Santa Rosa Office Building
For Sale
$1,250,000
3000 Cleveland, Santa Rosa, CA 95403
Well-maintained office building with redevelopment potential in Santa Rosa.
Property Size6,061 SF
Price / SF$206.24
Days on Market143
Property Features for 3000 Cleveland
General Information
Standard status
Active
Size
6,061 SF
Property subtype
Commercial
Amenities
Central air
Carpet Flooring
Central Cooling
Central Heating
Composition Roof
Concrete Flooring
Curb(s)
Low Maintenance
Shingle Roof
Street Lights
Building Details
Year Built
1962
Listing Agency:
ARTISAN SOTHEBY'S INT'L REALTY
2841111
Listed By:
JAIME GUTIERREZ
Source:
Corcoran
Added: Apr 11
Changed: Aug 27
Last Checked: Aug 30 at 7:18PM
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 ARTISAN SOTHEBY'S INT'L REALTY
Investment Insights
Based on property information with market context.
The property at 3000 Cleveland Avenue is a well-maintained, two-story office building offering in-place income and future development potential. The 6,061 square foot property features a functional layout centered around multiple private interior courtyards, providing abundant natural light, mature landscaping, and a professional campus-style setting. The building includes several office suites currently occupied by tenants, offering immediate income with flexibility for an investor or owner-user. Amenities include secure gated access, ample on-site parking, and an ADA-compliant restroom on the ground floor, supporting a variety of office uses. The property also offers compelling upside through potential redevelopment. Preliminary plans have been initiated for conversion to a 14-unit multifamily project consisting of 13 one-bedroom units and 1 studio. The property benefits from zoning that supports multifamily use, and the City of Santa Rosa has been favorable toward housing development. This location in central Santa Rosa presents an ideal opportunity for investors, developers, or owner-users looking for a versatile asset with both current cash flow and long-term upside.
Key Highlights
- Strong future development potential for a 14‑unit multifamily project (preliminary plans initiated).
- In‑place income from existing tenants with flexibility for investor or owner‑user.
- Seller financing available, offering flexible terms and reduced upfront capital requirements.
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
$85,576
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
6.85%
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%
$1,711,520
$1.7M
Cap Rate 7%
$1,222,514
$1.2M
Cap Rate 9%
$950,844
$950.8K
Market Conditions
NOI Build-Up for 6,061 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
$134.6K $22.20/SF
− Vacancy
−$20.5K −$3.37/SF
EGI
$114.1K $18.83/SF
− OpEx
−$28.5K −$4.71/SF
NOI
$85.6K $14.12/SF
Area
Santa Rosa, CA
Vacancy
15.20%
Lease Rate
$22.20 /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%
$1,711,520
Cap Rate 7%
$1,222,514
Cap Rate 9%
$950,844
Alternative Uses
Best Use
Office B
$1.22M
$1.07M – $1.43M
NOI $85,576 @ 7.0% cap · market cap 6.85%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$1.68M
$1.47M – $1.96M
NOI $117,875 @ 7.0% cap · market cap 9.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,316
Businesses Nearby
Explore this area
Business Placement
Demographics for 95403, CA
44,705
Population
17,504
Households
2.6
Avg Household Size
39
Median Age
27%
College-Educated
87%
High-School Grad
21.5 sq mi
ZIP Area
2,079
Density / Sq Mi
$94,480
Median Household Income
$45,928
Median Earnings
$2,215
Median Rent
$651,900
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 - Well-maintained office building with redevelopment potential in Santa Rosa.
Where is this office building located?
The property is located at 3000 Cleveland Santa Rosa, CA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Strong future development potential for a 14‑unit multifamily project (preliminary plans initiated).; In‑place income from existing tenants with flexibility for investor or owner‑user.; Seller financing available, offering flexible terms and reduced upfront capital requirements.
