- For Sale $3,515,000
- Property Type Industrial - Warehouse/Distribution
- Property Size 15,500 SF
- Lot Size 0.46 Acre
- Property Tenancy Multi-Tenant
- Year Built 1959
- Date Updated May 14, 2026
- Grade Level Doors 4
- HVAC None
Description
175-185 Market Street sits in San Rafael’s Canal District, just two minutes from the US-101/Andersen Drive interchange and under twenty minutes from the Golden Gate Bridge. The property fronts both Highway 101 and Interstate 580, putting North Bay, East Bay, and San Francisco customers within easy reach for same-day deliveries. For employees, SMART rail, Marin Airporter, and Canal District shops and services are all close by, offering quick options for transit, lunch, and daily errands.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.The property has easy access to Highway 101 and Interstate 580. Its central location is near to all the services that the Canal District has to offer. Great for automotive or any other industrial use.
Highlights
- 100% leased: ~15,400 RSF, 4 essential-service tenants; diversified rent roll with no tenant over ~33%.
- In-place income: $280,536 scheduled annual rent ($18.22/SF/yr blended) already in hand.
- Lease expirations 2027–2030: one near-term rollover, balance longer-dated — a clean rent-reset catalyst.
- Major capex addressed: roof, LED, insulation, exterior paint plus recent electrical and paving/lot work.
- Potential after-tax tailwinds: Section 199A QBI deduction + cost segregation/100% bonus depreciation (illustrative; consult CPA).
- Reset basis: $3,515,000 (~$226/SF) for infill San Rafael industrial — below replacement economics.
- Underwritten Year-1 NOI: ~$198,472 (4% vacancy/credit) ? ~5.34% going-in cap.
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Contacts
Ces Cecchin
Meridian Commercial
Location
Contact Listing Broker
Ces Cecchin
Meridian Commercial