Two Adjoining Office
For Sale
Contact for pricing
444 Georgia St, Vallejo, CA 94590
Two adjoining office condominium units in a landmark 1916 building, renovated in 2022 with a finished basement.
Property Size4,008 SF
Price / SF$251
Days on Market504
Property Features for 444 Georgia St
General Information
Standard status
Active
Size
4,008 SF
Property subtype
OFFICE
Building Details
Year Built
1916
Year Renovated
2022
Listing Agency:
Baniqued Commercial Real Estate
(510) 222-0900
Listed By:
Brian Baniqued · License #01104388
(510) 851-2748
Source:
Moodyscre
Added: May 2, 2025
Changed: Sep 17
Last Checked: Sep 16 at 8:23PM
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 Baniqued Commercial Real Estate
Investment Insights
Based on property information with market context.
This offering consists of two adjoining commercial condominium units totaling 4,008 square feet, located in a landmark 1916 building. The space was recently renovated in 2022 and includes a significant finished basement, as described in a 2024 appraisal.
The property is positioned at the high-visibility intersection of 444 Georgia Street and 1709 Sonoma Boulevard in Vallejo, providing direct exposure for an office use. The two contiguous parcels are identified as APNs 0056-262-010 and 0056-262-030.
The property is positioned at the high-visibility intersection of 444 Georgia Street and 1709 Sonoma Boulevard in Vallejo, providing direct exposure for an office use. The two contiguous parcels are identified as APNs 0056-262-010 and 0056-262-030.
Key Highlights
- Two adjoining office commercial condominium units in a landmark 1916 building originally part of the Charles Hotel
- 4,008 sq ft total recently renovated space (2022)
- Includes a significant finished basement (per 2024 appraisal)
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
$92,947
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
9.20%
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%
$1,858,940
$1.9M
Cap Rate 7%
$1,327,814
$1.3M
Cap Rate 9%
$1,032,744
$1.0M
Market Conditions
NOI Build-Up for 4,008 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
$151.5K $37.80/SF
− Vacancy
−$27.6K −$6.88/SF
EGI
$123.9K $30.92/SF
− OpEx
−$31.0K −$7.73/SF
NOI
$92.9K $23.19/SF
Area
Vallejo, CA
Vacancy
18.20%
Lease Rate
$37.80 /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%
$1,858,940
Cap Rate 7%
$1,327,814
Cap Rate 9%
$1,032,744
Alternative Uses
Best Use
Office B
$1.33M
$1.16M – $1.55M
NOI $92,947 @ 7.0% cap · market cap 9.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.95M
$1.71M – $2.28M
NOI $136,545 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,723
Businesses Nearby
Explore this area
Business Placement
Demographics for 94590, CA
39,981
Population
16,500
Households
2.4
Avg Household Size
38
Median Age
26%
College-Educated
87%
High-School Grad
6.6 sq mi
ZIP Area
6,058
Density / Sq Mi
$66,957
Median Household Income
$43,383
Median Earnings
$1,768
Median Rent
$510,700
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Office units - Two adjoining office condominium units in a landmark 1916 building, renovated in 2022 with a finished basement.
Where is this office units located?
The property is located at 444 Georgia St Vallejo, CA.
What is the asking price?
The asking price for this property is $1,010,000.
What are key features of this property?
This property features: Two adjoining office commercial condominium units in a landmark 1916 building originally part of the Charles Hotel; 4,008 sq ft total recently renovated space (2022); Includes a significant finished basement (per 2024 appraisal)
