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Listed by William Severi • North Bay Property Advisors • 01357548 • 01357548 • North Bay Property Advisors
Nick Abbott • 01357548 • North Bay Property Advisors
Nick Abbott • 01357548 • North Bay Property Advisors
$ 2,221,000
Est. payment | /mo
$ 2,221,000
Est. payment | /mo
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
MLS Listing ID 325077496
Construction Status Exterior-Good,Interior-Good
HOA Y/N Yes
Property Sub-Type Office
Property Description
1200 Sonoma Ave An 8,725 SF vacant shell on a 58,806 SF lot with stud wall framing, ideal for custom office (permitted) or multi-family (use permit) buildout. 1210 Sonoma Ave A 3,930 SF fully leased medical office (Sutter Bay Medical Foundation) on a 1.35 acre parcel with 55 parking spaces, ADA compliance, and strong in-place tenancy. Highest & Best Use Several comparable office buildings in Santa Rosa have been successfully converted to multi-family residential, suggesting a viable repositioning strategy for the 1200 building. This analysis evaluates whether retaining both properties as office use or converting 1200 to multi-family (with 1210 remaining medical office) represents the highest and best use. It factors in a 24-month stabilization period, depreciation, rental income, vacancy rates, operating expenses, reserves, improvement costs, purchase price, 50 percent loan-to-value debt service, Year 1 and 7-year pre- and post-tax cash-on-cash returns with sale, a 10-year hold without sale, and taxes on sale proceeds (27 percent capital gains, 25 percent depreciation recapture). See attached analysis.
Location
State CA
County Sonoma
Area Santa Rosa-Northeast
Zoning CO - Commercial Office
Exterior
Garage Spaces 55.0
Building
Construction Status Exterior-Good,Interior-Good
Others
Special Listing Condition None
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