Two-Level Creative Studio
New
For Sale
$1,900,000
1515 3rd St, San Rafael, CA 94901
Vacant owner-user property with partitioned studio areas, on-site parking, and a grade-level ground-floor door.
Property Size6,776 SF
Days on Market3
Property Features for 1515 3rd St
General Information
Standard status
Active
Size
6,776 SF
Total Parking Spaces
11
Property subtype
Retail
Additional Details
Traffic Count
18,900 vehicles/day
Building Details
Building Size
6,776 SF
Year Built
1969
Buildings
1
Listing Agency:
Meridian Commercial
Listed By:
Nick Egide · License #CalDRE #01859524
(415) 328-3499
Source:
Meridiancommercial
Added: Sep 18
Last Checked: Sep 20 at 7:31AM
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 Meridian Commercial
Investment Insights
Based on property information with market context.
This 1969 creative studio property is delivered vacant and currently configured for artist use. Partitioned areas on both levels create a mix of larger and smaller studios, with equipment remaining in place. The building has been maintained with limited capital expenditure needs identified at purchase, and includes a grade-level door on the ground floor.
Located at 1515 3rd St, the property offers 11 on-site parking stalls, additional street parking, and signage potential. Average Daily Traffic is reported at 18,900 vehicles. The stated flexible zoning also allows consideration of redevelopment into apartments or single-family housing.
Located at 1515 3rd St, the property offers 11 on-site parking stalls, additional street parking, and signage potential. Average Daily Traffic is reported at 18,900 vehicles. The stated flexible zoning also allows consideration of redevelopment into apartments or single-family housing.
Key Highlights
- Two‑level building configured with large and small studio areas
- Delivered vacant for an owner‑user
- 11 on‑site parking stalls plus abundant street 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
$136,937
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
7.21%
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%
$2,738,740
$2.7M
Cap Rate 7%
$1,956,243
$2.0M
Cap Rate 9%
$1,521,522
$1.5M
Market Conditions
NOI Build-Up for 6,776 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
$244.7K $36.12/SF
− Vacancy
−$62.2K −$9.17/SF
EGI
$182.6K $26.95/SF
− OpEx
−$45.6K −$6.74/SF
NOI
$136.9K $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%
$2,738,740
Cap Rate 7%
$1,956,243
Cap Rate 9%
$1,521,522
Alternative Uses
Best Use
Retail
$30.89M
$27.03M – $36.04M
NOI $2,162,401 @ 7.0% cap · market cap 113.81%
Second Best
Office B
$1.96M
$1.71M – $2.28M
NOI $136,937 @ 7.0% cap · market cap 7.21%
Theoretical Best
Specialty Retail
$33.10M
$28.96M – $38.61M
NOI $2,316,858 @ 7.0% cap · market cap 121.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
18,900 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
3,023
Businesses Nearby
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
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Creative space - Vacant owner-user property with partitioned studio areas, on-site parking, and a grade-level ground-floor door.
Where is this creative space located?
The property is located at 1515 3rd St San Rafael, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Two‑level building configured with large and small studio areas; Delivered vacant for an owner‑user; 11 on‑site parking stalls plus abundant street parking
