175-185 Market Street

Investment Overview

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.

Investment Highlights

• 100% leased: ~15,400 RSF, 4 essential-service tenants; diversified rent roll with no tenant over ~33%.
• 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.
• 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).