Professional Office Condo For
For Sale
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306-308 Military West, Benicia, CA 94510
Professional office condo with 1,627 square feet available for sale.
Property Size1,627 SF
Price / SF$331.90
Days on Market1067
Property Features for 306-308 Military West
General Information
Standard status
Active
Size
1,627 SF
Class
B
Property subtype
Office
Lease Type
NNN
Listing Agency:
TRI Commercial Walnut Creek
(925) 296-3310
Listed By:
Matt Hatfield · License #CA 01937755
Source:
Crexi
Added: Sep 21, 2023
Changed: Aug 15
Last Checked: Aug 21 at 8:12AM
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 TRI Commercial Walnut Creek
Investment Insights
Based on property information with market context.
This is a professional office condo offering approximately 1,627 square feet of space. The unit comprises the entire second floor.
Key Highlights
- Entire Second Floor: Offers privacy and exclusivity.
- ±1,627 SF**: Provides a substantial and functional office space.
- Professional Office Condo: Suitable for various business operations.
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
$27,221
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
5.04%
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%
$544,420
$544.4K
Cap Rate 7%
$388,871
$388.9K
Cap Rate 9%
$302,456
$302.5K
Market Conditions
NOI Build-Up for 1,627 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
$43.0K $26.40/SF
− Vacancy
−$6.7K −$4.09/SF
EGI
$36.3K $22.31/SF
− OpEx
−$9.1K −$5.58/SF
NOI
$27.2K $16.73/SF
Area
Solano County, CA
Vacancy
15.50%
Lease Rate
$26.40 /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%
$544,420
Cap Rate 7%
$388,871
Cap Rate 9%
$302,456
Alternative Uses
Best Use
Office B
$388.9K
$340.3K – $453.7K
NOI $27,221 @ 7.0% cap · market cap 5.04%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$542.9K
$475.1K – $633.4K
NOI $38,005 @ 7.0% cap · market cap 7.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
961
Businesses Nearby
Explore this area
Business Placement
Demographics for 94510, CA
27,174
Population
11,463
Households
2.4
Avg Household Size
46
Median Age
46%
College-Educated
96%
High-School Grad
29.2 sq mi
ZIP Area
931
Density / Sq Mi
$125,222
Median Household Income
$70,569
Median Earnings
$2,234
Median Rent
$778,900
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 units - Professional office condo with 1,627 square feet available for sale.
Where is this office units located?
The property is located at 306-308 Military West Benicia, CA.
What is the asking price?
The asking price for this property is $540,000.
What are key features of this property?
This property features: Entire Second Floor: Offers privacy and exclusivity.; ±1,627 SF**: Provides a substantial and functional office space.; Professional Office Condo: Suitable for various business operations.
