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    Novato Commercial Condominium Opportunity Title is generated by Realmo AI

    1615 Hill Road, Novato, CA 94947

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    For Sale
    $550,000

    Office - Novato, CA

    Type:Office
    Property size:
    3,352 SF
    Lot size:
    0.02 Acres
    Price / SF:
    $164/SF
    Added:
    Feb 26, 2026
    Days on Market:
    93
    Last Refresh:
    May 30 at 10:06 am

    Property Features for 1615 Hill Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Zoning
    Commercial Condo
    Standard status
    Active
    APN
    140-490-24
    Size
    3,352 SF
    Lot size
    0.02 Acres

    Building Details

    Year built
    1965
    Floors in Building
    1
    Building materials
    Stucco
    Architectural style
    Other

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    Listing Contact
    Joe Bondanza
    Joe Bondanza

    Listing agent Joe Bondanza License #00910574

    Listing office Golden Gate Sotheby's International Realty 902 Irwin Street, Mill Valley, CA

    Listing date Feb 26, 2026

    MLS# 326015269 Listing URL

    Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Ideal for medical/dental offices
    • H.O.A. fees include PG&E, water, garbage, and exterior maintenance
    • Ample parking
    • Consists of 3 units (#23, 24, 25)
    • Features private offices
    • Lunch room with kitchen

    Overview

    These commercial condominiums are located in a Novato professional center and are suitable for medical or dental offices. The property includes private offices, two restrooms, and a lunchroom with a kitchen. Ample parking is available. The Homeowner's Association fees cover PG&E, water, garbage, and exterior maintenance. The offering consists of three units: #23, #24, and #25. The Assessor's Parcel Numbers are 140-490-24, 140-490-25, and 140-490-26. The current use of the property is as a medical laboratory. The lot size is 0.02 acres and the property size is 3352 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Menasco Matthew DMD Dental Office CB Labs Novato Laboratory Marin Reconstructive Periodontics Dental Office Endoart Dental Office Hickle Dallas H ... Dental Office

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Allison Joiner — 7077 Redwood Blvd, Novato, CA 94945
    • Center Veterinary Clinic — 1553 S Novato Blvd #B, Novato, CA 94947
    • South Novato Animal Hospital — 7077 Redwood Blvd, Novato, CA 94945
    • Tiffany Newman — 7077 Redwood Blvd, Novato, CA 94945
    • Williams James T DVM — Novato, CA 94948

    Location Insight

    • Map
    • Local Demand
    City
    Novato
    County
    Marin
    State
    California
    Longitude
    -122.5789613
    Latitude
    38.0973679

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    FAQs

    What type of property is this?
    Medical Office Space - Commercial condominiums ideal for medical/dental offices in Novato, CA.
    Where is this medical office space located?
    The property is located at 1615 Hill Road Novato, CA.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: Ideal for medical/dental offices; H.O.A. fees include PG&E, water, garbage, and exterior maintenance; Ample parking
    (415) 246-5549
    We can help!
    Listing Contact
    Joe Bondanza
    Joe Bondanza
    Real Estate License ID: 00910574
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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