Waterfront Office
For Sale
$3,500,000
150 Shoreline Hwy, Mill Valley, CA 94941
Commercial Sale, Mill Valley, CA
Property Size15,148 SF
Lot Size0.86 Acres
Price / SF$231.05
Days on Market160
Property Features for 150 Shoreline Hwy
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Parking Lot, Covered
Exterior features
Greenbelt
Subdivision
Not Listed
Lot features
Level, Premium Lot
Directions
Hwy~101 at Hwy~1, Mill Valley.
Standard status
Active
APN
05237104
Size
15,148 SF
Lot size
0.86 Acres
Utilities
Heating system
Wall Furnace
Cooling system
Wall/Window Unit(s), Window Unit(s)
Water source
Public
Water front features
Waterfront
Water front
1
Building Details
Year built
1971
Number of units
24
Flooring type
Carpet
Building materials
Wood Siding
Roof type
Composition
Listing Agency:
RE/MAX Accord · RE/MAX International
(925) 283-9200
Listed By:
Kevin Obrien · License #1385083
(925) 595-0422
Added: Mar 19
Changed: Aug 24
Last Checked: Aug 25 at 10:06PM
MLS# 41127842
Copyright © 2026 Bay East. 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 waterfront office property comprises three wood-sided buildings totaling 15,148 square feet on 0.86 acres. The improvements date to 1971 and include carpeted interiors, wall furnaces, window and wall-unit cooling, composition roofs, and public water service. Most of the 24 bathrooms remain in place, reflecting the buildings’ original multi-unit configuration, while the property has operated as office space for more than five decades.
Zoning supports retail, food, office, and affordable housing uses. The site includes 50 parking spaces, including covered parking, and offers direct access to the Sausalito Trail. Existing tenants occupy the buildings on month-to-month leases. The property is located at 150 Shoreline Hwy in Mill Valley, California.
Zoning supports retail, food, office, and affordable housing uses. The site includes 50 parking spaces, including covered parking, and offers direct access to the Sausalito Trail. Existing tenants occupy the buildings on month-to-month leases. The property is located at 150 Shoreline Hwy in Mill Valley, California.
Key Highlights
- Three waterfront office buildings totaling 15,148 square feet on 0.86 acres
- Zoning allows retail, food, office, and affordable housing uses
- 50 parking spaces, including covered parking
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
$306,128
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
8.75%
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%
$6,122,560
$6.1M
Cap Rate 7%
$4,373,257
$4.4M
Cap Rate 9%
$3,401,422
$3.4M
Market Conditions
NOI Build-Up for 15,148 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
$547.1K $36.12/SF
− Vacancy
−$139.0K −$9.17/SF
EGI
$408.2K $26.95/SF
− OpEx
−$102.0K −$6.74/SF
NOI
$306.1K $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%
$6,122,560
Cap Rate 7%
$4,373,257
Cap Rate 9%
$3,401,422
Alternative Uses
Best Use
Office B
$4.37M
$3.83M – $5.10M
NOI $306,128 @ 7.0% cap · market cap 8.75%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$73.99M
$64.74M – $86.32M
NOI $5,179,423 @ 7.0% cap · market cap 147.98%
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Three office buildings with flexible zoning, on-site parking, and waterfront access in Mill Valley.
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: Three waterfront office buildings totaling 15,148 square feet on 0.86 acres; Zoning allows retail, food, office, and affordable housing uses; 50 parking spaces, including covered parking
