Garden-Style Medical Office
For Sale
$2,399,000
880 Las Gallinas Avenue, San Rafael, CA 94903
Garden-style office property with direct-access suites, gated parking, and updated roof and HVAC systems within the past 10 years.
Property Size6,467 SF
Price / SF$370.96
Days on Market106
Property Features for 880 Las Gallinas Avenue
General Information
Standard status
Active
Size
6,467 SF
Property subtype
Office
Additional Details
Highway Access
Yes
Amenities
gated on-site parking
Central Air, A/C - Other
3
Landscaped. Alley, City Road.
Building Details
Year Built
1966
Construction
garden-style
Tenancy
Multi
Listing Agency:
WEST END PROPERTIES
(415) 479-7979
Listed By:
West End Properties · License #01011093
(415) 479-7979
Source:
Xome
Added: May 10
Changed: Aug 23
Last Checked: Aug 22 at 10:58AM
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 WEST END PROPERTIES
Investment Insights
Based on property information with market context.
880 Las Gallinas is a well-maintained, garden-style office property featuring small, direct-access suites. The building’s suite configuration supports a stable mix of medical, office, and service-oriented professionals with a history of long-term tenancy.
The property is located near Highway 101 in Marin County and offers convenient access to retail and dining amenities at Northgate Mall and Northgate II. On-site parking is gated, and there is ample street parking available for tenants and visitors.
Recent capital improvements include updated roof and HVAC systems within the past 10 years, helping support the property’s ongoing functionality and day-to-day comfort.
The property is located near Highway 101 in Marin County and offers convenient access to retail and dining amenities at Northgate Mall and Northgate II. On-site parking is gated, and there is ample street parking available for tenants and visitors.
Recent capital improvements include updated roof and HVAC systems within the past 10 years, helping support the property’s ongoing functionality and day-to-day comfort.
Key Highlights
- Garden‑style office property totaling approx. 6,467 rentable SF in Marin County, CA
- Small, direct‑access suites with a history of long‑term tenancy and a mix of medical, office, and service professionals
- Capital improvements include updated roof and HVAC systems within the past 10 years
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
$130,693
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
5.45%
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%
$2,613,860
$2.6M
Cap Rate 7%
$1,867,043
$1.9M
Cap Rate 9%
$1,452,144
$1.5M
Market Conditions
NOI Build-Up for 6,467 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
$233.6K $36.12/SF
− Vacancy
−$59.3K −$9.17/SF
EGI
$174.3K $26.95/SF
− OpEx
−$43.6K −$6.74/SF
NOI
$130.7K $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%
$2,613,860
Cap Rate 7%
$1,867,043
Cap Rate 9%
$1,452,144
Alternative Uses
Best Use
Office B
$1.87M
$1.63M – $2.18M
NOI $130,693 @ 7.0% cap · market cap 5.45%
Second Best
Healthcare Medical
$1.58M
$1.38M – $1.85M
NOI $110,772 @ 7.0% cap · market cap 4.62%
Theoretical Best
Specialty Retail
$31.59M
$27.64M – $36.85M
NOI $2,211,205 @ 7.0% cap · market cap 92.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,324
Businesses Nearby
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Garden-style office property with direct-access suites, gated parking, and updated roof and HVAC systems within the past 10 years.
Where is this office building located?
The property is located at 880 Las Gallinas Avenue San Rafael, CA.
What is the asking price?
The asking price for this property is $2,399,000.
What are key features of this property?
This property features: Garden‑style office property totaling approx. 6,467 rentable SF in Marin County, CA; Small, direct‑access suites with a history of long‑term tenancy and a mix of medical, office, and service professionals; Capital improvements include updated roof and HVAC systems within the past 10 years
