Versatile Commercial Property in
For Sale
$649,000
Pending
928 San Pablo Ave, Albany, CA 94706
Single-story commercial property in San Pablo Commercial District.
Property Size1,778 SF
Lot Size0.09 Acres
Days on Market268
Property Features for 928 San Pablo Ave
General Information
Standard status
Pending
Size
1,778 SF
Lot size
0.09 Acres
Property subtype
Commercial/Industrial
Building Details
Year Built
1963
Listing Agency:
The Agency
(510) 255-6400
Listed By:
Kevin Tannahill · License #01194662
(510) 813-3745
Source:
Exitrealty
Added: Dec 19, 2025
Changed: Sep 2
Last Checked: Sep 13 at 6:01AM
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 The Agency
Investment Insights
Based on property information with market context.
Located in the heart of the San Pablo Commercial District between Solano Avenue and Marin Avenue, this single-story commercial property offers a level-in floor plan with approximately 1,778 square feet of interior space on an approximately 3,750 square foot lot. The building is currently configured with five spacious rooms, two bathrooms, and a central hallway, providing a functional and flexible layout. Two rear rooms feature sliding glass doors that open directly to a large backyard garden area, creating an indoor-outdoor connection. Dual front entrances at 928 and 930 San Pablo Avenue allow for multiple access points. Street parking is available. The property has been long used as an owner-occupied chiropractic office. The bike score is 98, the walk score is 95, and the transit score is 58.
Key Highlights
- Prime location in the heart of the San Pablo Commercial District
- Versatile single‑story commercial property with a functional and flexible layout
- Approximately 1,778 square feet of interior space on an approximately 3,750 square foot lot
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
$35,932
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
5.54%
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%
$718,640
$718.6K
Cap Rate 7%
$513,314
$513.3K
Cap Rate 9%
$399,244
$399.2K
Market Conditions
NOI Build-Up for 1,778 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
$64.2K $36.12/SF
− Vacancy
−$16.3K −$9.17/SF
EGI
$47.9K $26.95/SF
− OpEx
−$12.0K −$6.74/SF
NOI
$35.9K $20.21/SF
Area
Alameda 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%
$718,640
Cap Rate 7%
$513,314
Cap Rate 9%
$399,244
Alternative Uses
Best Use
Office B
$513.3K
$449.2K – $598.9K
NOI $35,932 @ 7.0% cap · market cap 5.54%
Second Best
Healthcare Medical
$435.1K
$380.7K – $507.6K
NOI $30,455 @ 7.0% cap · market cap 4.69%
Theoretical Best
Retail
$8.11M
$7.09M – $9.46M
NOI $567,407 @ 7.0% cap · market cap 87.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,967
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 94706, CA
21,134
Population
8,386
Households
2.5
Avg Household Size
37
Median Age
77%
College-Educated
97%
High-School Grad
1.5 sq mi
ZIP Area
14,089
Density / Sq Mi
$136,961
Median Household Income
$75,849
Median Earnings
$2,394
Median Rent
$1,188,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
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Similar Off Market Nearby
- Mobile Equine Services Hospital — 1100 Eastshore Hwy, Berkeley, CA 94710
- Banfield Pet Hospital — 1080 Monroe St Ste 140, Albany, CA 94706
- Codornices Veterinary Clinic — 944 San Pablo Ave, Albany, CA 94706
- Codornices Veterinary Clinic: Gurley Erica DVM — 944 San Pablo Ave, Albany, CA 94706
- Codornices Annex Clinic — 954 San Pablo Ave, Albany, CA 94706
Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-story commercial property in San Pablo Commercial District.
Where is this medical office space located?
The property is located at 928 San Pablo Ave Albany, CA.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: Prime location in the heart of the San Pablo Commercial District; Versatile single‑story commercial property with a functional and flexible layout; Approximately 1,778 square feet of interior space on an approximately 3,750 square foot lot
