New Light Industrial
For Sale
Contact for pricing
5400 Hanna Ranch Rd, Novato, CA 94945
New construction light industrial building available for lease or sale.
Property Size21,640 SF
Price / SF$350
Days on Market1339
Property Features for 5400 Hanna Ranch Rd
General Information
Standard status
Active
Size
21,640 SF
Total Parking Spaces
146
Property subtype
Industrial
Zoning
BPO - light industrial uses permitted
Lease Type
NNN
Building Details
Year Built
2024
Buildings
3
Stories
1
Tenancy
Multi
Listing Agency:
Cushman & Wakefield - Larkspur, California
(415) 297-6817
Listed By:
Brian Foster · License #CA 01393059
Source:
Crexi
Added: Dec 16, 2022
Changed: Aug 16
Last Checked: May 19 at 8:49PM
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 Cushman & Wakefield - Larkspur, California
Investment Insights
Based on property information with market context.
This is a newly constructed light industrial building with a total area of 21,640 square feet. The building is divisible, offering spaces from approximately 3,200 square feet up to the entire building size. Refer to the floor plan for available options. The property is available for lease or sale. The estimated delivery date is May 2024. It is located at 5400 Hanna Ranch Rd, Novato, CA 94945.
Key Highlights
- New construction, built in 2024
- Available for lease or sale
- Light industrial building
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
$259,031
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
3.42%
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%
$5,180,620
$5.2M
Cap Rate 7%
$3,700,443
$3.7M
Cap Rate 9%
$2,878,122
$2.9M
Market Conditions
NOI Build-Up for 21,640 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
$389.5K $18.00/SF
− Vacancy
−$19.5K −$0.90/SF
EGI
$370.0K $17.10/SF
− OpEx
−$111.0K −$5.13/SF
NOI
$259.0K $11.97/SF
Area
Marin County, CA
Vacancy
5.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$5,180,620
Cap Rate 7%
$3,700,443
Cap Rate 9%
$2,878,122
Alternative Uses
Best Use
Industrial
$3.70M
$3.24M – $4.32M
NOI $259,031 @ 7.0% cap · market cap 3.42%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$105.70M
$92.49M – $123.32M
NOI $7,399,176 @ 7.0% cap · market cap 97.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
343
Businesses Nearby
Explore this area
Business Placement
Demographics for 94945, CA
17,876
Population
7,355
Households
2.4
Avg Household Size
47
Median Age
52%
College-Educated
92%
High-School Grad
23.3 sq mi
ZIP Area
767
Density / Sq Mi
$109,750
Median Household Income
$65,060
Median Earnings
$2,168
Median Rent
$1,094,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Industrial property - New construction light industrial building available for lease or sale.
Where is this industrial property located?
The property is located at 5400 Hanna Ranch Rd Novato, CA.
What is the asking price?
The asking price for this property is $7,574,000.
What are key features of this property?
This property features: New construction, built in 2024; Available for lease or sale; Light industrial building
