San Rafael Office Condominium
For Sale
$2,000,000
4304 Redwood Hwy, San Rafael, CA 94903
Spectacularly improved office condominium in the Vineyard Business Center.
Property Size4,605 SF
Days on Market171
Property Features for 4304 Redwood Hwy
General Information
Standard status
Active
Size
4,605 SF
Property subtype
Office
Building Details
Building Size
4,605 SF
Listing Agency:
Meridian Commercial
(415) 308-1408
Listed By:
Matt Brown · License #CalDRE #00865640
(415) 308-1408
Source:
Meridiancommercial
Added: Mar 5
Changed: Aug 16
Last Checked: Aug 23 at 4:15AM
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 is an outstanding opportunity to acquire a spectacularly improved office condominium in the prestigious Vineyard project in San Rafael. The Vineyard Business Center is located on the Redwood Highway frontage road off Highway 101, offering excellent visibility and easy highway access. Its location is one mile from the Marin Civic Center SMART station and less than seven miles from both the San Rafael / Richmond Bridge to the south and State Highway 37 to the north, making it an ideal location for commutes from all directions. The property features high-end office finishes and abundant parking, presenting an ideal owner-user opportunity. It is a freeway-facing office condominium.
Key Highlights
- Freeway facing office condominium with excellent visibility
- Easy Highway 101 access
- High‑end office finishes
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
$93,063
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
4.65%
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%
$1,861,260
$1.9M
Cap Rate 7%
$1,329,471
$1.3M
Cap Rate 9%
$1,034,033
$1.0M
Market Conditions
NOI Build-Up for 4,605 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
$166.3K $36.12/SF
− Vacancy
−$42.2K −$9.17/SF
EGI
$124.1K $26.95/SF
− OpEx
−$31.0K −$6.74/SF
NOI
$93.1K $20.21/SF
Area
Marin County, CA
Vacancy
25.40%
Lease Rate
$36.12 /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%
$1,861,260
Cap Rate 7%
$1,329,471
Cap Rate 9%
$1,034,033
Alternative Uses
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $93,063 @ 7.0% cap · market cap 4.65%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$22.49M
$19.68M – $26.24M
NOI $1,574,547 @ 7.0% cap · market cap 78.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,809
Businesses Nearby
Explore this area
Business Placement
Demographics for 94903, CA
30,514
Population
12,708
Households
2.4
Avg Household Size
47
Median Age
55%
College-Educated
92%
High-School Grad
19.9 sq mi
ZIP Area
1,533
Density / Sq Mi
$127,464
Median Household Income
$57,527
Median Earnings
$3,026
Median Rent
$1,149,400
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 units - Spectacularly improved office condominium in the Vineyard Business Center.
Where is this office units located?
The property is located at 4304 Redwood Hwy San Rafael, CA.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Freeway facing office condominium with excellent visibility; Easy Highway 101 access; High‑end office finishes
