Light Industrial/Flex Condo For
For Sale
$675,000
14 Commercial #25, Novato, CA 94949
2,187 SF light industrial/flex condo divided into two units.
Property Size2,187 SF
Lot Size0.14 Acres
Price / SF$308.64
Days on Market305
Property Features for 14 Commercial #25
General Information
Standard status
Active
Size
2,187 SF
Lot size
0.14 Acres
Property subtype
Commercial
Building Details
Year Built
1976
Listing Agency:
KEEGAN & COPPIN CO, INC
4611010
Listed By:
NATHAN BALLARD
Source:
Corcoran
Added: Oct 9, 2025
Changed: Aug 8
Last Checked: Aug 8 at 6:07AM
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 KEEGAN & COPPIN CO, INC
Investment Insights
Based on property information with market context.
This well-maintained 2,187 square foot Light Industrial/Flex condo is divided into two units. Unit 125 offers 1,467 square feet of office/warehouse space and is currently rented on a month-to-month basis. It includes an office area at the front and a warehouse with a roll-up door at the rear. Unit 123 is a 720 square foot office. Both units feature a private restroom and a kitchenette. Each unit is served by its own dedicated 100-amp 3-phase electrical service with separate meters. The building has 12 to 14 foot ceilings throughout. The flexible nature of this building allows a prospective purchaser to increase the amount of warehouse space by downsizing the office, or utilize it as is and lease one side while occupying the other. The property includes gated and secure parking and a strong HOA. The current HOA fee is $662.63. This property can accommodate a variety of different uses.
Key Highlights
- Two units offer leasing or owner occupancy flexibility, featuring a 1,467 sq ft office/warehouse and a 720 sq ft office.
- Each unit includes a private restroom, kitchenette, and dedicated 100‑amp 3‑phase electrical service with separate meters.
- Flexible design allows for increasing warehouse space by downsizing the office area.
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
$44,197
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
6.55%
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%
$883,940
$883.9K
Cap Rate 7%
$631,386
$631.4K
Cap Rate 9%
$491,078
$491.1K
Market Conditions
NOI Build-Up for 2,187 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
$79.0K $36.12/SF
− Vacancy
−$20.1K −$9.17/SF
EGI
$58.9K $26.95/SF
− OpEx
−$14.7K −$6.74/SF
NOI
$44.2K $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%
$883,940
Cap Rate 7%
$631,386
Cap Rate 9%
$491,078
Alternative Uses
Best Use
Office B
$631.4K
$552.5K – $736.6K
NOI $44,197 @ 7.0% cap · market cap 6.55%
Second Best
Warehouse
$476.7K
$417.2K – $556.2K
NOI $33,372 @ 7.0% cap · market cap 4.94%
Theoretical Best
Specialty Retail
$10.68M
$9.35M – $12.46M
NOI $747,782 @ 7.0% cap · market cap 110.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,395
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 Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- The Key Room — 1385 Hamilton Pkwy, Novato, CA 94949
- Ray's Catering — 118 Hamilton Dr A, Novato, CA 94949
- Avi-ously Delicious Catering — 41 Hamilton Dr G, Novato, CA 94949
- SO DELICIOUS CATERING — 1385 N, 1385 Hamilton Pkwy, Novato, CA 94949
- Forks & Fingers Catering and take out — 372 Bel Marin Keys Blvd ste a, Novato, CA 94949
Frequently Asked Questions
What type of property is this?
Flex space - 2,187 SF light industrial/flex condo divided into two units.
Where is this flex space located?
The property is located at 14 Commercial #25 Novato, CA.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Two units offer leasing or owner occupancy flexibility, featuring a 1,467 sq ft office/warehouse and a 720 sq ft office.; Each unit includes a private restroom, kitchenette, and dedicated 100‑amp 3‑phase electrical service with separate meters.; Flexible design allows for increasing warehouse space by downsizing the office area.
