Office Building with Open
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For Sale
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292 Red Hill Avenue, San Anselmo, CA 94960
Private rooms, open work areas, outdoor space, and dedicated parking support a practical office configuration.
Property Size2,636 SF
Price / SF$500
Days on Market6
Property Features for 292 Red Hill Avenue
General Information
Standard status
Active
Size
2,636 SF
Class
C
Total Parking Spaces
11
Property subtype
Office
Zoning
C-3
Lease Type
Gross
Investment Type
Owner/User
Amenities
private offices and open workspace
strong natural light
outdoor space
Building Details
Year Renovated
2016
Buildings
1
Units
4
Tenancy
Single
Listing Agency:
Keegan & Coppin Co Larkspur
Listed By:
John Mohun · License #02232254
Source:
Crexi
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 10:00PM
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 Keegan & Coppin Co Larkspur
Investment Insights
Based on property information with market context.
Located at 292 Red Hill Avenue in San Anselmo’s Miracle Mile corridor, this office property combines private offices with open workspace, abundant natural light, outdoor space, and dedicated on-site parking. The building contains approximately 2,636 SF, with approximately 1,360 SF available for lease and approximately 1,276 SF on the lower level currently leased.
The property is offered for sale or lease and carries C-3 zoning. Its mix of enclosed offices, shared work areas, and exterior space provides a defined commercial office layout within a centrally identified corridor.
The property is offered for sale or lease and carries C-3 zoning. Its mix of enclosed offices, shared work areas, and exterior space provides a defined commercial office layout within a centrally identified corridor.
Key Highlights
- Approximately 2,636 SF office building
- Approximately 1,360 SF available for lease
- Approximately 1,276 SF downstairs currently leased
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
$53,271
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
4.04%
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%
$1,065,420
$1.1M
Cap Rate 7%
$761,014
$761.0K
Cap Rate 9%
$591,900
$591.9K
Market Conditions
NOI Build-Up for 2,636 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
$95.2K $36.12/SF
− Vacancy
−$24.2K −$9.17/SF
EGI
$71.0K $26.95/SF
− OpEx
−$17.8K −$6.74/SF
NOI
$53.3K $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 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%
$1,065,420
Cap Rate 7%
$761,014
Cap Rate 9%
$591,900
Alternative Uses
Best Use
Office B
$761.0K
$665.9K – $887.9K
NOI $53,271 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$12.88M
$11.27M – $15.02M
NOI $901,304 @ 7.0% cap · market cap 68.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,424
Businesses Nearby
Explore this area
Business Placement
Demographics for 94960, CA
15,920
Population
6,641
Households
2.4
Avg Household Size
47
Median Age
73%
College-Educated
98%
High-School Grad
5.9 sq mi
ZIP Area
2,698
Density / Sq Mi
$172,332
Median Household Income
$84,644
Median Earnings
$2,838
Median Rent
$1,589,200
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 - Private rooms, open work areas, outdoor space, and dedicated parking support a practical office configuration.
Where is this office building located?
The property is located at 292 Red Hill Avenue San Anselmo, CA.
What is the asking price?
The asking price for this property is $1,318,000.
What are key features of this property?
This property features: Approximately 2,636 SF office building; Approximately 1,360 SF available for lease; Approximately 1,276 SF downstairs currently leased
