Industrial Property with Gated
For Sale
Contact for pricing
49 Larkspur St., San Rafael, CA 94901
Warehouse with a second-floor office plus gated parking, suited for auto repair and related light industrial uses.
Property Size7,924 SF
Price / SF$378.60
Days on Market70
Property Features for 49 Larkspur St.
General Information
Standard status
Active
Size
7,924 SF
Total Parking Spaces
7
Property subtype
Industrial
Zoning
CCI/O (Core Canal Industrial/Office District)
Additional Details
Highway Access
Yes
Building Details
Year Built
1970
Year Renovated
2004
Stories
2
Listing Agency:
HL Commercial Real Estate
Listed By:
Matthew Cerecedes · License #CA 01841496
Source:
Crexi
Added: Jun 6
Changed: Aug 8
Last Checked: Aug 12 at 12:57PM
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.
The property combines a main warehouse of 6,184+/- sq. ft. with a second-floor office built out at 945+/- sq. ft. The office includes five private rooms, HVAC, and a restroom and shower. Additional on-site improvements include three garage spaces, supporting day-to-day work needs for automotive-oriented operations.
Located on Larkspur Street close to Downtown San Rafael, the site offers convenient access to Highway 101 and Interstate 580 toward the East Bay. A gated parking lot helps organize vehicle and contractor access for tenants and visitors.
Permitted uses include auto repair, auto body, and cabinet makers, making the asset a workable fit for businesses that need both shop capacity and dedicated office space on the same site. With warehouse and garage areas plus an HVAC-equipped private office layout, the configuration supports operations that require on-site coordination while keeping production and service functions under one roof.
Located on Larkspur Street close to Downtown San Rafael, the site offers convenient access to Highway 101 and Interstate 580 toward the East Bay. A gated parking lot helps organize vehicle and contractor access for tenants and visitors.
Permitted uses include auto repair, auto body, and cabinet makers, making the asset a workable fit for businesses that need both shop capacity and dedicated office space on the same site. With warehouse and garage areas plus an HVAC-equipped private office layout, the configuration supports operations that require on-site coordination while keeping production and service functions under one roof.
Key Highlights
- Second‑floor office offers 5 private offices, HVAC, and a restroom with shower in a 945+/- SF space
- Main warehouse includes 6,184+/- SF of space, plus 3 additional garage spaces
- Gated parking lot on Larkspur Street
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
$160,137
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
5.34%
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%
$3,202,740
$3.2M
Cap Rate 7%
$2,287,671
$2.3M
Cap Rate 9%
$1,779,300
$1.8M
Market Conditions
NOI Build-Up for 7,924 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
$286.2K $36.12/SF
− Vacancy
−$72.7K −$9.17/SF
EGI
$213.5K $26.95/SF
− OpEx
−$53.4K −$6.74/SF
NOI
$160.1K $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%
$3,202,740
Cap Rate 7%
$2,287,671
Cap Rate 9%
$1,779,300
Alternative Uses
Best Use
Office B
$2.29M
$2.00M – $2.67M
NOI $160,137 @ 7.0% cap · market cap 5.34%
Second Best
Warehouse
$1.73M
$1.51M – $2.02M
NOI $120,914 @ 7.0% cap · market cap 4.03%
Theoretical Best
Specialty Retail
$38.71M
$33.87M – $45.16M
NOI $2,709,384 @ 7.0% cap · market cap 90.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,791
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94901, CA
43,338
Population
16,412
Households
2.6
Avg Household Size
40
Median Age
48%
College-Educated
82%
High-School Grad
13.1 sq mi
ZIP Area
3,308
Density / Sq Mi
$108,837
Median Household Income
$50,122
Median Earnings
$2,229
Median Rent
$1,369,500
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 - Warehouse with a second-floor office plus gated parking, suited for auto repair and related light industrial uses.
Where is this flex space located?
The property is located at 49 Larkspur St. San Rafael, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: Second‑floor office offers 5 private offices, HVAC, and a restroom with shower in a 945+/- SF space; Main warehouse includes 6,184+/- SF of space, plus 3 additional garage spaces; Gated parking lot on Larkspur Street
