Medical Office and Dental
For Sale
Contact for pricing
7428 Redwood Blvd, Novato, CA 94945
Upgraded multi-tenant office building with a dental suite, urgent care space, and second-floor offices.
Property Size12,205 SF
Price / SF$344.12
Days on Market1200
Property Features for 7428 Redwood Blvd
General Information
Standard status
Active
Size
12,205 SF
Property subtype
OFFICE
Building Details
Tenancy
Multi
Listing Agency:
Meridian Commercial
(415) 451-4900
Listed By:
Nick Egide · License #01859524
(415) 328-3499
Source:
Moodyscre
Added: Jun 2, 2023
Changed: Sep 5
Last Checked: Sep 12 at 10:44AM
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.
7428 Redwood Boulevard is a multi-tenant office building that has undergone significant upgrades over the last five years. The property includes a high-end dental suite, an urgent care office, and second-floor office spaces.
The building is offered for sale in Novato, California. Public remarks indicate staggered lease expiration dates.
This configuration provides a mix of office and medical-related uses under one roof, supported by recent improvements and differentiated lease timing.
The building is offered for sale in Novato, California. Public remarks indicate staggered lease expiration dates.
This configuration provides a mix of office and medical-related uses under one roof, supported by recent improvements and differentiated lease timing.
Key Highlights
- Upgraded multi‑tenant office building in Novato, CA
- Tenant mix includes a dental suite and an urgent care office
- Includes second‑floor office space
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
$246,653
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
5.87%
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%
$4,933,060
$4.9M
Cap Rate 7%
$3,523,614
$3.5M
Cap Rate 9%
$2,740,589
$2.7M
Market Conditions
NOI Build-Up for 12,205 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
$440.8K $36.12/SF
− Vacancy
−$112.0K −$9.17/SF
EGI
$328.9K $26.95/SF
− OpEx
−$82.2K −$6.74/SF
NOI
$246.7K $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%
$4,933,060
Cap Rate 7%
$3,523,614
Cap Rate 9%
$2,740,589
Alternative Uses
Best Use
Office B
$3.52M
$3.08M – $4.11M
NOI $246,653 @ 7.0% cap · market cap 5.87%
Second Best
Healthcare Medical
$2.99M
$2.61M – $3.48M
NOI $209,057 @ 7.0% cap · market cap 4.98%
Theoretical Best
Specialty Retail
$59.62M
$52.16M – $69.55M
NOI $4,173,149 @ 7.0% cap · market cap 99.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,589
Businesses Nearby
Explore this area
Business Placement
Demographics for 94945, CA
17,876
Population
7,355
Households
2.4
Avg Household Size
47
Median Age
52%
College-Educated
92%
High-School Grad
23.3 sq mi
ZIP Area
767
Density / Sq Mi
$109,750
Median Household Income
$65,060
Median Earnings
$2,168
Median Rent
$1,094,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Upgraded multi-tenant office building with a dental suite, urgent care space, and second-floor offices.
Where is this office building located?
The property is located at 7428 Redwood Blvd Novato, CA.
What is the asking price?
The asking price for this property is $4,200,000.
What are key features of this property?
This property features: Upgraded multi‑tenant office building in Novato, CA; Tenant mix includes a dental suite and an urgent care office; Includes second‑floor office space
