Light Industrial/Flex Condo For
For Sale
Contact for pricing
14 Commercial Blvd, Novato, CA 94949
2,187 SF light industrial/flex condo divided into two units.
Property Size2,187 SF
Price / SF$308.64
Days on Market316
Property Features for 14 Commercial Blvd
General Information
Standard status
Active
Size
2,187 SF
Class
B
Property subtype
Industrial, Office
Zoning
PD - Planned Development
Occupancy
66%
Lease Type
Gross
Investment Type
Owner/User
Building Details
Year Renovated
2025
Buildings
1
Stories
1
Units
2
Tenancy
Multi
Listing Agency:
Keegan & Coppin Co Larkspur
Listed By:
Nathan Ballard · License #CA 01743417
Source:
Crexi
Added: Oct 6, 2025
Changed: Aug 14
Last Checked: Aug 14 at 7:25AM
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 Larkspur
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 is a 1,467 square foot office/warehouse rented on a month-to-month basis, featuring an office in the front and a warehouse with a roll-up door at the rear. Unit 123 is a 720 square foot office. Both units have their own 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, accommodating a variety of different uses.
Key Highlights
- Two units offer flexible use: occupy one, lease the other, or modify space allocation.
- Each unit has its own private restroom, kitchenette, and dedicated 100‑amp 3‑phase electrical service with separate meters.
- Secure, gated parking and a strong HOA provide added security and property management.
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
$30,705
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
4.55%
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%
$614,100
$614.1K
Cap Rate 7%
$438,643
$438.6K
Cap Rate 9%
$341,167
$341.2K
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
$52.5K $24.00/SF
− Vacancy
−$5.2K −$2.40/SF
EGI
$47.2K $21.60/SF
− OpEx
−$16.5K −$7.56/SF
NOI
$30.7K $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%
$614,100
Cap Rate 7%
$438,643
Cap Rate 9%
$341,167
Alternative Uses
Best Use
Flex RnD
$438.6K
$383.8K – $511.8K
NOI $30,705 @ 7.0% cap · market cap 4.55%
Second Best
Industrial
$374.0K
$327.2K – $436.3K
NOI $26,178 @ 7.0% cap · market cap 3.88%
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 Industrial in West region
Questions? Ask Rey
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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 Blvd 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 flexible use: occupy one, lease the other, or modify space allocation.; Each unit has its own private restroom, kitchenette, and dedicated 100‑amp 3‑phase electrical service with separate meters.; Secure, gated parking and a strong HOA provide added security and property management.
