Office Building with Seven
For Sale
$699,000
451 College Avenue, Santa Rosa, CA 95401
Commercial Sale, Santa Rosa, CA
Property Size3,333 SF
Lot Size0.16 Acres
Price / SF$209.72
Days on Market132
Property Features for 451 College Avenue
General Information
Property type
Residential
Property subtype
Office
Parking
7
Parking features
Open
Lot features
Low Maintenance
Directions
Hwy 101 to College Avenue exit. Go east on College Avenue. Property is near the NW corner of College Avenue and Mendocino Avenue, next to the gas station.
Subdivision
Santa Rosa-Northeast
Standard status
Active
APN
180760069000
Lot size
0.16 Acres
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Central
Cooling system
Multi Units, Wall Unit(s)
Water source
Public
Amenities
conference area room
mail room
kitchen area
atrium area with fountain
Building Details
Year built
1946
Floors in Building
2
Flooring type
Carpet, Vinyl, Tile, Combo of materials
Building materials
Stucco, Wood
Roof type
Flat, Shingle, Composition
Listing Agency:
Bertolone Realty
(707) 545-1442
Listed By:
Todd M Bertolone · License #01024983
(707) 322-6831
Added: May 24
Changed: Sep 12
Last Checked: Oct 2 at 7:06AM
MLS# 325040919
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,333-square-foot office building, constructed in 1946, offers seven private offices, a conference room, mail room, kitchen area, storage and equipment room, atrium with fountain, and two half baths. The building includes central heating, a combination of tile, carpet, vinyl, and other flooring, plus stucco and wood construction. Interior finishes may benefit from cosmetic updating.
Set on a 0.1607-acre lot near downtown Santa Rosa, the property is close to Mendocino Avenue and College Avenue and a few blocks from Highway 101. Seven open parking spaces are provided with alley access. Public water and sewer serve the property, and cable is available.
Set on a 0.1607-acre lot near downtown Santa Rosa, the property is close to Mendocino Avenue and College Avenue and a few blocks from Highway 101. Seven open parking spaces are provided with alley access. Public water and sewer serve the property, and cable is available.
Key Highlights
- 3,333 SF office building on a 0.1607‑acre lot
- Seven separate offices plus a conference room
- Atrium with fountain, kitchen area, mail room, and storage/equipment room
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
$47,059
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
6.73%
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%
$941,180
$941.2K
Cap Rate 7%
$672,271
$672.3K
Cap Rate 9%
$522,878
$522.9K
Market Conditions
NOI Build-Up for 3,333 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
$74.0K $22.20/SF
− Vacancy
−$11.2K −$3.37/SF
EGI
$62.7K $18.83/SF
− OpEx
−$15.7K −$4.71/SF
NOI
$47.1K $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%
$941,180
Cap Rate 7%
$672,271
Cap Rate 9%
$522,878
Alternative Uses
Best Use
Office B
$672.3K
$588.2K – $784.3K
NOI $47,059 @ 7.0% cap · market cap 6.73%
Second Best
—
—
no second resolved use
Theoretical Best
Multifamily LT 5
$926.0K
$810.3K – $1.08M
NOI $64,821 @ 7.0% cap · market cap 9.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
7
Office units
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,546
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
Check the figures for this property
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 building - Established office property with flexible room configuration, on-site parking, and proximity to downtown Santa Rosa.
Where is this office building located?
The property is located at 451 College Avenue Santa Rosa, CA.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: 3,333 SF office building on a 0.1607‑acre lot; Seven separate offices plus a conference room; Atrium with fountain, kitchen area, mail room, and storage/equipment room
