NNN Industrial Investment
For Sale
$7,350,000
233 Bellevue Avenue Santa, Santa Rosa, CA 95407
Purpose-built industrial facility occupied since 2002 and leased to a credit tenant under NNN terms.
Property Size32,020 SF
Days on Market170
Property Features for 233 Bellevue Avenue Santa
General Information
Standard status
Active
Size
32,020 SF
Property subtype
Industrial
Building Details
Building Size
32,020 SF
Listing Agency:
Newmark | San Rafael
(707) 583-8423
Listed By:
Ron Reinking · License #CalDRE #00931004
Source:
Nmrk
Added: Mar 7
Changed: Aug 22
Last Checked: Aug 23 at 4:26AM
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 Newmark | San Rafael
Investment Insights
Based on property information with market context.
This for-sale industrial investment property is a purpose-built facility that has been occupied since 2002. The offering is described as an NNN industrial investment with a credit tenant and is positioned as an essential service facility.
The property is located at 233 Bellevue Avenue in Santa Rosa, California, with the public remarks noting adjacency to Industry West Industrial Park and Santa Rosa Auto Row. The stated multiple-county service area supports its role as a regional service facility.
The asset is presented as an income-producing industrial real estate opportunity with an established operating history tied to the existing occupancy.
The property is located at 233 Bellevue Avenue in Santa Rosa, California, with the public remarks noting adjacency to Industry West Industrial Park and Santa Rosa Auto Row. The stated multiple-county service area supports its role as a regional service facility.
The asset is presented as an income-producing industrial real estate opportunity with an established operating history tied to the existing occupancy.
Key Highlights
- Purpose‑built industrial facility occupied since 2002
- Leased to a credit tenant under NNN terms
- Asking price $7,975,000 ($249.06 per SF)
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
$400,913
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
5.45%
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%
$8,018,260
$8.0M
Cap Rate 7%
$5,727,329
$5.7M
Cap Rate 9%
$4,454,589
$4.5M
Market Conditions
NOI Build-Up for 32,020 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
$491.8K $15.36/SF
− Vacancy
−$20.2K −$0.63/SF
EGI
$471.7K $14.73/SF
− OpEx
−$70.7K −$2.21/SF
NOI
$400.9K $12.52/SF
Area
Santa Rosa, CA
Vacancy
4.10%
Lease Rate
$15.36 /SF/Yr
Expense Ratio
15.00%
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%
$8,018,260
Cap Rate 7%
$5,727,329
Cap Rate 9%
$4,454,589
Alternative Uses
Best Use
Warehouse
$5.73M
$5.01M – $6.68M
NOI $400,913 @ 7.0% cap · market cap 5.45%
Second Best
Industrial
$4.82M
$4.21M – $5.62M
NOI $337,197 @ 7.0% cap · market cap 4.59%
Theoretical Best
Multifamily LT 5
$8.90M
$7.78M – $10.38M
NOI $622,728 @ 7.0% cap · market cap 8.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
632
Businesses Nearby
Explore this area
Business Placement
Demographics for 95407, CA
42,504
Population
13,371
Households
3.2
Avg Household Size
34
Median Age
17%
College-Educated
73%
High-School Grad
21.6 sq mi
ZIP Area
1,968
Density / Sq Mi
$82,807
Median Household Income
$40,907
Median Earnings
$1,822
Median Rent
$603,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Distribution center - Purpose-built industrial facility occupied since 2002 and leased to a credit tenant under NNN terms.
Where is this distribution center located?
The property is located at 233 Bellevue Avenue Santa Santa Rosa, CA.
What is the asking price?
The asking price for this property is $7,350,000.
What are key features of this property?
This property features: Purpose‑built industrial facility occupied since 2002; Leased to a credit tenant under NNN terms; Asking price $7,975,000 ($249.06 per SF)
