Two-Story Office Building with
For Sale
$1,500,000
1629 Fifth Avenue, San Rafael, CA 94901
Two-story office built in 1898 with updated electrical, HVAC, and seismic foundation retrofit, plus parking and a fenced yard.
Property Size2,500 SF
Days on Market115
Property Features for 1629 Fifth Avenue
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Office
Zoning
RO/D
Additional Details
Fenced Yard
Yes
Building Details
Building Size
2,500 SF
Year Built
1898
Stories
2
Listing Agency:
Meridian Commercial
Listed By:
Ces Cecchin · License #CalDRE #01763657
(415) 488-3856
Source:
Meridiancommercial
Added: May 14
Changed: Aug 8
Last Checked: Sep 5 at 7:03AM
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.
1629 Fifth Avenue is a two-story, wood-frame office building originally built in 1898. The property has undergone meaningful capital improvements over the years, including electrical upgrades, HVAC upgrades, and a seismic foundation retrofit.
The site includes a fenced yard/outdoor area and parking, adding operational flexibility for a small office setting. Zoning is RO/D (Residential Office), and the building is positioned in central San Rafael with convenient regional access.
Local lore suggests the property may have once served as a turn-of-the-century Bay Area Spanish consular residence; the building’s history is presented as anecdotal. This is a freestanding office building with an on-site yard and parking, well-suited to an owner-occupant seeking to control long-term space and occupancy costs.
The site includes a fenced yard/outdoor area and parking, adding operational flexibility for a small office setting. Zoning is RO/D (Residential Office), and the building is positioned in central San Rafael with convenient regional access.
Local lore suggests the property may have once served as a turn-of-the-century Bay Area Spanish consular residence; the building’s history is presented as anecdotal. This is a freestanding office building with an on-site yard and parking, well-suited to an owner-occupant seeking to control long-term space and occupancy costs.
Key Highlights
- Two‑story office building built in 1898 with original wood‑frame character
- Capital improvements include electrical upgrades, HVAC upgrades, and a seismic foundation retrofit
- Includes a fenced yard/outdoor area plus on‑site parking
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
$50,523
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
3.37%
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%
$1,010,460
$1.0M
Cap Rate 7%
$721,757
$721.8K
Cap Rate 9%
$561,367
$561.4K
Market Conditions
NOI Build-Up for 2,500 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
$90.3K $36.12/SF
− Vacancy
−$22.9K −$9.17/SF
EGI
$67.4K $26.95/SF
− OpEx
−$16.8K −$6.74/SF
NOI
$50.5K $20.21/SF
Area
Marin County, CA
Vacancy
25.40%
Lease Rate
$36.12 /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%
$1,010,460
Cap Rate 7%
$721,757
Cap Rate 9%
$561,367
Alternative Uses
Best Use
Office B
$721.8K
$631.5K – $842.1K
NOI $50,523 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.21M
$10.69M – $14.25M
NOI $854,803 @ 7.0% cap · market cap 56.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
2,457
Businesses Nearby
Explore this area
Business Placement
Demographics for 94901, CA
43,338
Population
16,412
Households
2.6
Avg Household Size
40
Median Age
48%
College-Educated
82%
High-School Grad
13.1 sq mi
ZIP Area
3,308
Density / Sq Mi
$108,837
Median Household Income
$50,122
Median Earnings
$2,229
Median Rent
$1,369,500
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 - Two-story office built in 1898 with updated electrical, HVAC, and seismic foundation retrofit, plus parking and a fenced yard.
Where is this office building located?
The property is located at 1629 Fifth Avenue San Rafael, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Two‑story office building built in 1898 with original wood‑frame character; Capital improvements include electrical upgrades, HVAC upgrades, and a seismic foundation retrofit; Includes a fenced yard/outdoor area plus on‑site parking
