Secured Office
New
For Sale
$3,900,000
437 Aviation Blvd, Santa Rosa, CA 95403
Vacant Business Park office property with controlled access and convenient connections to major regional transportation.
Property Size21,120 SF
Lot Size1.69 Acres
Price / SF$184.66
Days on Market3
Property Features for 437 Aviation Blvd
General Information
Standard status
Active
Size
21,120 SF
Class
B
Total Parking Spaces
90
Lot size
1.69 Acres
Property subtype
office
Zoning
BP – Business Park
Site & Location
Highway Access
Yes
Public Transit
Yes
Building Details
Year Built
2006
Buildings
1
Building Size
21,120 SF
Tenancy
Single
Parking Ratio
4.3 per 1,000 SF
Listing Agency:
San Rafael
(415) 299-6859
Listed By:
Jordan Lazor · License #02011117
(415) 299-6859
Source:
Property.jll
Added: Aug 8
Changed: Aug 9
Last Checked: Aug 9 at 12:29PM
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 San Rafael
Investment Insights
Based on property information with market context.
Vacant office building totaling approximately 21,120 square feet on 1.69 acres, completed in 2006. The property includes professional office improvements, 90 surface parking spaces, and a fully fenced site with two gated entrances for controlled access. BP – Business Park zoning supports flexible commercial use.
The property is located on Aviation Boulevard in Santa Rosa, less than one mile from Highway 101. The Charles M. Schulz Sonoma County Airport and a SMART Station are both within walking distance, connecting the site with air service and commuter rail routes serving Sonoma and Marin Counties.
The property is located on Aviation Boulevard in Santa Rosa, less than one mile from Highway 101. The Charles M. Schulz Sonoma County Airport and a SMART Station are both within walking distance, connecting the site with air service and commuter rail routes serving Sonoma and Marin Counties.
Key Highlights
- Approximately 21,120 square feet of office space on 1.69 acres
- 90 surface parking spaces, equal to 4.3/1,000 RSF
- Completed in 2006 with quality 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
$298,198
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
7.65%
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%
$5,963,960
$6.0M
Cap Rate 7%
$4,259,971
$4.3M
Cap Rate 9%
$3,313,311
$3.3M
Market Conditions
NOI Build-Up for 21,120 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
$468.9K $22.20/SF
− Vacancy
−$71.3K −$3.37/SF
EGI
$397.6K $18.83/SF
− OpEx
−$99.4K −$4.71/SF
NOI
$298.2K $14.12/SF
Area
Santa Rosa, CA
Vacancy
15.20%
Lease Rate
$22.20 /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%
$5,963,960
Cap Rate 7%
$4,259,971
Cap Rate 9%
$3,313,311
Alternative Uses
Best Use
Office B
$4.26M
$3.73M – $4.97M
NOI $298,198 @ 7.0% cap · market cap 7.65%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$5.87M
$5.13M – $6.85M
NOI $410,744 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
624
Businesses Nearby
Explore this area
Business Placement
Demographics for 95403, CA
44,705
Population
17,504
Households
2.6
Avg Household Size
39
Median Age
27%
College-Educated
87%
High-School Grad
21.5 sq mi
ZIP Area
2,079
Density / Sq Mi
$94,480
Median Household Income
$45,928
Median Earnings
$2,215
Median Rent
$651,900
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 building - Vacant Business Park office property with controlled access and convenient connections to major regional transportation.
Where is this office building located?
The property is located at 437 Aviation Blvd Santa Rosa, CA.
What is the asking price?
The asking price for this property is $3,900,000.
What are key features of this property?
This property features: Approximately 21,120 square feet of office space on 1.69 acres; 90 surface parking spaces, equal to 4.3/1,000 RSF; Completed in 2006 with quality finishes
