Multi-Building Warehouse
New
For Sale
Contact for pricing
15 Dodie St, San Rafael, CA 94901
Three fully leased warehouse buildings offer multiple roll-up doors, separate water metering, and access to major regional routes.
Property Size26,657 SF
Price / SF$251.15
Days on Market3
Property Features for 15 Dodie St
General Information
Standard status
Active
Size
26,657 SF
Property subtype
INDUSTRIAL
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Buildings
3
Tenancy
Multi
Listing Agency:
Newmark | San Rafael
(415) 526-7676
Listed By:
Jerry Suyderhoud · License #00633998
(415) 526-7660
Source:
Moodyscre
Added: Sep 11
Changed: Sep 12
Last Checked: Sep 13 at 9:38AM
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 Newmark | San Rafael
Investment Insights
Based on property information with market context.
This warehouse portfolio comprises three fully leased commercial buildings totaling 26,657 square feet. The buildings at 41 Simms Street, 15 Dodie Street, and 25 Dodie Street include five tenants, two tenants, and one tenant, respectively. Roll-up door access includes two doors at 41 Simms Street, four at 15 Dodie Street, and two at 25 Dodie Street. New roofs were recently installed, including a new coating on the metal roof at 25 Dodie Street.
The property is served by two water meters, with a separate meter assigned to 25 Dodie Street. A potential lot split could allow 25 Dodie Street to be sold separately. Access to US-Hwy 101 and Interstate 580 is convenient, with SMART’s Larkspur station and the Larkspur Golden Gate Ferry nearby. Smart & Final is across the street, while PACE Supply, Golden State Lumber, Rafael Lumber, and Marin Sanitary Service are within walking distance.
The property is served by two water meters, with a separate meter assigned to 25 Dodie Street. A potential lot split could allow 25 Dodie Street to be sold separately. Access to US-Hwy 101 and Interstate 580 is convenient, with SMART’s Larkspur station and the Larkspur Golden Gate Ferry nearby. Smart & Final is across the street, while PACE Supply, Golden State Lumber, Rafael Lumber, and Marin Sanitary Service are within walking distance.
Key Highlights
- Three fully leased commercial warehouse buildings totaling 26,657 square feet
- 41 Simms Street has five tenants and 2 roll‑up doors
- 15 Dodie Street has two tenants and 4 roll‑up doors
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
$406,764
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
6.08%
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%
$8,135,280
$8.1M
Cap Rate 7%
$5,810,914
$5.8M
Cap Rate 9%
$4,519,600
$4.5M
Market Conditions
NOI Build-Up for 26,657 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
$511.8K $19.20/SF
− Vacancy
−$33.3K −$1.25/SF
EGI
$478.5K $17.95/SF
− OpEx
−$71.8K −$2.69/SF
NOI
$406.8K $15.26/SF
Area
Marin County, CA
Vacancy
6.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
15.00%
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%
$8,135,280
Cap Rate 7%
$5,810,914
Cap Rate 9%
$4,519,600
Alternative Uses
Best Use
Warehouse
$5.81M
$5.08M – $6.78M
NOI $406,764 @ 7.0% cap · market cap 6.08%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$130.21M
$113.93M – $151.91M
NOI $9,114,595 @ 7.0% cap · market cap 136.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,832
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94901, CA
43,338
Population
16,412
Households
2.6
Avg Household Size
40
Median Age
48%
College-Educated
82%
High-School Grad
13.1 sq mi
ZIP Area
3,308
Density / Sq Mi
$108,837
Median Household Income
$50,122
Median Earnings
$2,229
Median Rent
$1,369,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Warehouse - Three fully leased warehouse buildings offer multiple roll-up doors, separate water metering, and access to major regional routes.
Where is this warehouse located?
The property is located at 15 Dodie St San Rafael, CA.
What is the asking price?
The asking price for this property is $6,695,000.
What are key features of this property?
This property features: Three fully leased commercial warehouse buildings totaling 26,657 square feet; 41 Simms Street has five tenants and 2 roll‑up doors; 15 Dodie Street has two tenants and 4 roll‑up doors
