
For Sale
$749,000
2131 San Pablo Avenue, Pinole, CA 94564
Unique commercial office property in Old Town Pinole.
Property Size2,652 SF
Price / SF$282.43
Days on Market1184
Property Features for 2131 San Pablo Avenue
General Information
Standard status
Active
Size
2,652 SF
Property subtype
Office
Amenities
3
Listing Agency:
(415) 660-9955
Listed By:
Compass
(415) 619-1728
Source:
Xome
Added: Jun 9, 2023
Changed: Sep 1
Last Checked: Sep 4 at 2:24AM
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 Compass
Investment Insights
Based on property information with market context.
This commercial office property, located in Old Town Pinole, was originally built in the late 1800s as one of the area's first churches. The 2,652 square foot space features high ceilings, large stained glass windows, a grand spiral staircase, and classical fixtures. The interior includes office and conference rooms, a reception area, and two bathrooms. A vintage-inspired kitchen includes a stove. The property is located near cafes, shopping, and the coastline.
Key Highlights
- Prime location in desirable Old Town Pinole, close to cafes, shopping, and the coastline.
- Unique historic building, originally one of the area's first churches (built in the late 1800s).
- Light‑filled interior with high ceilings and large stained glass windows.
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
$47,951
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
6.40%
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%
$959,020
$959.0K
Cap Rate 7%
$685,014
$685.0K
Cap Rate 9%
$532,789
$532.8K
Market Conditions
NOI Build-Up for 2,652 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
$78.0K $29.40/SF
− Vacancy
−$14.0K −$5.29/SF
EGI
$63.9K $24.11/SF
− OpEx
−$16.0K −$6.03/SF
NOI
$48.0K $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%
$959,020
Cap Rate 7%
$685,014
Cap Rate 9%
$532,789
Alternative Uses
Best Use
Office B
$685.0K
$599.4K – $799.2K
NOI $47,951 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.00M
$877.2K – $1.17M
NOI $70,172 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
671
Businesses Nearby
Explore this area
Business Placement
Demographics for 94564, CA
19,024
Population
7,285
Households
2.6
Avg Household Size
44
Median Age
39%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
2,798
Density / Sq Mi
$120,833
Median Household Income
$55,841
Median Earnings
$2,738
Median Rent
$697,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Unique commercial office property in Old Town Pinole.
Where is this office building located?
The property is located at 2131 San Pablo Avenue Pinole, CA.
What is the asking price?
The asking price for this property is $749,000.
What are key features of this property?
This property features: Prime location in desirable Old Town Pinole, close to cafes, shopping, and the coastline.; Unique historic building, originally one of the area's first churches (built in the late 1800s).; Light‑filled interior with high ceilings and large stained glass windows.
