7-Unit Office Investment
For Sale
$1,800,000
1304 Grant Avenue, Novato, CA 94945
Fully leased commercial property with professional management and on-site parking.
Property Size7,343 SF
Days on Market65
Property Features for 1304 Grant Avenue
General Information
Standard status
Active
Size
7,343 SF
Total Parking Spaces
24
Zoning
CD-R
Occupancy
100%
Additional Details
Highway Access
Yes
Office Units
7
Building Details
Building Size
7,343 SF
Year Built
1990
Stories
2
Tenancy
Multi
Listed By:
Paul Cingolani
Source:
Evrealestate
Added: Jul 2
Changed: Aug 30
Last Checked: Sep 4 at 2:22AM
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
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.
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 = 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
$148,396
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
8.24%
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%
$2,967,920
$3.0M
Cap Rate 7%
$2,119,943
$2.1M
Cap Rate 9%
$1,648,844
$1.6M
Market Conditions
NOI Build-Up for 7,343 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
$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 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%
$2,967,920
Cap Rate 7%
$2,119,943
Cap Rate 9%
$1,648,844
Alternative Uses
Best Use
Office B
$2.12M
$1.85M – $2.47M
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
NOI $2,510,728 @ 7.0% cap · market cap 139.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
