Mixed-Use Investment
For Sale
Contact for pricing
Pending
2321-2329 Circadian Way, Santa Rosa, CA 95407
Mixed-use property with existing tenant and expansion potential.
Property Size54,529 SF
Days on Market1133
Property Features for 2321-2329 Circadian Way
General Information
Standard status
Pending
Size
54,529 SF
Class
A
Total Parking Spaces
157
Property subtype
Office, Industrial
Zoning
Business Park
Occupancy
22%
Lease Type
NNN
Investment Type
Net Lease
Building Details
Year Built
1997
Units
2
Tenancy
Multi
Listing Agency:
Newmark - San Rafael
(707) 484-1948
Listed By:
Barry Palma · License #00901364
Source:
Crexi
Added: Jul 25, 2023
Changed: Aug 14
Last Checked: Aug 29 at 10:18PM
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 Newmark - San Rafael
Investment Insights
Based on property information with market context.
This investment offering features a mixed-use property suitable for a company aiming to occupy approximately 42,319 square feet while benefiting from additional income to offset mortgage expenses. Grow Strong Industries currently leases approximately 12,210 square feet at 2321 Circadian Way until April 2026. This arrangement provides the buyer with the flexibility to expand into the leased space upon its vacancy or to re-lease it to another tenant. Situated in Northpoint Business Park, established in 1986, the property is zoned BP (business park), accommodating light manufacturing, office, and warehouse uses. The business park hosts a variety of tenants, including a Kaiser Permanente Medical Office Building, Sonic (internet provider), a Veteran Administration Office Building, Amy’s Kitchen, County of Sonoma department offices, Medic Ambulance service for the County of Sonoma, Satellite Health Dialysis Office, and Info-Stor, a document storage facility. The building is equipped with 1,600 amps of three-phase power at 277/480 volts and is serviced by city water and sewer. The property's total size is 54,529 square feet.
Key Highlights
- ±42,319 sf building ideal for owner‑occupancy with income potential.
- Existing tenant leases ±12,210 sf until April 2026, offering immediate income.
- Located in Northpoint Business Park near Kaiser Permanente, Sonic, and the Veteran Administration.
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
$769,906
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
5.65%
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%
$15,398,120
$15.4M
Cap Rate 7%
$10,998,657
$11.0M
Cap Rate 9%
$8,554,511
$8.6M
Market Conditions
NOI Build-Up for 54,529 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
$1.21M $22.20/SF
− Vacancy
−$184.0K −$3.37/SF
EGI
$1.03M $18.83/SF
− OpEx
−$256.6K −$4.71/SF
NOI
$769.9K $14.12/SF
Area
Santa Rosa, CA
Vacancy
15.20%
Lease Rate
$22.20 /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%
$15,398,120
Cap Rate 7%
$10,998,657
Cap Rate 9%
$8,554,511
Alternative Uses
Best Use
Office B
$11.00M
$9.62M – $12.83M
NOI $769,906 @ 7.0% cap · market cap 5.65%
Second Best
Mixed Use
$8.89M
$7.78M – $10.37M
NOI $622,162 @ 7.0% cap · market cap 4.56%
Theoretical Best
Multifamily LT 5
$15.15M
$13.26M – $17.67M
NOI $1,060,485 @ 7.0% cap · market cap 7.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
594
Businesses Nearby
Explore this area
Business Placement
Demographics for 95407, CA
42,504
Population
13,371
Households
3.2
Avg Household Size
34
Median Age
17%
College-Educated
73%
High-School Grad
21.6 sq mi
ZIP Area
1,968
Density / Sq Mi
$82,807
Median Household Income
$40,907
Median Earnings
$1,822
Median Rent
$603,300
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?
Mixed-use property - Mixed-use property with existing tenant and expansion potential.
Where is this mixed-use property located?
The property is located at 2321-2329 Circadian Way Santa Rosa, CA.
What is the asking price?
The asking price for this property is $13,632,000.
What are key features of this property?
This property features: ±42,319 sf building ideal for owner‑occupancy with income potential.; Existing tenant leases ±12,210 sf until April 2026, offering immediate income.; Located in Northpoint Business Park near Kaiser Permanente, Sonic, and the Veteran Administration.
