Building Details

Building Size 7,343 SF

Year Built 1990

Stories 2

Tenancy Multi

Listed By: Paul Cingolani · License #01219494 Show Phone

Source: Evrealestate

Added: Jul 2 Changed: Oct 13 Last Checked: Oct 19 at 4:38AM

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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 Paul Cingolani

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Investment Insights

Based on property information with market context.

This 7-unit office property was built in 1990 and is fully leased, providing an occupied commercial asset with professional management in place. The property includes 24 parking spaces and serves as an income-producing office investment.

Located in downtown Novato along Grant Avenue, the property offers access to restaurants, retail amenities, and Highway 101. Its position within an established commercial corridor provides proximity to pedestrian and vehicle activity, while the tenant mix includes multiple office occupants rather than a single user.

Key Highlights

• 7‑unit office property built in 1990
• Fully leased commercial asset with professional management
• 24 parking spaces

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$148,396

Cap Rate

8.24%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,967,920 $3.0M

Cap Rate 7%

$2,119,943 $2.1M

Cap Rate 9%

$1,648,844 $1.6M

Is this asking price fair?

Market Conditions

NOI Build-Up for 7,343 SF

Gross rent

$265.2K $36.12/SF

− Vacancy

−$67.4K −$9.17/SF

EGI

$197.9K $26.95/SF

− OpEx

−$49.5K −$6.74/SF

NOI

$148.4K $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 Rate 5%

$2,967,920

Cap Rate 7%

$2,119,943

Cap Rate 9%

$1,648,844

Alternative Uses

Best Use

Office B

$2.12M

$1.85M – $2.47M (±1% cap)

NOI $148,396 @ 7.0% cap · market cap 8.24%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$35.87M

$31.38M – $41.85M (±1% cap)

NOI $2,510,728 @ 7.0% cap · market cap 139.48%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Open Analytics

Current Use

Office buildings

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Catering Service Tattoo & Piercing Shop Mobile Phone Store Clothing & Fashion Store Locksmith

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

7

Office units

100%

Occupancy

Multi-tenant

Tenancy

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,761

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

Market

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Fully leased commercial property with professional management and on-site parking.

Where is this office building located?

The property is located at 1304 Grant Avenue Novato, CA.

What is the asking price?

The asking price for this property is $1,800,000.

What are key features of this property?

This property features: 7‑unit office property built in 1990; Fully leased commercial asset with professional management; 24 parking spaces