18-Unit Apartment
For Sale
$3,995,000
433 Sonoma Avenue, Santa Rosa, CA 95401
Updated multifamily community with renovated interiors, controlled access, and a detached building for laundry and mechanical systems.
Property Size10,015 SF
Days on Market26
Property Features for 433 Sonoma Avenue
General Information
Standard status
Active
Size
10,015 SF
Total Parking Spaces
20
Property subtype
Multifamily
Units
Unit Mix
17 x 1BR/1BA, 1 x 2BR/1BA
Multifamily Units
18
Amenities
laundry room
security fence
parking gate
drought-tolerant landscaping
automated irrigation
Building Details
Building Size
10,015 SF
Year Built
1963
Buildings
2
Stories
2
Units
18
Listing Agency:
Coldwell Banker Commercial Realty
Listed By:
Steven Caravelli
(415) 706-0008
Source:
Cbcworldwide
Added: Aug 18
Changed: Sep 10
Last Checked: Sep 12 at 3:26AM
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 Coldwell Banker Commercial Realty
Investment Insights
Based on property information with market context.
Constructed in 1963, this multifamily property includes a two-story residential building with 17 one-bedroom, one-bath units and one two-bedroom, one-bath unit. A detached single-story structure provides laundry space, management storage, and mechanical systems. Sixteen units have received interior improvements including refurbished original wood cabinetry, vinyl plank flooring, low-flow plumbing fixtures, and newer appliances. All units feature vinyl double-pane windows.
Recent exterior work includes new carport roofs, an upgraded roof on the main building, and steel staircases and walkway railings built to current code. The corner-lot site includes drought-tolerant landscaping served by automated irrigation, along with a security fence and parking gate. The property is located at 433 Sonoma Ave in Santa Rosa, California.
Recent exterior work includes new carport roofs, an upgraded roof on the main building, and steel staircases and walkway railings built to current code. The corner-lot site includes drought-tolerant landscaping served by automated irrigation, along with a security fence and parking gate. The property is located at 433 Sonoma Ave in Santa Rosa, California.
Key Highlights
- 18‑unit configuration with 17 one‑bedroom/one‑bath units and one 2‑bedroom/1‑bath unit
- Originally constructed in 1963 with structural and cosmetic upgrades
- 16 units improved with vinyl plank flooring, updated appliances, cabinetry, and low‑flow fixtures
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
$174,935
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
4.38%
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%
$3,498,700
$3.5M
Cap Rate 7%
$2,499,071
$2.5M
Cap Rate 9%
$1,943,722
$1.9M
Market Conditions
NOI Build-Up for 10,015 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
$334.1K $33.36/SF
− Vacancy
−$16.0K −$1.60/SF
EGI
$318.1K $31.76/SF
− OpEx
−$143.1K −$14.29/SF
NOI
$174.9K $17.47/SF
Area
Santa Rosa, CA
Vacancy
4.80%
Lease Rate
$33.36 /SF/Yr
Expense Ratio
45.00%
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%
$3,498,700
Cap Rate 7%
$2,499,071
Cap Rate 9%
$1,943,722
Alternative Uses
Best Use
Apartment 5plus
$2.50M
$2.19M – $2.92M
NOI $174,935 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$2.78M
$2.43M – $3.25M
NOI $194,773 @ 7.0% cap · market cap 4.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
18
Residential units
Location Intelligence
Trade Area within ½ mile
3,932
Businesses Nearby
Explore this area
Business Placement
Demographics for 95401, CA
37,272
Population
14,281
Households
2.6
Avg Household Size
38
Median Age
28%
College-Educated
80%
High-School Grad
20.9 sq mi
ZIP Area
1,783
Density / Sq Mi
$93,513
Median Household Income
$45,630
Median Earnings
$1,978
Median Rent
$628,900
Median Home Value
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Updated multifamily community with renovated interiors, controlled access, and a detached building for laundry and mechanical systems.
Where is this apartment building located?
The property is located at 433 Sonoma Avenue Santa Rosa, CA.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: 18‑unit configuration with 17 one‑bedroom/one‑bath units and one 2‑bedroom/1‑bath unit; Originally constructed in 1963 with structural and cosmetic upgrades; 16 units improved with vinyl plank flooring, updated appliances, cabinetry, and low‑flow fixtures
