Downtown Novato Center

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.

Location

Points of Interest