Multi-Tenant Industrial Warehouse Near
For Sale
Contact for pricing
400 Morris St, Sebastopol, CA 95472
Multi-tenant industrial warehouse near dining and entertainment district.
Property Size23,690 SF
Lot Size1.48 Acres
Price / SF$270.16
Days on Market190
Property Features for 400 Morris St
General Information
Standard status
Active
Size
23,690 SF
Class
B
Lot size
1.48 Acres
Property subtype
Industrial, Mixed Use, Office, Retail
Zoning
M
Occupancy
100%
Lease Type
NNN
Net Operating Income
$415,552
Building Details
Year Built
1988
Units
9
Tenancy
Multi
Listing Agency:
NAI Northern California
(510) 757-9929
Listed By:
Seth Hubbert · License #CA 02158135
Source:
Crexi
Added: Feb 3
Changed: Aug 8
Last Checked: Jul 16 at 1:00PM
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 NAI Northern California
Investment Insights
Based on property information with market context.
The property at 400 Morris Street is a multi-tenant industrial warehouse encompassing approximately 23,690 square feet, situated on approximately 1.48 acres. Constructed in 1988, the building features 20-foot clear heights and multiple semi-truck loading doors. It offers a parking ratio of 2.0 spaces per 1,000 square feet. Recent capital improvements include new insulation. The property is uniquely positioned adjacent to The Barlow dining and entertainment district. The building has a diverse tenant profile, including a long-term lease providing stable in-place income. Flexible delivery options allow the property to be delivered partially or fully vacant to accommodate buyer requirements. This property is suitable for owner-users seeking a distinctive corporate campus and investors targeting durable cash flow in a supply-constrained submarket.
Key Highlights
- Uniquely positioned adjacent to The Barlow dining and entertainment district, offering premium lifestyle amenities.
- Multi‑tenant industrial warehouse with ±23,690 SF on ±1.48 acres, suitable for owner‑users or investors.
- Flexible delivery options: can be delivered partially or fully vacant.
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
$424,270
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
6.63%
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%
$8,485,400
$8.5M
Cap Rate 7%
$6,061,000
$6.1M
Cap Rate 9%
$4,714,111
$4.7M
Market Conditions
NOI Build-Up for 23,690 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
$537.3K $22.68/SF
− Vacancy
−$38.1K −$1.61/SF
EGI
$499.1K $21.07/SF
− OpEx
−$74.9K −$3.16/SF
NOI
$424.3K $17.91/SF
Area
Sonoma County, CA
Vacancy
7.10%
Lease Rate
$22.68 /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%
$8,485,400
Cap Rate 7%
$6,061,000
Cap Rate 9%
$4,714,111
Alternative Uses
Best Use
Warehouse
$6.06M
$5.30M – $7.07M
NOI $424,270 @ 7.0% cap · market cap 6.63%
Second Best
Industrial
$4.99M
$4.37M – $5.82M
NOI $349,399 @ 7.0% cap · market cap 5.46%
Theoretical Best
Specialty Retail
$6.42M
$5.62M – $7.49M
NOI $449,361 @ 7.0% cap · market cap 7.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,430
Businesses Nearby
Explore this area
Business Placement
Demographics for 95472, CA
28,430
Population
12,595
Households
2.3
Avg Household Size
52
Median Age
50%
College-Educated
94%
High-School Grad
70.3 sq mi
ZIP Area
404
Density / Sq Mi
$109,775
Median Household Income
$50,097
Median Earnings
$1,918
Median Rent
$995,200
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?
Mixed-use property - Multi-tenant industrial warehouse near dining and entertainment district.
Where is this mixed-use property located?
The property is located at 400 Morris St Sebastopol, CA.
What is the asking price?
The asking price for this property is $6,400,000.
What are key features of this property?
This property features: Uniquely positioned adjacent to The Barlow dining and entertainment district, offering premium lifestyle amenities.; Multi‑tenant industrial warehouse with ±23,690 SF on ±1.48 acres, suitable for owner‑users or investors.; Flexible delivery options: can be delivered partially or fully vacant.
