Historic Mixed-Use Building in
For Sale
$1,600,000
102 State St, Ukiah, CA 95482
Iconic downtown Ukiah building with mixed-use space for sale.
Property Size11,146 SF
Lot Size0.13 Acres
Price / SF$143.55
Days on Market577
Property Features for 102 State St
General Information
Standard status
Active
Size
11,146 SF
Lot size
0.13 Acres
Property subtype
Mixed Use
Amenities
Central Air, A/C - Other, Room Refrig
3
City Road.
Building Details
Year Built
1889
Listing Agency:
W Real Estate
(707) 391-3564
Listed By:
Eric Garbocci · License #01099717
(707) 391-3564
Source:
Xome
Added: Jan 29, 2025
Changed: Aug 25
Last Checked: Aug 29 at 7:33AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of W Real Estate
Investment Insights
Based on property information with market context.
Located in downtown Ukiah, the historic Marks Building is a two-story brick structure constructed in 1889. The building offers over 11,000 square feet of mixed-use space on a corner lot with high visibility and steady foot traffic. The ground floor accommodates an established business. The second floor is configured with approximately sixteen professional office suites, offering flexibility for a variety of tenants or future reconfiguration. The property has nearly 150 feet of frontage along State Street. The property sits on a 0.13-acre lot zoned C2 - Mixed Use, allowing for retail, restaurant, or office uses, and presents a strong opportunity for both investors and owner-occupants seeking an income-producing downtown asset.
Key Highlights
- Iconic historic building (Marks Building, built 1889) in the heart of downtown Ukiah.
- High visibility corner lot with steady foot traffic on a busy street.
- Mixed‑use zoning (C2) allowing for retail, restaurant, or office uses.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$135,424
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.46%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,708,480
$2.7M
Cap Rate 7%
$1,934,629
$1.9M
Cap Rate 9%
$1,504,711
$1.5M
Market Conditions
NOI Build-Up for 11,146 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$240.8K $21.60/SF
− Vacancy
−$24.1K −$2.16/SF
EGI
$216.7K $19.44/SF
− OpEx
−$81.3K −$7.29/SF
NOI
$135.4K $12.15/SF
Area
Mendocino County, CA
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,708,480
Cap Rate 7%
$1,934,629
Cap Rate 9%
$1,504,711
Alternative Uses
Best Use
Office B
$2.31M
$2.02M – $2.70M
NOI $161,810 @ 7.0% cap · market cap 10.11%
Second Best
Mixed Use
$1.93M
$1.69M – $2.26M
NOI $135,424 @ 7.0% cap · market cap 8.46%
Theoretical Best
Flex RnD
$4.17M
$3.65M – $4.86M
NOI $291,697 @ 7.0% cap · market cap 18.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,001
Businesses Nearby
Explore this area
Business Placement
Demographics for 95482, CA
33,276
Population
13,143
Households
2.5
Avg Household Size
39
Median Age
21%
College-Educated
84%
High-School Grad
294.2 sq mi
ZIP Area
113
Density / Sq Mi
$70,063
Median Household Income
$38,707
Median Earnings
$1,335
Median Rent
$473,000
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Iconic downtown Ukiah building with mixed-use space for sale.
Where is this mixed-use property located?
The property is located at 102 State St Ukiah, CA.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: Iconic historic building (Marks Building, built 1889) in the heart of downtown Ukiah.; High visibility corner lot with steady foot traffic on a busy street.; Mixed‑use zoning (C2) allowing for retail, restaurant, or office uses.
