Medical Office With Detached
New
For Sale
$830,000
490 E L St, Benicia, CA 94510
Corner-lot property offers reception, five medical rooms, two bathrooms, central HVAC, and parking.
Property Size1,690 SF
Days on Market1
Property Features for 490 E L St
General Information
Standard status
Active
Size
1,690 SF
Property subtype
Commercial
Building Details
Building Size
1,690 SF
Year Built
1941
Buildings
2
Listing Agency:
eXp Commercial of California Inc.
Listed By:
Helen Yong · License #01772827
(650) 271-2308
Source:
Elliman
Added: Sep 19
Last Checked: Sep 19 at 6:31AM
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 eXp Commercial of California Inc.
Investment Insights
Based on property information with market context.
Built in 1941, this medical office property includes a reception area, five medical rooms, multiple storage closets, two bathrooms, and central air conditioning and heat. A detached unit adds another bathroom and a separate private parking area, while both structures share access to a fenced outdoor yard.
The property is located at 490 E L St in Benicia, California, on a highly visible corner lot. Walk Score is 61 and Bike Score is 43, providing a somewhat walkable and somewhat bikeable setting. The combination of medical-room configuration, support areas, an additional detached space, and on-site parking creates a functional layout for a range of office or healthcare-related operations.
The property is located at 490 E L St in Benicia, California, on a highly visible corner lot. Walk Score is 61 and Bike Score is 43, providing a somewhat walkable and somewhat bikeable setting. The combination of medical-room configuration, support areas, an additional detached space, and on-site parking creates a functional layout for a range of office or healthcare-related operations.
Key Highlights
- Five medical rooms with reception area and multiple storage closets
- Detached unit includes its own bathroom and private parking area
- Two bathrooms in the overall property
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
$30,493
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
3.67%
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%
$609,860
$609.9K
Cap Rate 7%
$435,614
$435.6K
Cap Rate 9%
$338,811
$338.8K
Market Conditions
NOI Build-Up for 1,690 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
$56.8K $33.60/SF
− Vacancy
−$6.0K −$3.53/SF
EGI
$50.8K $30.07/SF
− OpEx
−$20.3K −$12.03/SF
NOI
$30.5K $18.04/SF
Area
Solano County, CA
Vacancy
10.50%
Lease Rate
$33.60 /SF/Yr
Expense Ratio
40.00%
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%
$609,860
Cap Rate 7%
$435,614
Cap Rate 9%
$338,811
Alternative Uses
Best Use
Healthcare Medical
$435.6K
$381.2K – $508.2K
NOI $30,493 @ 7.0% cap · market cap 3.67%
Second Best
Office B
$403.9K
$353.4K – $471.3K
NOI $28,275 @ 7.0% cap · market cap 3.41%
Theoretical Best
Office A
$563.9K
$493.5K – $657.9K
NOI $39,476 @ 7.0% cap · market cap 4.76%
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
1,163
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 94510, CA
27,174
Population
11,463
Households
2.4
Avg Household Size
46
Median Age
46%
College-Educated
96%
High-School Grad
29.2 sq mi
ZIP Area
931
Density / Sq Mi
$125,222
Median Household Income
$70,569
Median Earnings
$2,234
Median Rent
$778,900
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?
Medical Office Space - Corner-lot property offers reception, five medical rooms, two bathrooms, central HVAC, and parking.
Where is this medical office space located?
The property is located at 490 E L St Benicia, CA.
What is the asking price?
The asking price for this property is $830,000.
What are key features of this property?
This property features: Five medical rooms with reception area and multiple storage closets; Detached unit includes its own bathroom and private parking area; Two bathrooms in the overall property
