Two-Level Creative Studio
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 Market48
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
Changed: Nov 3
Last Checked: Nov 3 at 4:11AM
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
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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 / Yr
$136,937
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
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Current Use
Lease Details
18,900 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
3,023
Businesses Nearby
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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
