Historic Mixed-Use Building with Three
New
For Sale
$1,700,000
106 W J, Benicia, CA 94510
The building pairs leased street-level retail with an upper floor offering a commercial kitchen, offices, and a large open hall.
Property Size8,820 SF
Price / SF$192.74
Days on Market4
Property Features for 106 W J
General Information
Standard status
Active
Size
8,820 SF
Property subtype
Commercial
Additional Details
Corner Location
Yes
Amenities
new industrial kitchen
ADA-compliant bathrooms
energy-efficient windows
wood floors
Sidewalk
Corner
Street Lights
Varies by Unit Flooring
Building Details
Year Built
1895
Buildings
1
Tenancy
Multi
Listing Agency:
EXP REALTY OF CALIFORNIA, INC
7767727
Listed By:
HELEN YONG · License #01772827
(650) 271-2308
Source:
Corcoran
Added: Sep 24
Changed: Sep 26
Last Checked: Sep 26 at 2:37PM
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 EXP REALTY OF CALIFORNIA, INC
Investment Insights
Based on property information with market context.
Built in 1895, this 8,820-square-foot mixed-use property includes three retail storefronts along 1st Street, with long-term tenants in place. A separate entrance at 106 W J Street leads to the upper level, which has a refinished staircase and a semi-remodeled interior. Improvements include an industrial kitchen with a stainless sink and 8-foot prep island, a climate-controlled, sound-mitigated office, and two ADA-compliant bathrooms, one with a full shower.
The upper floor’s main hall measures 50 by 50 feet and has wood floors, large windows, and an 18-foot ceiling. The space is currently used as a digital media studio. The property is in downtown Benicia at the corner of 1st and W J streets.
The upper floor’s main hall measures 50 by 50 feet and has wood floors, large windows, and an 18-foot ceiling. The space is currently used as a digital media studio. The property is in downtown Benicia at the corner of 1st and W J streets.
Key Highlights
- Three 1st Street retail storefronts with long‑term tenants
- 8,820‑square‑foot building constructed in 1895
- Upper‑level main hall measures 50 by 50 feet, with an 18‑foot ceiling
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
$147,567
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
8.68%
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%
$2,951,340
$3.0M
Cap Rate 7%
$2,108,100
$2.1M
Cap Rate 9%
$1,639,633
$1.6M
Market Conditions
NOI Build-Up for 8,820 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
$232.8K $26.40/SF
− Vacancy
−$36.1K −$4.09/SF
EGI
$196.8K $22.31/SF
− OpEx
−$49.2K −$5.58/SF
NOI
$147.6K $16.73/SF
Area
Solano County, CA
Vacancy
15.50%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
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%
$2,951,340
Cap Rate 7%
$2,108,100
Cap Rate 9%
$1,639,633
Alternative Uses
Best Use
Office B
$2.11M
$1.84M – $2.46M
NOI $147,567 @ 7.0% cap · market cap 8.68%
Second Best
Retail
$1.56M
$1.37M – $1.82M
NOI $109,295 @ 7.0% cap · market cap 6.43%
Theoretical Best
Office A
$2.94M
$2.58M – $3.43M
NOI $206,024 @ 7.0% cap · market cap 12.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,275
Businesses Nearby
Explore this area
Business Placement
Demographics for 94510, CA
27,174
Population
11,463
Households
2.4
Avg Household Size
46
Median Age
46%
College-Educated
96%
High-School Grad
29.2 sq mi
ZIP Area
931
Density / Sq Mi
$125,222
Median Household Income
$70,569
Median Earnings
$2,234
Median Rent
$778,900
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The building pairs leased street-level retail with an upper floor offering a commercial kitchen, offices, and a large open hall.
Where is this mixed-use property located?
The property is located at 106 W J Benicia, CA.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: Three 1st Street retail storefronts with long‑term tenants; 8,820‑square‑foot building constructed in 1895; Upper‑level main hall measures 50 by 50 feet, with an 18‑foot ceiling
