Office Building with Seven
For Sale
$729,000
451 College Avenue, Santa Rosa, CA 95401
Established office property with private workspaces, conference facilities, central air, and wall air conditioning.
Property Size3,333 SF
Price / SF$218.72
Days on Market590
Property Features for 451 College Avenue
General Information
Standard status
Active
Size
3,333 SF
Total Parking Spaces
7
Property subtype
Office
Property Condition
Severity
Repairs Needed
Evidence
might need some cosmetic upgrades on the interior
Additional Details
Highway Access
Yes
Amenities
Central Air, Wall Air Conditioning
3
7 Parking Spaces. No Parking.
Low Maintenance. None, Alley, City Road, Curbs-Walks.
Building Details
Year Built
1946
Buildings
1
Listing Agency:
Bertolone Realty
(707) 322-6831
Listed By:
Todd Bertolone · License #01024983
(707) 322-6831
Source:
Xome
Added: Jan 17, 2025
Changed: Aug 29
Last Checked: Aug 29 at 3:38PM
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 Bertolone Realty
Investment Insights
Based on property information with market context.
This 3,333-square-foot office building, constructed in 1946, provides seven separate offices along with a large conference room, mail room, kitchen area, two half baths, and dedicated storage or equipment space. An atrium with a fountain adds an interior common-area feature, while climate control includes central air and wall air conditioning. The interior may benefit from cosmetic updating.
The property is at 451 College Avenue in Santa Rosa, near the Mendocino Avenue and College Avenue intersection. Downtown Santa Rosa is a few blocks away, and Highway 101 is located a couple of blocks from the building. Site access includes an alley, city road, and curbs and walks. The property has served as the home of Gehrke Realty since 1961.
The property is at 451 College Avenue in Santa Rosa, near the Mendocino Avenue and College Avenue intersection. Downtown Santa Rosa is a few blocks away, and Highway 101 is located a couple of blocks from the building. Site access includes an alley, city road, and curbs and walks. The property has served as the home of Gehrke Realty since 1961.
Key Highlights
- 3,333‑square‑foot office building constructed in 1946
- Seven separate offices plus a large conference room
- Kitchen, mail room, two half baths, and storage or equipment room
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
$47,059
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
6.46%
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%
$941,180
$941.2K
Cap Rate 7%
$672,271
$672.3K
Cap Rate 9%
$522,878
$522.9K
Market Conditions
NOI Build-Up for 3,333 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
$74.0K $22.20/SF
− Vacancy
−$11.2K −$3.37/SF
EGI
$62.7K $18.83/SF
− OpEx
−$15.7K −$4.71/SF
NOI
$47.1K $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%
$941,180
Cap Rate 7%
$672,271
Cap Rate 9%
$522,878
Alternative Uses
Best Use
Office B
$672.3K
$588.2K – $784.3K
NOI $47,059 @ 7.0% cap · market cap 6.46%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$926.0K
$810.3K – $1.08M
NOI $64,821 @ 7.0% cap · market cap 8.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,546
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 - Established office property with private workspaces, conference facilities, central air, and wall air conditioning.
Where is this office building located?
The property is located at 451 College Avenue Santa Rosa, CA.
What is the asking price?
The asking price for this property is $729,000.
What are key features of this property?
This property features: 3,333‑square‑foot office building constructed in 1946; Seven separate offices plus a large conference room; Kitchen, mail room, two half baths, and storage or equipment room
