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    Historic Mendocino Investment Opportunity Title is generated by Realmo AI

    10470 Lansing St, Mendocino, CA 95460

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    For Sale
    $1,500,000

    Five-tenant commercial building in the heart of Mendocino for sale.

    Type:Commercial
    Property size:
    5,780 SF
    Price / SF:
    $259/SF
    Added:
    Mar 11, 2026
    Days on Market:
    120
    Last Refresh:
    Jul 2 at 9:56 am

    Property Features for 10470 Lansing St

    General Information

    Standard status
    Active
    Size
    5,780 SF
    Property subtype
    Commercial

    Building Details

    Year Built
    1887

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    Sarah Schoeneman
    Sarah Schoeneman

    Listing office Mendo Sotheby's International Realty

    Listing date Mar 11, 2026

    Source Elliman

    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 Mendo Sotheby's International Realty

    HighLights

    • Prime downtown Mendocino location at the corner of Lansing and Ukiah streets.
    • Historic Kellieowen Hall built in 1887.
    • Fully leased with five tenants, ensuring 100% occupancy.
    • Anchored by 'The Study Club' and 'Lansing Street Gallery'.
    • Generates over $130,000 per year in gross income.
    • Includes a spacious 2,000+- sq. ft. decking area.

    Overview

    Located in downtown Mendocino, the historic Kellieowen Hall is available for purchase for the first time in over 50 years. Constructed in 1887 by William H. Kelley, this property is situated at the southwest corner of Lansing and Ukiah streets, in the center of the Village of Mendocino. The building has served as a central point for business activity in the community. The five-tenant building offers approximately 5,780 square feet of rentable building area and is fully leased and occupied. Anchored by The Study Club, which offers apparel, and the Lansing Street Gallery, which offers art and handcrafted furniture, the building also houses a book store and a real estate brokerage company. The south side of the building features approximately 2,000 square feet of decking that provides a walkway and an outdoor area for customers and businesses. The property grosses over $130,000 per year.

    Local Financial Insights For Office B

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $130.4k $22.56
    − Vacancy −$18.5k −$3.20
    EGI $111.9k $19.36
    − OpEx −$28.0k −$4.84
    NOI $83.9k $14.52
    5,780 SF · lease $22.56/SF/yr · vacancy 14.20% · expense 25.00%

    Alternative Uses

    Best Use
    Office B
    $1.20M
    $1.05M – $1.40M (±1% cap)
    NOI $83,910 @ 7.0% cap · market cap 5.59%
    Second Best
    Retail
    $161.8K
    $141.5K – $188.7K (±1% cap)
    NOI $11,323 @ 7.0% cap · market cap 0.75%
    Theoretical Best
    Flex RnD
    $2.16M
    $1.89M – $2.52M (±1% cap)
    NOI $151,266 @ 7.0% cap · market cap 10.08%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Parking Lot & Garage Electrical Service Plumbing Service (Bike/Boat/Book/etc) Store Auto Parts Store Garden Center Furniture & Home Goods Bakery (Bike/Boat/Book/etc) Store Catering Service

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • Terry's florist — Mendocino, CA 95460
    • La Martiné Flowers — 44650 little lake rd, mendocino, ca 95460

    Location Insight

    • Map
    • Local Demand
    City
    Mendocino
    County
    Mendocino
    State
    California
    Longitude
    -123.747
    Latitude
    39.3125

    FAQs

    What type of property is this?
    Storefront property - Five-tenant commercial building in the heart of Mendocino for sale.
    Where is this storefront property located?
    The property is located at 10470 Lansing St Mendocino, CA.
    What is the asking price?
    The asking price for this property is $1,500,000.
    What are key features of this property?
    This property features: Prime downtown Mendocino location at the corner of Lansing and Ukiah streets.; Historic Kellieowen Hall built in 1887.; Fully leased with five tenants, ensuring 100% occupancy.
    More about this property
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