Flex Space with On-Site
New
For Sale
$3,499,000
145 3rd Street, Santa Rosa, CA 95401
Commercial Sale, Santa Rosa, CA
Property Size15,000 SF
Lot Size0.39 Acres
Price / SF$233.27
Days on Market4
Property Features for 145 3rd Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
24
Directions
101 to downtown exit go west on 3rd st
Subdivision
Santa Rosa-Northwest
Standard status
Active
APN
010075012000
Lot size
0.39 Acres
Building Details
Year built
1990
Floors in Building
1
Listing Agency:
eXp Realty of California, Inc
(888) 832-7179
Listed By:
Lenore Coronado · License #01371042
(707) 583-9433
Added: Aug 26
Last Checked: Aug 29 at 6:06PM
MLS# 326002092
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property comprises a building parcel and a separate gated parcel for on-site parking. The interior combines open retail or showroom space with storage, warehouse, and office areas. Its office component includes three private offices, two conference rooms, reception, stock areas, break space, restrooms, and additional storage. A roll-up door accommodates small truck access, while the overall layout can operate as one business or be divided into as many as three suites.
The property has frontage and windows on Third Street and Davis Street in Santa Rosa’s Historic Railroad Square. It is near Hwy 101, restaurants, boutique shopping, hotels, the SMART Train, and downtown amenities. SMU (Station Mixed Use) zoning and inclusion within a historic district further define the site’s setting. Built in 1990, the property is offered for sale, with select lease opportunities also available.
The property has frontage and windows on Third Street and Davis Street in Santa Rosa’s Historic Railroad Square. It is near Hwy 101, restaurants, boutique shopping, hotels, the SMART Train, and downtown amenities. SMU (Station Mixed Use) zoning and inclusion within a historic district further define the site’s setting. Built in 1990, the property is offered for sale, with select lease opportunities also available.
Key Highlights
- Separate gated parcel provides on‑site parking
- Up to three tenant spaces can be created within the existing layout
- Retail, storage, warehouse, and office areas support varied commercial functions
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
$211,788
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
6.05%
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%
$4,235,760
$4.2M
Cap Rate 7%
$3,025,543
$3.0M
Cap Rate 9%
$2,353,200
$2.4M
Market Conditions
NOI Build-Up for 15,000 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
$333.0K $22.20/SF
− Vacancy
−$50.6K −$3.37/SF
EGI
$282.4K $18.83/SF
− OpEx
−$70.6K −$4.71/SF
NOI
$211.8K $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%
$4,235,760
Cap Rate 7%
$3,025,543
Cap Rate 9%
$2,353,200
Alternative Uses
Best Use
Office B
$3.03M
$2.65M – $3.53M
NOI $211,788 @ 7.0% cap · market cap 6.05%
Second Best
Warehouse
$2.68M
$2.35M – $3.13M
NOI $187,811 @ 7.0% cap · market cap 5.37%
Theoretical Best
Multifamily LT 5
$4.17M
$3.65M – $4.86M
NOI $291,722 @ 7.0% cap · market cap 8.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,555
Businesses Nearby
Balanced
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Flex space - Two parcels provide a gated parking area alongside retail, office, and storage improvements.
Where is this flex space located?
The property is located at 145 3rd Street Santa Rosa, CA.
What is the asking price?
The asking price for this property is $3,499,000.
What are key features of this property?
This property features: Separate gated parcel provides on‑site parking; Up to three tenant spaces can be created within the existing layout; Retail, storage, warehouse, and office areas support varied commercial functions
