Multi-Tenant Office
For Sale
Contact for pricing
15200 Hesperian Boulevard, San Leandro, CA 94578
Two-story office property with seven suites and zoning that permits medical uses.
Property Size8,260 SF
Price / SF$266.34
Days on Market14
Property Features for 15200 Hesperian Boulevard
General Information
Standard status
Active
Size
8,260 SF
Total Parking Spaces
22
Property subtype
Office
Zoning
B-TOD BAY FAIR TRANSIT
Occupancy
100%
Lease Type
Gross
Investment Type
Owner/User
Net Operating Income
$148,803
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Additional Details
Office Units
7
Building Details
Year Built
1981
Year Renovated
2024
Buildings
1
Stories
2
Units
7
Tenancy
Multi
Building Size
8,260 SF
Owner Occupied
Yes
Listing Agency:
MTC Commercial Real Estate
(510) 206-3156
Listed By:
Paul Mader · License #CA 00795784
Source:
Crexi
Added: Aug 17
Changed: Aug 29
Last Checked: Aug 29 at 11:14AM
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 MTC Commercial Real Estate
Investment Insights
Based on property information with market context.
Built in 1981, this two-story office building contains approximately 8,260 square feet arranged across seven suites. Suite sizes range from approximately 912 to 1,975 square feet, creating a mix of smaller and larger office configurations. The current owners operate State Farm Insurance from Suites 101 and 102 and may either vacate or retain a portion of the premises. Recent improvements include a roof replacement in 2021, a remodeled Suite 102 in 2020, and a repaved parking lot completed in 2024.
The property is located at 15200 Hesperian Boulevard in San Leandro, adjacent to Bay Fair Mall and Bay Fair BART. Hesperian Boulevard carries reported average daily traffic between 50,655 and 52,169 vehicles. Access to I-880, I-540, and Highway 238 provides connectivity to nearby employment centers and shopping. B-TOD BAY FAIR TRANSIT zoning permits medical uses, including occupancy by a doctor or dentist.
The property is located at 15200 Hesperian Boulevard in San Leandro, adjacent to Bay Fair Mall and Bay Fair BART. Hesperian Boulevard carries reported average daily traffic between 50,655 and 52,169 vehicles. Access to I-880, I-540, and Highway 238 provides connectivity to nearby employment centers and shopping. B-TOD BAY FAIR TRANSIT zoning permits medical uses, including occupancy by a doctor or dentist.
Key Highlights
- Approximately 8,260+/- SF office building with 7 suites
- Suite sizes range from 912+/- SF to 1,975+/- SF
- B‑TOD BAY FAIR TRANSIT zoning permits medical uses
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
$166,927
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
7.59%
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%
$3,338,540
$3.3M
Cap Rate 7%
$2,384,671
$2.4M
Cap Rate 9%
$1,854,744
$1.9M
Market Conditions
NOI Build-Up for 8,260 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
$298.4K $36.12/SF
− Vacancy
−$75.8K −$9.17/SF
EGI
$222.6K $26.95/SF
− OpEx
−$55.6K −$6.74/SF
NOI
$166.9K $20.21/SF
Area
Alameda 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%
$3,338,540
Cap Rate 7%
$2,384,671
Cap Rate 9%
$1,854,744
Alternative Uses
Best Use
Office B
$2.38M
$2.09M – $2.78M
NOI $166,927 @ 7.0% cap · market cap 7.59%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$37.66M
$32.95M – $43.93M
NOI $2,635,985 @ 7.0% cap · market cap 119.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,098
Businesses Nearby
Explore this area
Business Placement
Demographics for 94578, CA
40,957
Population
14,819
Households
2.8
Avg Household Size
37
Median Age
25%
College-Educated
82%
High-School Grad
4.6 sq mi
ZIP Area
8,904
Density / Sq Mi
$89,149
Median Household Income
$47,672
Median Earnings
$2,077
Median Rent
$793,500
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 - Two-story office property with seven suites and zoning that permits medical uses.
Where is this office building located?
The property is located at 15200 Hesperian Boulevard San Leandro, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Approximately 8,260+/- SF office building with 7 suites; Suite sizes range from 912+/- SF to 1,975+/- SF; B‑TOD BAY FAIR TRANSIT zoning permits medical uses
