Mixed-Use Flex Space in
For Sale
$599,900
14 Commercial #131 &, Novato, CA 94949
Flexible commercial property with office and warehouse space in Novato.
Property Size2,168 SF
Lot Size0.14 Acres
Price / SF$276.71
Days on Market151
Property Features for 14 Commercial #131 &
General Information
Standard status
Active
Size
2,168 SF
Lot size
0.14 Acres
Property subtype
Commercial
Amenities
Central air
Metal Roof
Central Cooling
Central Heating
Concrete Slab Flooring
Flat Roof
Tile Flooring
Listing Agency:
ATHAS & ASSOCIATES REAL ESTATE, INC
8977282
Listed By:
F. PATRICK CARROLL
Source:
Corcoran
Added: Mar 17
Changed: Aug 14
Last Checked: Aug 13 at 7:34AM
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 ATHAS & ASSOCIATES REAL ESTATE, INC
Investment Insights
Based on property information with market context.
This commercial property offers flexibility with a mixed-use professional office suite totaling 2,168 square feet. It can also be divided into two separate units: Suite 131 with 613 square feet and Suite 133 with 1,555 square feet, suitable for investors, owner-users, or tenants. Suite 133 features a street entrance leading to a reception area with floor-to-ceiling windows, three private offices with natural light, a remodeled bathroom, a kitchenette, and approximately 726 square feet of warehouse or light industrial shop space. It also includes gated rear parking for secure overnight vehicle storage. Suite 131 has its own street access, making it ideal for a private office, satellite space, subcontractors, or future expansion. The property benefits from secure gated off-street parking for trucks or personal vehicles. The Homeowner's Association (HOA) is proactive, with a reroof in process, painting scheduled for midyear, and a new Reserve Study in progress. Located in a desirable Novato business park, the property features attractive landscaping and professional neighbors.
Key Highlights
- Flexible mixed‑use/professional office space totaling 2,168 sq. ft. or two separate rentable units.
- 726+/- sqft conditioned warehouse/light industrial shop space attached to the main office suite.
- Secure, gated off‑street parking suitable for trucks or personal vehicles.
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
$30,439
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
5.07%
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%
$608,780
$608.8K
Cap Rate 7%
$434,843
$434.8K
Cap Rate 9%
$338,211
$338.2K
Market Conditions
NOI Build-Up for 2,168 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
$52.0K $24.00/SF
− Vacancy
−$5.2K −$2.40/SF
EGI
$46.8K $21.60/SF
− OpEx
−$16.4K −$7.56/SF
NOI
$30.4K $14.04/SF
Area
Marin County, CA
Vacancy
10.00%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
35.00%
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%
$608,780
Cap Rate 7%
$434,843
Cap Rate 9%
$338,211
Alternative Uses
Best Use
Flex RnD
$434.8K
$380.5K – $507.3K
NOI $30,439 @ 7.0% cap · market cap 5.07%
Second Best
Industrial
$370.7K
$324.4K – $432.5K
NOI $25,951 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$10.59M
$9.27M – $12.35M
NOI $741,285 @ 7.0% cap · market cap 123.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,062
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94949, CA
17,588
Population
7,541
Households
2.3
Avg Household Size
46
Median Age
48%
College-Educated
93%
High-School Grad
13.4 sq mi
ZIP Area
1,313
Density / Sq Mi
$116,101
Median Household Income
$60,149
Median Earnings
$2,596
Median Rent
$1,075,600
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial property with office and warehouse space in Novato.
Where is this flex space located?
The property is located at 14 Commercial #131 & Novato, CA.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Flexible mixed‑use/professional office space totaling 2,168 sq. ft. or two separate rentable units.; 726+/- sqft conditioned warehouse/light industrial shop space attached to the main office suite.; Secure, gated off‑street parking suitable for trucks or personal vehicles.
