Flex Building with Fenced
For Sale
$3,000,000
33 Commercial Blvd, Novato, CA 94949
Light industrial space includes HVAC-served offices, much of the warehouse, and secured vehicle storage.
Property Size10,193 SF
Days on Market157
Property Features for 33 Commercial Blvd
General Information
Standard status
Active
Size
10,193 SF
Total Parking Spaces
21
Property subtype
Industrial - Manufacturing
Site & Location
Road Access
Yes
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Conditioned Warehouse
Yes
Building Details
Building Size
10,193 SF
Year Built
1977
Buildings
1
Construction
reinforced concrete
Listing Agency:
Meridian Commercial
(415) 328-3499
Listed By:
Nick Egide · License #01859524
Source:
Commercialcafe
Added: Mar 28
Changed: Aug 30
Last Checked: Aug 30 at 10:16PM
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 Meridian Commercial
Investment Insights
Based on property information with market context.
This 1977 flex property is a reinforced-concrete light industrial building with HVAC serving the office component and a majority of the warehouse area. The configuration supports temperature control across substantial portions of the building and includes secured exterior space behind the structure for vehicle storage.
Positioned at the end of a cul-de-sac within Bel Marin Keys Industrial Park, the property offers straightforward vehicle access. The site provides 21 parking stalls, while fencing secures the rear storage area. Located at 33 Commercial Blvd in Novato, the building combines industrial construction, functional access, parking, and conditioned work areas in one commercial property.
Positioned at the end of a cul-de-sac within Bel Marin Keys Industrial Park, the property offers straightforward vehicle access. The site provides 21 parking stalls, while fencing secures the rear storage area. Located at 33 Commercial Blvd in Novato, the building combines industrial construction, functional access, parking, and conditioned work areas in one commercial property.
Key Highlights
- Reinforced‑concrete light industrial construction
- HVAC serves offices and most warehouse areas
- 21 parking stalls
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
$155,537
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
5.18%
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%
$3,110,740
$3.1M
Cap Rate 7%
$2,221,957
$2.2M
Cap Rate 9%
$1,728,189
$1.7M
Market Conditions
NOI Build-Up for 10,193 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
$195.7K $19.20/SF
− Vacancy
−$12.7K −$1.25/SF
EGI
$183.0K $17.95/SF
− OpEx
−$27.4K −$2.69/SF
NOI
$155.5K $15.26/SF
Area
Marin 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%
$3,110,740
Cap Rate 7%
$2,221,957
Cap Rate 9%
$1,728,189
Alternative Uses
Best Use
Warehouse
$2.22M
$1.94M – $2.59M
NOI $155,537 @ 7.0% cap · market cap 5.18%
Second Best
Flex RnD
$2.04M
$1.79M – $2.39M
NOI $143,110 @ 7.0% cap · market cap 4.77%
Theoretical Best
Specialty Retail
$49.79M
$43.57M – $58.09M
NOI $3,485,203 @ 7.0% cap · market cap 116.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,153
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94949, CA
17,588
Population
7,541
Households
2.3
Avg Household Size
46
Median Age
48%
College-Educated
93%
High-School Grad
13.4 sq mi
ZIP Area
1,313
Density / Sq Mi
$116,101
Median Household Income
$60,149
Median Earnings
$2,596
Median Rent
$1,075,600
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.
Similar Off Market Nearby
- The Key Room — 1385 Hamilton Pkwy, Novato, CA 94949
- SO DELICIOUS CATERING — 1385 N, 1385 Hamilton Pkwy, Novato, CA 94949
- Avi-ously Delicious Catering — 41 Hamilton Dr G, Novato, CA 94949
- Ray's Catering — 118 Hamilton Dr A, Novato, CA 94949
- Forks & Fingers Catering and take out — 372 Bel Marin Keys Blvd ste a, Novato, CA 94949
Frequently Asked Questions
What type of property is this?
Flex space - Light industrial space includes HVAC-served offices, much of the warehouse, and secured vehicle storage.
Where is this flex space located?
The property is located at 33 Commercial Blvd Novato, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Reinforced‑concrete light industrial construction; HVAC serves offices and most warehouse areas; 21 parking stalls
