Building Details

Year Built 1971

Buildings 1

Listing Agency: KEEGAN & COPPIN CO, INC Show Phone

Listed By: MATTHEW STORMS

Source: Corcoran

Added: Oct 13 Changed: Oct 16 Last Checked: Oct 16 at 9:09AM

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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 KEEGAN & COPPIN CO, INC

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Investment Insights

Based on property information with market context.

This 5,224-square-foot office building, constructed in 1971, has a ground floor in shell condition. Improvements include new HVAC, a roof coating, and framed ground-floor bathrooms. C-2 zoning allows medical and professional office uses, along with other uses.

The property is immediately adjacent to Bon Air Shopping Center at 505 Sir Francis Drake in Greenbrae. The location has over 25K average daily traffic.

Key Highlights

• 5,224‑square‑foot office building built in 1971
• Ground floor is in shell condition
• New HVAC, roof coating, and framed ground‑floor bathrooms

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$105,573

Cap Rate

3.52%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,111,460 $2.1M

Cap Rate 7%

$1,508,186 $1.5M

Cap Rate 9%

$1,173,033 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,224 SF

Gross rent

$188.7K $36.12/SF

− Vacancy

−$47.9K −$9.17/SF

EGI

$140.8K $26.95/SF

− OpEx

−$35.2K −$6.74/SF

NOI

$105.6K $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 Rate 5%

$2,111,460

Cap Rate 7%

$1,508,186

Cap Rate 9%

$1,173,033

Alternative Uses

Best Use

Office B

$1.51M

$1.32M – $1.76M (±1% cap)

NOI $105,573 @ 7.0% cap · market cap 3.52%

Second Best

—

—

no second resolved use

Theoretical Best

Specialty Retail

$25.52M

$22.33M – $29.77M (±1% cap)

NOI $1,786,197 @ 7.0% cap · market cap 59.64%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Office buildings

Suggested Use

Top Pick Nail Salon Electrical Service HVAC Service Grocery & Convenience Store Hair Salon Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,501

Businesses Nearby

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

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

Frequently Asked Questions

What type of property is this?

Office building - C-2 zoning permits medical and professional offices among a range of potential uses.

Where is this office building located?

The property is located at 505 Sir Francis Drake Greenbrae, CA.

What is the asking price?

The asking price for this property is $2,995,000.

What are key features of this property?

This property features: 5,224‑square‑foot office building built in 1971; Ground floor is in shell condition; New HVAC, roof coating, and framed ground‑floor bathrooms