Industrial Condo with Office
For Sale
$1,195,000
2982 Teagarden St, San Leandro, CA 94577
4,020 sq ft industrial condo with office in San Leandro.
Property Size4,010 SF
Price / SF$298
Days on Market157
Property Features for 2982 Teagarden St
General Information
Standard status
Active
Size
4,010 SF
Property subtype
Commercial
Amenities
Common Garage
Concrete Flooring
Linoleum Flooring
Building Details
Year Built
1973
Listing Agency:
MICHAEL TANZILLO R.E. BRKR
(510) 889-9157
Listed By:
PAUL MADER · License #00795784
Source:
Corcoran
Added: Mar 6
Changed: Aug 8
Last Checked: Aug 8 at 6:28AM
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 MICHAEL TANZILLO R.E. BRKR
Investment Insights
Based on property information with market context.
This industrial condominium unit offers a total of 4,020+/- square feet, comprising 3,524+/- square feet of warehouse space and a 486+/- square foot office area. The warehouse features a 16-foot clear height, a 14' x 14' drive-in door, and two skylights. A mezzanine is situated above the front office. The remodeled office space includes a reception/work area, a private office, and a restroom. The property is in good condition and is part of the 23-unit Teagarden Business Center, located just east of I-880 and Marina Blvd. This property is suitable for a wide variety of users.
Key Highlights
- 4,020+\/- sq ft industrial condominium suitable for a wide variety of users.
- Convenient location just east of I‑880 and Marina Blvd in the Teagarden Business Center.
- 3,524+\/- sq ft of warehouse space with 16' clear height and 14' x 14' drive‑in door.**
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
$61,189
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
5.12%
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%
$1,223,780
$1.2M
Cap Rate 7%
$874,129
$874.1K
Cap Rate 9%
$679,878
$679.9K
Market Conditions
NOI Build-Up for 4,010 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
$77.0K $19.20/SF
− Vacancy
−$5.0K −$1.25/SF
EGI
$72.0K $17.95/SF
− OpEx
−$10.8K −$2.69/SF
NOI
$61.2K $15.26/SF
Area
Alameda County, CA
Vacancy
6.50%
Lease Rate
$19.20 /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%
$1,223,780
Cap Rate 7%
$874,129
Cap Rate 9%
$679,878
Alternative Uses
Best Use
Warehouse
$874.1K
$764.9K – $1.02M
NOI $61,189 @ 7.0% cap · market cap 5.12%
Second Best
Flex RnD
$804.3K
$703.8K – $938.3K
NOI $56,300 @ 7.0% cap · market cap 4.71%
Theoretical Best
Retail
$18.28M
$16.00M – $21.33M
NOI $1,279,697 @ 7.0% cap · market cap 107.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,226
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 94577, CA
48,868
Population
17,681
Households
2.8
Avg Household Size
41
Median Age
39%
College-Educated
86%
High-School Grad
8.1 sq mi
ZIP Area
6,033
Density / Sq Mi
$110,989
Median Household Income
$56,382
Median Earnings
$2,199
Median Rent
$824,900
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - 4,020 sq ft industrial condo with office in San Leandro.
Where is this flex space located?
The property is located at 2982 Teagarden St San Leandro, CA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: 4,020+\/- sq ft industrial condominium suitable for a wide variety of users.; Convenient location just east of I‑880 and Marina Blvd in the Teagarden Business Center.; 3,524+\/- sq ft of warehouse space with 16' clear height and 14' x 14' drive‑in door.**
