Medical Office Condo
For Sale
Contact for pricing
2150 Appian Way, Pinole, CA 94564
Multiple entrances allow partial occupancy while reserving space for future expansion.
Property Size952 SF
Price / SF$430.57
Days on Market279
Property Features for 2150 Appian Way
General Information
Standard status
Active
Size
952 SF
Elevators
Yes
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Amenities
Multiple entrances
Abundant Landscaping
Custom Building Signage
Listing Agency:
Colliers | Walnut Creek
(925) 279-0120
Listed By:
Bill Hillis, SIOR
(925) 279-5578
Source:
Moodyscre
Added: Dec 11, 2025
Changed: Sep 3
Last Checked: Sep 15 at 10:50AM
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 Colliers | Walnut Creek
Investment Insights
Based on property information with market context.
This 952-square-foot medical office condo at 2150 Appian Way in Pinole is completely demoed and currently in shell condition, providing a clean starting point for custom improvements. The space has multiple entrances, allowing a buyer to occupy a portion while retaining the remainder for future expansion or leasing.
The property is part of a professional condominium development with units ranging from 950 to 3,800 SF. Each building includes an elevator, and the development features abundant landscaping, custom building signage, and access to Interstate 80. Architectural and construction teams are available to assist with designing and completing the space.
The property is part of a professional condominium development with units ranging from 950 to 3,800 SF. Each building includes an elevator, and the development features abundant landscaping, custom building signage, and access to Interstate 80. Architectural and construction teams are available to assist with designing and completing the space.
Key Highlights
- 952 SF medical office condo
- Completely demoed shell condition ready for custom improvements
- Multiple entrances support partial occupancy and future expansion
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
$17,213
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
4.20%
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%
$344,260
$344.3K
Cap Rate 7%
$245,900
$245.9K
Cap Rate 9%
$191,256
$191.3K
Market Conditions
NOI Build-Up for 952 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
$28.0K $29.40/SF
− Vacancy
−$5.0K −$5.29/SF
EGI
$23.0K $24.11/SF
− OpEx
−$5.7K −$6.03/SF
NOI
$17.2K $18.08/SF
Area
Contra Costa County, CA
Vacancy
18.00%
Lease Rate
$29.40 /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%
$344,260
Cap Rate 7%
$245,900
Cap Rate 9%
$191,256
Alternative Uses
Best Use
Office B
$245.9K
$215.2K – $286.9K
NOI $17,213 @ 7.0% cap · market cap 4.20%
Second Best
Healthcare Medical
$201.6K
$176.4K – $235.2K
NOI $14,111 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$359.9K
$314.9K – $419.8K
NOI $25,190 @ 7.0% cap · market cap 6.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
969
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94564, CA
19,024
Population
7,285
Households
2.6
Avg Household Size
44
Median Age
39%
College-Educated
90%
High-School Grad
6.8 sq mi
ZIP Area
2,798
Density / Sq Mi
$120,833
Median Household Income
$55,841
Median Earnings
$2,738
Median Rent
$697,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Similar Off Market Nearby
- Banfield Pet Hospital — 1380 Fitzgerald Dr, Pinole, CA 94564
- Pinole Pet Hospital — 1400 San Pablo Ave, Pinole, CA 94564
Frequently Asked Questions
What type of property is this?
Medical Office Space - Multiple entrances allow partial occupancy while reserving space for future expansion.
Where is this medical office space located?
The property is located at 2150 Appian Way Pinole, CA.
What is the asking price?
The asking price for this property is $409,900.
What are key features of this property?
This property features: 952 SF medical office condo; Completely demoed shell condition ready for custom improvements; Multiple entrances support partial occupancy and future expansion
