Flex Industrial
New
For Sale
$750,000
46 Digital #2B, Novato, CA 94949
Open warehouse configuration with private offices, loading access, and three-phase electrical service.
Property Size1,820 SF
Price / SF$412.09
Days on Market5
Property Features for 46 Digital #2B
General Information
Standard status
Active
Size
1,820 SF
Property subtype
Commercial
Warehouse & Industrial
Clear Height
20 ft
Power
100 amps
Three-Phase Power
Yes
Amenities
Concrete Slab Flooring
Flat Roof
Landscape Front
Building Details
Year Built
1990
Abandoned
No
Listing Agency:
HL COMMERCIAL REAL ESTATE
4542030
Listed By:
JOSEPH MORRISON · License #02067309
Source:
Corcoran
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 10 at 4:25AM
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 flex condominium combines an open warehouse area with two private offices, including a mezzanine office that overlooks the main work area. The space has a 20-foot clear ceiling, a grade-level roll-up door, and 100-amp, 3-phase power. Built in 1990, the property supports warehouse, light industrial, manufacturing, and contractor operations.
Parking is provided at both the front and rear of the project, with room for large trucks and trailers to maneuver. The property is located at 46 Digital #2B in Novato, California.
Parking is provided at both the front and rear of the project, with room for large trucks and trailers to maneuver. The property is located at 46 Digital #2B in Novato, California.
Key Highlights
- 20‑foot clear ceiling height in the warehouse
- Two private offices, including one mezzanine office overlooking the warehouse
- Grade‑level roll‑up door
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
$36,781
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
4.90%
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%
$735,620
$735.6K
Cap Rate 7%
$525,443
$525.4K
Cap Rate 9%
$408,678
$408.7K
Market Conditions
NOI Build-Up for 1,820 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
$65.7K $36.12/SF
− Vacancy
−$16.7K −$9.17/SF
EGI
$49.0K $26.95/SF
− OpEx
−$12.3K −$6.74/SF
NOI
$36.8K $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%
$735,620
Cap Rate 7%
$525,443
Cap Rate 9%
$408,678
Alternative Uses
Best Use
Office B
$525.4K
$459.8K – $613.0K
NOI $36,781 @ 7.0% cap · market cap 4.90%
Second Best
Warehouse
$396.7K
$347.2K – $462.9K
NOI $27,772 @ 7.0% cap · market cap 3.70%
Theoretical Best
Specialty Retail
$8.89M
$7.78M – $10.37M
NOI $622,297 @ 7.0% cap · market cap 82.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
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, loading access, and three-phase electrical service.
Where is this flex space located?
The property is located at 46 Digital #2B 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: 20‑foot clear ceiling height in the warehouse; Two private offices, including one mezzanine office overlooking the warehouse; Grade‑level roll‑up door
