Corner Industrial Condo with
For Sale
Contact for pricing
4328 Redwood Highway Suite 100, San Rafael, CA 94903
Improved flex condo with front office, rear warehouse loading, and climate control for a wide range of industrial operations.
Property Size2,077 SF
Price / SF$464.61
Days on Market57
Property Features for 4328 Redwood Highway Suite 100
General Information
Standard status
Active
Size
2,077 SF
Property subtype
Industrial
Zoning
LI/O
Investment Type
Owner/User
Warehouse & Industrial
Drive-In Doors
1
Heavy Power
Yes
Building Details
Year Built
2004
Stories
1
Listing Agency:
HL Commercial Real Estate
(415) 454-2030
Listed By:
Mark Cooper · License #CA 01814831
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 10 at 10:17AM
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 HL Commercial Real Estate
Investment Insights
Based on property information with market context.
This thoughtfully improved industrial condominium combines front-facing office space with rear warehouse use. As a corner unit, it benefits from windows on two sides and abundant natural light. The space is served by modern heating and air conditioning, supported by an insulated ceiling for year-round comfort. Interior amenities include two restrooms, an ADA-compliant shower, and a convenient wet bar.
The rear warehouse portion is designed for practical loading and unloading, featuring a roll-up door. Power is supported by a 220-amp, 3-phase electrical system, which can support a variety of production or industrial activities.
With a functional office-to-warehouse layout, this property can work well for owner-operators and tenants who need dedicated work space along with straightforward warehouse access. The presence of ADA-friendly facilities and full climate control can also support comfort for employees using both the office and production areas during day-to-day operations.
The rear warehouse portion is designed for practical loading and unloading, featuring a roll-up door. Power is supported by a 220-amp, 3-phase electrical system, which can support a variety of production or industrial activities.
With a functional office-to-warehouse layout, this property can work well for owner-operators and tenants who need dedicated work space along with straightforward warehouse access. The presence of ADA-friendly facilities and full climate control can also support comfort for employees using both the office and production areas during day-to-day operations.
Key Highlights
- 2004‑built industrial condo with front office and rear warehouse space
- Corner unit with windows on two sides for abundant natural light
- Full heating and air conditioning plus insulated ceiling for year‑round comfort and energy efficiency
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
$41,974
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
4.35%
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%
$839,480
$839.5K
Cap Rate 7%
$599,629
$599.6K
Cap Rate 9%
$466,378
$466.4K
Market Conditions
NOI Build-Up for 2,077 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
$75.0K $36.12/SF
− Vacancy
−$19.1K −$9.17/SF
EGI
$56.0K $26.95/SF
− OpEx
−$14.0K −$6.74/SF
NOI
$42.0K $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%
$839,480
Cap Rate 7%
$599,629
Cap Rate 9%
$466,378
Alternative Uses
Best Use
Office B
$599.6K
$524.7K – $699.6K
NOI $41,974 @ 7.0% cap · market cap 4.35%
Second Best
Warehouse
$452.8K
$396.2K – $528.2K
NOI $31,693 @ 7.0% cap · market cap 3.28%
Theoretical Best
Specialty Retail
$10.15M
$8.88M – $11.84M
NOI $710,170 @ 7.0% cap · market cap 73.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
1,759
Businesses Nearby
Balanced
Demand for This Use
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?
Flex space - Improved flex condo with front office, rear warehouse loading, and climate control for a wide range of industrial operations.
Where is this flex space located?
The property is located at 4328 Redwood Highway Suite 100 San Rafael, CA.
What is the asking price?
The asking price for this property is $965,000.
What are key features of this property?
This property features: 2004‑built industrial condo with front office and rear warehouse space; Corner unit with windows on two sides for abundant natural light; Full heating and air conditioning plus insulated ceiling for year‑round comfort and energy efficiency
