What is the asking price for Downtown Novato Center?

The lease rate for space here is Contact for pricing.

What type of property tenancy can you find at Downtown Novato Center?

This property is listed as Multi-Tenant.

What is the total size of Downtown Novato Center?

The property has a total square footage of 93,405 SF.

How many parking spaces are available at Downtown Novato Center?

Parking information for the property isn't currently listed. However, other nearby parking options include Zenk Lot, located 0.69 miles away , and ATHERTON / 101 Park and Ride, which is 1.02 miles away.

1761 Grant Ave, Novato, CA 94945

For Sale $24,762,335
Property Type Retail
Property Size 93,405 SF
Lot Size 7.05 Acre
Property Tenancy Multi-Tenant
Date Updated Jun 23, 2026

Description

`Nestled in the heart of Novato, Downtown Novato Center is proudly co-anchored by Lucky California and CVS Pharmacy. With over 30 years of dedication to the center and recently renewed 10-year lease commitments, these longstanding tenants highlight the center’s enduring appeal. Boasting exceptional curb appeal and a charming park-like atmosphere, Downtown Novato Center serves as a vibrant hub and cherished destination for the Novato community.

Highlights

Both Lucky California and CVS Pharmacy are paying well below current market rents, presenting a compelling mark-to-market opportunity for the next owner over the long term.
CVS generates outstanding sales volumes, with year over year growth, far exceeding percentage rent thresholds, serving as a powerful hedge against inflation. With no remaining renewal options, CVS represents a prime value-add opportunity.
Downtown Novato Center, co-anchored by Lucky California Grocer and CVS Pharmacy, is a trusted neighborhood destination with a strong, synergistic tenant mix of fitness, banks, and well known bakeries and cafes.
Exceedingly high barriers to entry with no current retail projects under construction and only 10,000 sf proposed over the next 2 years (per CoStar).
Highly affluent Marin County location, average home values in Marin exceed $1.5 million in May 2026 (Zillow).
Located in the Historic Downtown Novato shopping district, the center benefits from excellent demographics, with 58,000 residents and average household incomes of $201,000 in a 5-mile radius.
Offered at $265/sf, the property is priced significantly below the San Rafael market average of $419/sf (CoStar) and replacement cost, ensuring substantial investment potential.
Recent leasing momentum at the center includes new 10 year leases from Icon Fit and Kitsch + Sync, as well as a new Dutch Bros ground lease (NAP) that is expected to be completed by the end of the year.
The property received a new roof in 2018 with a 20-year warranty, LEED lighting, and improved signage and landscaping accents.
This established shopping center features numerous design attributes including excellent visibility, multiple points of access, and mature oak trees.