Multi-Tenant Office
For Sale
$1,800,000
425 Merchant Street, Vacaville, CA 95688
Commercial Sale, Vacaville, CA
Property Size5,853 SF
Lot Size0.23 Acres
Price / SF$307.53
Days on Market210
Property Features for 425 Merchant Street
General Information
Property type
Residential
Property subtype
Office
Parking
12
Subdivision
Vacaville 2
Standard status
Active
APN
0130233070
Lot size
0.23 Acres
Utilities
Heating system
Central, Heat Pump (Heating)
Cooling system
Central Air
Building Details
Year built
1991
Floors in Building
2
Roof type
Flat
Listing Agency:
McGuire Real Estate
(707) 448-1158
Listed By:
Mark H McGuire · License #01902240
(707) 385-1353
Added: Feb 5
Changed: Aug 19
Last Checked: Sep 3 at 12:06PM
MLS# 326008708
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 5,853-square-foot office building contains three units with flexibility for continued multi-tenant use, consolidation into a single-occupant layout, or further division. The 3,832-square-foot upstairs unit includes a conference room, principal office with views, and a naturally bright bullpen. Reception areas, private offices, conference rooms, break rooms, and ADA-compliant bathrooms are located across both floors. Central air conditioning, central heating, and heat-pump heating support year-round operations.
The property is situated in downtown Vacaville near restaurants, with access to I-80. Covered parking, visible signage, and exposure to vehicle traffic add practical convenience for office users and visitors. Built in 1991, the building has a flat roof and occupies 0.2264 acres.
The property is situated in downtown Vacaville near restaurants, with access to I-80. Covered parking, visible signage, and exposure to vehicle traffic add practical convenience for office users and visitors. Built in 1991, the building has a flat roof and occupies 0.2264 acres.
Key Highlights
- 5,853 square feet configured as three office units
- 3,832‑square‑foot upstairs unit with conference room, principal office, and bullpen
- Reception areas, private offices, break rooms, conference rooms, and ADA‑compliant bathrooms
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
$89,551
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
4.98%
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%
$1,791,020
$1.8M
Cap Rate 7%
$1,279,300
$1.3M
Cap Rate 9%
$995,011
$995.0K
Market Conditions
NOI Build-Up for 5,853 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
$140.5K $24.00/SF
− Vacancy
−$21.1K −$3.60/SF
EGI
$119.4K $20.40/SF
− OpEx
−$29.9K −$5.10/SF
NOI
$89.6K $15.30/SF
Area
Vacaville, CA
Vacancy
15.00%
Lease Rate
$24.00 /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%
$1,791,020
Cap Rate 7%
$1,279,300
Cap Rate 9%
$995,011
Alternative Uses
Best Use
Office B
$1.28M
$1.12M – $1.49M
NOI $89,551 @ 7.0% cap · market cap 4.98%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.72M
$1.51M – $2.01M
NOI $120,665 @ 7.0% cap · market cap 6.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,058
Businesses Nearby
Explore this area
Business Placement
Demographics for 95688, CA
39,571
Population
14,876
Households
2.7
Avg Household Size
39
Median Age
34%
College-Educated
94%
High-School Grad
92.0 sq mi
ZIP Area
430
Density / Sq Mi
$115,791
Median Household Income
$58,468
Median Earnings
$2,063
Median Rent
$657,400
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Three-unit configuration supports separate occupancy or consolidation into a larger professional office.
Where is this office building located?
The property is located at 425 Merchant Street Vacaville, CA.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 5,853 square feet configured as three office units; 3,832‑square‑foot upstairs unit with conference room, principal office, and bullpen; Reception areas, private offices, break rooms, conference rooms, and ADA‑compliant bathrooms
