Historic Hotel-Converted Office
For Sale
Contact for pricing
10 4th St, Santa Rosa, CA 95401
Converted for office and retail use with immediate access to SMART and downtown Santa Rosa.
Property Size10,950 SF
Price / SF$349.32
Days on Market16
Property Features for 10 4th St
General Information
Standard status
Active
Size
10,950 SF
Property subtype
OFFICE
Additional Details
Public Transit
Yes
Building Details
Year Built
1903
Construction
rock
Listing Agency:
North Bay Commercial Real Estate
(707) 521-3500
Listed By:
Dale Dockins · License #00977047
(707) 521-3500
Source:
Moodyscre
Added: Jul 29
Changed: Jul 30
Last Checked: Aug 12 at 11:34AM
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 North Bay Commercial Real Estate
Investment Insights
Based on property information with market context.
An iconic, historic hotel property converted to office and retail uses, offering a distinctive downtown footprint in Santa Rosa. The original Western Hotel was built in 1903 by Italian stonemasons using stone from a local quarry, and it is known for its rock construction that survived the 1906 earthquake. Today, the building supports both office and retail functions, providing a flexible interior layout for compatible tenancies.
The property is located adjacent to the downtown Santa Rosa SMART Station in the Railroad Square Historic District, providing immediate access to SMART and downtown Santa Rosa. The building’s total size is 10,950 square feet.
For tenants or buyers seeking a historic, mixed-use conversion in a transit-adjacent downtown setting, this property pairs its early-1900s construction story with practical office and retail space.
The property is located adjacent to the downtown Santa Rosa SMART Station in the Railroad Square Historic District, providing immediate access to SMART and downtown Santa Rosa. The building’s total size is 10,950 square feet.
For tenants or buyers seeking a historic, mixed-use conversion in a transit-adjacent downtown setting, this property pairs its early-1900s construction story with practical office and retail space.
Key Highlights
- Western Hotel built in 1903 with rock construction and stone sourced from a local quarry
- Converted to office and retail uses
- Adjacent to the downtown Santa Rosa SMART Station with immediate access
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
$154,605
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
4.04%
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%
$3,092,100
$3.1M
Cap Rate 7%
$2,208,643
$2.2M
Cap Rate 9%
$1,717,833
$1.7M
Market Conditions
NOI Build-Up for 10,950 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
$243.1K $22.20/SF
− Vacancy
−$36.9K −$3.37/SF
EGI
$206.1K $18.83/SF
− OpEx
−$51.5K −$4.71/SF
NOI
$154.6K $14.12/SF
Area
Santa Rosa, CA
Vacancy
15.20%
Lease Rate
$22.20 /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%
$3,092,100
Cap Rate 7%
$2,208,643
Cap Rate 9%
$1,717,833
Alternative Uses
Best Use
Office B
$2.21M
$1.93M – $2.58M
NOI $154,605 @ 7.0% cap · market cap 4.04%
Second Best
Retail
$1.70M
$1.49M – $1.99M
NOI $119,248 @ 7.0% cap · market cap 3.12%
Theoretical Best
Multifamily LT 5
$3.04M
$2.66M – $3.55M
NOI $212,957 @ 7.0% cap · market cap 5.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,555
Businesses Nearby
Explore this area
Business Placement
Demographics for 95401, CA
37,272
Population
14,281
Households
2.6
Avg Household Size
38
Median Age
28%
College-Educated
80%
High-School Grad
20.9 sq mi
ZIP Area
1,783
Density / Sq Mi
$93,513
Median Household Income
$45,630
Median Earnings
$1,978
Median Rent
$628,900
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 - Converted for office and retail use with immediate access to SMART and downtown Santa Rosa.
Where is this office building located?
The property is located at 10 4th St Santa Rosa, CA.
What is the asking price?
The asking price for this property is $3,825,000.
What are key features of this property?
This property features: Western Hotel built in 1903 with rock construction and stone sourced from a local quarry; Converted to office and retail uses; Adjacent to the downtown Santa Rosa SMART Station with immediate access
