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175-185 Market St 15,500 SF 100% Leased Industrial Building San Rafael, CA 94901 $3,515,000 ($226.77/SF) 5.50% Cap Rate
Investment Highlights
- Fully leased to four essential-service tenants providing stable, diversified income with no tenant occupying more than roughly one-third of the rba.
- Major improvements including new TPO roof, LED lighting, skylights, insulation, upgraded bathrooms, electrical enhancements, and paving/lot work.
- Reset basis at $3,515,000, offering an efficient below-replacement entry point in a prime infill industrial market.
- Prime location with immediate access to US-101 and I-580, supporting strong tenant retention, operational efficiency, and long-term liquidity.
Executive Summary
The property includes two connected Butler metal warehouses totaling about 15,500 SF on a 0.46-acre parcel. Built in 1959, the buildings were recently improved with a new TPO roof, LED lighting, skylights, insulation, and upgraded bathrooms. The clear-span bays reach 21' at the center, with multiple grade-level doors and 400-amp, 3-phase power. Parking is available along the frontage.
175–185 Market is now a true “sleep-at-night” industrial hold: fully leased cash flow from day one, with upside you can actually point to. You’re buying in-place income at a reset basis, with staggered lease expirations (one shorter-term rollover, the rest longer-dated) that create a defined rent-reset opportunity—without underwriting a lease-up.
The tenant mix is service/auto oriented—uses that need industrial zoning, can’t be done remotely, and tend to stay put. The location is pure infill/last-mile (quick access to US-101), which supports liquidity and re-tenanting.
Add in recent major capex, and you’re inheriting a cleaner capital stack with less “surprise” spending. It’s also the most liquid part of the industrial market—small bay space—driving steady demand from local operators and 1031 buyers.
Bottom line: a simple, durable Marin industrial story—cash flow today, controlled rollover risk, and a clear path to future rent growth.
175–185 Market is now a true “sleep-at-night” industrial hold: fully leased cash flow from day one, with upside you can actually point to. You’re buying in-place income at a reset basis, with staggered lease expirations (one shorter-term rollover, the rest longer-dated) that create a defined rent-reset opportunity—without underwriting a lease-up.
The tenant mix is service/auto oriented—uses that need industrial zoning, can’t be done remotely, and tend to stay put. The location is pure infill/last-mile (quick access to US-101), which supports liquidity and re-tenanting.
Add in recent major capex, and you’re inheriting a cleaner capital stack with less “surprise” spending. It’s also the most liquid part of the industrial market—small bay space—driving steady demand from local operators and 1031 buyers.
Bottom line: a simple, durable Marin industrial story—cash flow today, controlled rollover risk, and a clear path to future rent growth.
Property Facts
Amenities
- Bus Line
- Mezzanine
- Signage
- Skylights
- Storage Space
Major Tenants
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
- Autobody Express
- Services
- -
- -
- -
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
| Autobody Express | Services | - | - | - |
Walk Score®
Very Walkable (78)
Bike Score®
Very Bikeable (72)
Property Taxes
| Parcel Number | 008-101-05 | Improvements Assessment | $867,000 |
| Land Assessment | $1,530,000 | Total Assessment | $2,397,000 |
Property Taxes
Parcel Number
008-101-05
Land Assessment
$1,530,000
Improvements Assessment
$867,000
Total Assessment
$2,397,000
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175-185 Market St
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