San Rafael Office Redevelopment
For Sale
$3,600,000
790 Mission Ave, San Rafael, CA 94901
10,335 SF office building with redevelopment potential.
Property Size10,335 SF
Price / SF$348.33
Days on Market273
Property Features for 790 Mission Ave
General Information
Standard status
Active
Size
10,335 SF
Class
B
Property subtype
Office
Net Operating Income
$42,419
Building Details
Building Size
10,335 SF
Year Built
1955
Listing Agency:
SVN | MG Property Advisors, Inc.
(415) 755-3527
Listed By:
Julie Sommer · License #CalDRE #01169064
(415) 755-3527
Source:
Svn
Added: Nov 21, 2025
Changed: Aug 21
Last Checked: Aug 21 at 4:09AM
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 SVN | MG Property Advisors, Inc.
Investment Insights
Based on property information with market context.
Located at 790 Mission Ave in San Rafael, CA, this 10,335 SF office building, constructed in 1955, offers an investment opportunity. Zoned T4N 40/50, the property allows for numerous permitted uses and has development potential. The property is situated in a thriving community with a vibrant downtown area that includes dining options and locally owned shops. It is located directly across the street from the new Aegis Living facility, which is scheduled for completion in 2025. The Marin Civic Center, which hosts cultural events and performances, is nearby. The location provides easy access to major roadways and public transportation, including SMART and the Transit Center. The property has excellent visibility and accessibility and is ideal for office or mixed-use investment with residential potential. It will be delivered vacant for the new owner. Note: there is a parking easement on title which states 10 parking spaces must remain available for a neighboring property.
Key Highlights
- Prime location in the heart of San Rafael with excellent visibility and accessibility.
- Significant redevelopment potential due to T4N 40/50 zoning and diverse permitted uses.
- Ideal for owner‑user or office/mixed‑use investment with residential possibilities.
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
$208,861
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
5.80%
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%
$4,177,220
$4.2M
Cap Rate 7%
$2,983,729
$3.0M
Cap Rate 9%
$2,320,678
$2.3M
Market Conditions
NOI Build-Up for 10,335 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
$373.3K $36.12/SF
− Vacancy
−$94.8K −$9.17/SF
EGI
$278.5K $26.95/SF
− OpEx
−$69.6K −$6.74/SF
NOI
$208.9K $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%
$4,177,220
Cap Rate 7%
$2,983,729
Cap Rate 9%
$2,320,678
Alternative Uses
Best Use
Office B
$2.98M
$2.61M – $3.48M
NOI $208,861 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$50.48M
$44.17M – $58.90M
NOI $3,533,756 @ 7.0% cap · market cap 98.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,635
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - 10,335 SF office building with redevelopment potential.
Where is this office building located?
The property is located at 790 Mission Ave San Rafael, CA.
What is the asking price?
The asking price for this property is $3,600,000.
What are key features of this property?
This property features: Prime location in the heart of San Rafael with excellent visibility and accessibility.; Significant redevelopment potential due to T4N 40/50 zoning and diverse permitted uses.; Ideal for owner‑user or office/mixed‑use investment with residential possibilities.
