Office-Front Warehouse with Roll-Up
For Sale
Contact for pricing
54 Mark Drive, San Rafael, CA 94903
An improved flex-style building combining climate-controlled office space with warehouse loading for efficient everyday operations.
Property Size3,404 SF
Price / SF$385
Days on Market57
Property Features for 54 Mark Drive
General Information
Standard status
Active
Size
3,404 SF
Total Parking Spaces
16
Property subtype
Industrial
Zoning
LI/O
Investment Type
Owner/User
Warehouse & Industrial
Drive-In Doors
1
Heavy Power
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
1969
Stories
1
Listing Agency:
HL Commercial Real Estate
(415) 454-2030
Listed By:
Bob Knez · License #CA 00640535
Source:
Crexi
Added: Jun 16
Changed: Aug 8
Last Checked: Aug 10 at 2:07PM
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 thoughtfully improved building provides a functional blend of front-facing office space and rear warehouse use. The office area includes modern climate control with full heating and air conditioning, supported by an insulated ceiling for year-round comfort. Interior amenities include two restrooms, a shower, and a convenient wet bar. The rear warehouse is equipped with a roll-up door to support efficient loading and unloading. Electrical service is robust, with a 400 amp / 120/208 setup.
Located at 54 Mark Drive in a quiet, established industrial corridor in San Rafael, the property offers convenient access to Highway 101 and key transportation routes throughout Marin County and the greater Bay Area.
This layout is well suited for users who need both customer-facing or administrative office space and a dedicated warehouse area in the same facility. The combination of climate-controlled work areas, practical on-site amenities, roll-up loading, and high-capacity electrical service supports a wide range of light industrial and operations-focused tenants, as well as buyers looking for a versatile owner-operator space.
Located at 54 Mark Drive in a quiet, established industrial corridor in San Rafael, the property offers convenient access to Highway 101 and key transportation routes throughout Marin County and the greater Bay Area.
This layout is well suited for users who need both customer-facing or administrative office space and a dedicated warehouse area in the same facility. The combination of climate-controlled work areas, practical on-site amenities, roll-up loading, and high-capacity electrical service supports a wide range of light industrial and operations-focused tenants, as well as buyers looking for a versatile owner-operator space.
Key Highlights
- Flex‑style building with front‑facing office space and rear warehouse use
- 1969 build with modern climate control: full heating and air conditioning plus insulated ceiling
- Warehouse includes a roll‑up door for loading and unloading
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
$68,792
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
5.25%
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%
$1,375,840
$1.4M
Cap Rate 7%
$982,743
$982.7K
Cap Rate 9%
$764,356
$764.4K
Market Conditions
NOI Build-Up for 3,404 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
$123.0K $36.12/SF
− Vacancy
−$31.2K −$9.17/SF
EGI
$91.7K $26.95/SF
− OpEx
−$22.9K −$6.74/SF
NOI
$68.8K $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%
$1,375,840
Cap Rate 7%
$982,743
Cap Rate 9%
$764,356
Alternative Uses
Best Use
Office B
$982.7K
$859.9K – $1.15M
NOI $68,792 @ 7.0% cap · market cap 5.25%
Second Best
Warehouse
$742.0K
$649.3K – $865.7K
NOI $51,942 @ 7.0% cap · market cap 3.96%
Theoretical Best
Specialty Retail
$16.63M
$14.55M – $19.40M
NOI $1,163,900 @ 7.0% cap · market cap 88.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,593
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 94903, CA
30,514
Population
12,708
Households
2.4
Avg Household Size
47
Median Age
55%
College-Educated
92%
High-School Grad
19.9 sq mi
ZIP Area
1,533
Density / Sq Mi
$127,464
Median Household Income
$57,527
Median Earnings
$3,026
Median Rent
$1,149,400
Median Home Value
Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Flex space - An improved flex-style building combining climate-controlled office space with warehouse loading for efficient everyday operations.
Where is this flex space located?
The property is located at 54 Mark Drive San Rafael, CA.
What is the asking price?
The asking price for this property is $1,310,540.
What are key features of this property?
This property features: Flex‑style building with front‑facing office space and rear warehouse use; 1969 build with modern climate control: full heating and air conditioning plus insulated ceiling; Warehouse includes a roll‑up door for loading and unloading
