Santa Rosa Warehouse/Office/Flex
For Sale
Contact for pricing
3242 Airway Dr, Santa Rosa, CA 95403
Versatile warehouse/office/flex building in Santa Rosa's commercial corridor.
Property Size10,210 SF
Lot Size1.01 Acres
Price / SF$289.91
Days on Market141
Property Features for 3242 Airway Dr
General Information
Standard status
Active
Size
10,210 SF
Lot size
1.01 Acres
Property subtype
Industrial, Mixed Use
Zoning
IL
Building Details
Year Built
1979
Buildings
1
Stories
1
Listing Agency:
JLL North Bay
(415) 686-0255
Listed By:
Laura Duffy · License #CA 01922792
Source:
Crexi
Added: Mar 24
Changed: Aug 8
Last Checked: Aug 10 at 7:28AM
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 JLL North Bay
Investment Insights
Based on property information with market context.
This versatile ±10,210 SF warehouse/office/flex building is located in Santa Rosa's thriving commercial corridor and sits on ±1.01 acres. The property features a versatile layout that includes five private offices, open workspace suitable for 6-8 workstations, and a large conference room. Upgraded finishes are present throughout the building. The warehouse space provides varying clear heights from 11.5' to 17.5' and includes two roll-up doors. The warehouse connects to the office area through two separate entrances. Additional features include a large fenced-in yard area and over 50 parking stalls. The property offers excellent access to Hwy 101.
Key Highlights
- Excellent access to Hwy 101
- Versatile ±10,210 SF warehouse/office/flex building
- Large fenced‑in yard area
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
$144,157
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
4.87%
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%
$2,883,140
$2.9M
Cap Rate 7%
$2,059,386
$2.1M
Cap Rate 9%
$1,601,744
$1.6M
Market Conditions
NOI Build-Up for 10,210 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
$226.7K $22.20/SF
− Vacancy
−$34.5K −$3.37/SF
EGI
$192.2K $18.83/SF
− OpEx
−$48.1K −$4.71/SF
NOI
$144.2K $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%
$2,883,140
Cap Rate 7%
$2,059,386
Cap Rate 9%
$1,601,744
Alternative Uses
Best Use
Office B
$2.06M
$1.80M – $2.40M
NOI $144,157 @ 7.0% cap · market cap 4.87%
Second Best
Warehouse
$1.83M
$1.60M – $2.13M
NOI $127,836 @ 7.0% cap · market cap 4.32%
Theoretical Best
Multifamily LT 5
$2.84M
$2.48M – $3.31M
NOI $198,565 @ 7.0% cap · market cap 6.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,099
Businesses Nearby
Under-served
Demand for This Use
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?
Flex space - Versatile warehouse/office/flex building in Santa Rosa's commercial corridor.
Where is this flex space located?
The property is located at 3242 Airway Dr Santa Rosa, CA.
What is the asking price?
The asking price for this property is $2,960,000.
What are key features of this property?
This property features: Excellent access to Hwy 101; Versatile ±10,210 SF warehouse/office/flex building; Large fenced‑in yard area
