Industrial Flex
For Sale
Contact for pricing
46 Digital Drive Unit 2, Novato, CA 94949
Open warehouse configuration with private offices, mezzanine workspace, roll-up access, and three-phase power.
Property Size2,142 SF
Price / SF$350.14
Days on Market8
Property Features for 46 Digital Drive Unit 2
General Information
Standard status
Active
Size
2,142 SF
Total Parking Spaces
84
Property subtype
Industrial
Zoning
Planned Development
Investment Type
Owner/User
Warehouse & Industrial
Clear Height
20 ft
Drive-In Doors
1
Power
100 amps
Three-Phase Power
Yes
Building Details
Year Built
1990
Buildings
1
Stories
2
Listing Agency:
HL Commercial Real Estate
Listed By:
Joe Morrison · License #02067309
Source:
Crexi
Added: Aug 7
Changed: Aug 12
Last Checked: Aug 12 at 5:31AM
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 industrial condominium provides 2,142 +/- square feet of flexible commercial space, centered on an open warehouse with 20-foot clear ceiling height. The layout includes two private offices, including a mezzanine office with visibility over the warehouse, along with a grade-level roll-up door and 100-amp, 3-phase power. Built in 1990, the property is zoned Planned Development.
Parking is available at both the front and rear of the project, with room for large trucks and trailers to maneuver. The configuration supports warehouse, light industrial, manufacturing, and contractor uses.
Parking is available at both the front and rear of the project, with room for large trucks and trailers to maneuver. The configuration supports warehouse, light industrial, manufacturing, and contractor uses.
Key Highlights
- 2,142 +/- square feet of industrial condominium space
- 20‑foot clear ceiling height in the open warehouse
- Two private offices, including one mezzanine office
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
$43,288
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
5.77%
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%
$865,760
$865.8K
Cap Rate 7%
$618,400
$618.4K
Cap Rate 9%
$480,978
$481.0K
Market Conditions
NOI Build-Up for 2,142 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
$77.4K $36.12/SF
− Vacancy
−$19.7K −$9.17/SF
EGI
$57.7K $26.95/SF
− OpEx
−$14.4K −$6.74/SF
NOI
$43.3K $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%
$865,760
Cap Rate 7%
$618,400
Cap Rate 9%
$480,978
Alternative Uses
Best Use
Office B
$618.4K
$541.1K – $721.5K
NOI $43,288 @ 7.0% cap · market cap 5.77%
Second Best
Warehouse
$466.9K
$408.6K – $544.8K
NOI $32,685 @ 7.0% cap · market cap 4.36%
Theoretical Best
Specialty Retail
$10.46M
$9.15M – $12.21M
NOI $732,395 @ 7.0% cap · market cap 97.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
20 ft
Clear height
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
1,355
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94949, CA
17,588
Population
7,541
Households
2.3
Avg Household Size
46
Median Age
48%
College-Educated
93%
High-School Grad
13.4 sq mi
ZIP Area
1,313
Density / Sq Mi
$116,101
Median Household Income
$60,149
Median Earnings
$2,596
Median Rent
$1,075,600
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 - Open warehouse configuration with private offices, mezzanine workspace, roll-up access, and three-phase power.
Where is this flex space located?
The property is located at 46 Digital Drive Unit 2 Novato, CA.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 2,142 +/- square feet of industrial condominium space; 20‑foot clear ceiling height in the open warehouse; Two private offices, including one mezzanine office
