Waterfront Property with Development
For Sale
$3,500,000
150 Shoreline Hwy, Mill Valley, CA 94941
Three buildings totaling 15,000 SF with flexible zoning.
Property Size15,000 SF
Lot Size0.86 Acres
Price / SF$233.33
Days on Market139
Property Features for 150 Shoreline Hwy
General Information
Standard status
Active
Size
15,000 SF
Lot size
0.86 Acres
Property subtype
Investment
Building Details
Year Built
1971
Units
24
Listing Agency:
RE/MAX ACCORD
(925) 283-9200
Listed By:
Kevin Obrien · License #1385083
Source:
Elliman
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 8 at 6:27AM
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 RE/MAX ACCORD
Investment Insights
Based on property information with market context.
This property features three buildings, each approximately 5,000 square feet, totaling 15,000 square feet. Originally designed as apartments with individual bathrooms in each unit, the buildings have been utilized as office space for over 50 years, and most of the 24 bathrooms are still in place. The property includes 50 parking spaces. Zoned for retail, food service, offices, or affordable housing, this waterfront location offers views and direct access to the Sausalito Trail. The adjacent new building at 156 Shoreline Highway may set a precedent for future development possibilities. The property is suitable for various uses, including retail, coffee shops, restaurants, and office spaces. It is also ideal for non-profit organizations seeking a visible location for their programs or for 1031-exchange buyers looking for cash-flowing tenants on month-to-month leases.
Key Highlights
- Priced significantly below replacement cost at $250 per square foot.
- Waterfront location with spectacular views and direct access to the Sausalito Trail.
- Three buildings totaling 15,000 square feet.
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
$303,137
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
8.66%
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%
$6,062,740
$6.1M
Cap Rate 7%
$4,330,529
$4.3M
Cap Rate 9%
$3,368,189
$3.4M
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
$541.8K $36.12/SF
− Vacancy
−$137.6K −$9.17/SF
EGI
$404.2K $26.95/SF
− OpEx
−$101.0K −$6.74/SF
NOI
$303.1K $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%
$6,062,740
Cap Rate 7%
$4,330,529
Cap Rate 9%
$3,368,189
Alternative Uses
Best Use
Office B
$4.33M
$3.79M – $5.05M
NOI $303,137 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$73.27M
$64.11M – $85.48M
NOI $5,128,819 @ 7.0% cap · market cap 146.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
609
Businesses Nearby
Explore this area
Business Placement
Demographics for 94941, CA
31,480
Population
13,860
Households
2.3
Avg Household Size
47
Median Age
77%
College-Educated
99%
High-School Grad
37.7 sq mi
ZIP Area
835
Density / Sq Mi
$210,217
Median Household Income
$100,535
Median Earnings
$2,949
Median Rent
$1,990,100
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?
Office building - Three buildings totaling 15,000 SF with flexible zoning.
Where is this office building located?
The property is located at 150 Shoreline Hwy Mill Valley, CA.
What is the asking price?
The asking price for this property is $3,500,000.
What are key features of this property?
This property features: Priced significantly below replacement cost at $250 per square foot.; Waterfront location with spectacular views and direct access to the Sausalito Trail.; Three buildings totaling 15,000 square feet.
