Mixed-Use Property with Gated
For Sale
$661,250
14 Commercial Boulevard Unit 131 &, Novato, CA 94949
Flexible layout combines professional offices with conditioned light-industrial workspace.
Property Size2,168 SF
Price / SF$305
Days on Market169
Property Features for 14 Commercial Boulevard Unit 131 &
General Information
Standard status
Active
Size
2,168 SF
Property subtype
Mixed Use
Site & Location
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Warehouse Space
726 SF
Conditioned Warehouse
Yes
Additional Details
Office Units
1
Amenities
floor-to-ceiling windows
natural light
remodeled bathroom
kitchenette
attractive landscaping
professional neighbors
secure gated parking
Central Air
3
Landscaped. City Road.
Listing Agency:
Athas & Associates Real Estate, Inc
(415) 216-7890
Listed By:
Fletcher Carroll
(415) 216-7890
Source:
Xome
Added: Mar 16
Changed: Aug 30
Last Checked: Aug 30 at 4:50PM
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 mixed-use property combines two separately accessible suites totaling 2,168 square feet at 14 Commercial Boulevard in Novato. Suite 133 offers a reception area with floor-to-ceiling windows, three private offices, a remodeled bathroom, kitchenette, and approximately 726 square feet of conditioned warehouse or light-industrial shop space. Central air is included.
Suite 131 contains 613 square feet and has its own street access, while Suite 133 measures 1,555 square feet. The suites can function together as a 2,168-square-foot business location or remain separate for an owner-user, tenant, or investor. Gated off-street parking provides secure space for trucks or personal vehicles, and the property is situated within a landscaped Novato business park.
Suite 131 contains 613 square feet and has its own street access, while Suite 133 measures 1,555 square feet. The suites can function together as a 2,168-square-foot business location or remain separate for an owner-user, tenant, or investor. Gated off-street parking provides secure space for trucks or personal vehicles, and the property is situated within a landscaped Novato business park.
Key Highlights
- Two separately accessible suites totaling 2,168 square feet
- Suite 133 includes approximately 726 square feet of conditioned warehouse/light‑industrial shop space
- Suite 133 features three private offices, reception area, remodeled bathroom, and kitchenette
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
$43,902
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
6.64%
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%
$878,040
$878.0K
Cap Rate 7%
$627,171
$627.2K
Cap Rate 9%
$487,800
$487.8K
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
$78.0K $36.00/SF
− Vacancy
−$7.8K −$3.60/SF
EGI
$70.2K $32.40/SF
− OpEx
−$26.3K −$12.15/SF
NOI
$43.9K $20.25/SF
Area
Marin County, CA
Vacancy
10.00%
Lease Rate
$36.00 /SF/Yr
Expense Ratio
37.50%
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%
$878,040
Cap Rate 7%
$627,171
Cap Rate 9%
$487,800
Alternative Uses
Best Use
Mixed Use
$627.2K
$548.8K – $731.7K
NOI $43,902 @ 7.0% cap · market cap 6.64%
Second Best
Office B
$625.9K
$547.7K – $730.2K
NOI $43,813 @ 7.0% cap · market cap 6.63%
Theoretical Best
Specialty Retail
$10.59M
$9.27M – $12.35M
NOI $741,285 @ 7.0% cap · market cap 112.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,395
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Flexible layout combines professional offices with conditioned light-industrial workspace.
Where is this mixed-use property located?
The property is located at 14 Commercial Boulevard Unit 131 & Novato, CA.
What is the asking price?
The asking price for this property is $661,250.
What are key features of this property?
This property features: Two separately accessible suites totaling 2,168 square feet; Suite 133 includes approximately 726 square feet of conditioned warehouse/light‑industrial shop space; Suite 133 features three private offices, reception area, remodeled bathroom, and kitchenette
