Flex Warehouse with Loading
For Sale
Contact for pricing
634 5th Ave, San Rafael, CA 94901
Concrete-and-steel front section with ±16' clear height, plus cinder block rear section with loading dock and 8' garage door.
Property Size4,719 SF
Price / SF$259.59
Days on Market181
Property Features for 634 5th Ave
General Information
Standard status
Active
Size
4,719 SF
Property subtype
INDUSTRIAL
Additional Details
Clear Height
16 ft
Amenities
handicap access
Listing Agency:
Meridian Commercial
(415) 451-4900
Listed By:
Steve Easley · License #00378205
(415) 272-6147
Source:
Moodyscre
Added: Mar 16
Changed: Sep 9
Last Checked: Sep 12 at 10:57AM
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 Meridian Commercial
Investment Insights
Based on property information with market context.
This flex warehouse includes a front section built with poured-in-place concrete and steel beams, providing approximately ±16' clear height. The rear section is constructed with cinder block and features a loading dock and an 8' wide garage door. An on-site front office of approximately 10' x 15' is served by an adjacent bathroom.
A driveway runs along the west side measuring approximately 79' x 9.6'. Handicap access is available from a side door, and plentiful street parking is available in the immediate area. The property is located at 634 5th Ave in San Rafael, CA 94901.
A driveway runs along the west side measuring approximately 79' x 9.6'. Handicap access is available from a side door, and plentiful street parking is available in the immediate area. The property is located at 634 5th Ave in San Rafael, CA 94901.
Key Highlights
- Front section is poured in place concrete with steel beams and approx. 16' clear height
- Rear section uses cinder block construction with a loading dock and an 8' wide garage door
- Front office approx. 10' x 15' with an adjacent bathroom
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
$72,008
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
5.88%
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%
$1,440,160
$1.4M
Cap Rate 7%
$1,028,686
$1.0M
Cap Rate 9%
$800,089
$800.1K
Market Conditions
NOI Build-Up for 4,719 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
$90.6K $19.20/SF
− Vacancy
−$5.9K −$1.25/SF
EGI
$84.7K $17.95/SF
− OpEx
−$12.7K −$2.69/SF
NOI
$72.0K $15.26/SF
Area
Marin County, CA
Vacancy
6.50%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
15.00%
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%
$1,440,160
Cap Rate 7%
$1,028,686
Cap Rate 9%
$800,089
Alternative Uses
Best Use
Warehouse
$1.03M
$900.1K – $1.20M
NOI $72,008 @ 7.0% cap · market cap 5.88%
Second Best
Flex RnD
$946.5K
$828.2K – $1.10M
NOI $66,255 @ 7.0% cap · market cap 5.41%
Theoretical Best
Specialty Retail
$23.05M
$20.17M – $26.89M
NOI $1,613,526 @ 7.0% cap · market cap 131.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
16 ft
Clear height
Location Intelligence
Trade Area within ½ mile
3,635
Businesses Nearby
Balanced
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - Concrete-and-steel front section with ±16' clear height, plus cinder block rear section with loading dock and 8' garage door.
Where is this flex space located?
The property is located at 634 5th Ave San Rafael, CA.
What is the asking price?
The asking price for this property is $1,225,000.
What are key features of this property?
This property features: Front section is poured in place concrete with steel beams and approx. 16' clear height; Rear section uses cinder block construction with a loading dock and an 8' wide garage door; Front office approx. 10' x 15' with an adjacent bathroom
