Historic Victorian Buildings, Prime
For Sale
$2,550,000
128-144 South California Street, Palo Alto, CA 93001
1,400 SF ( 128 S California - Dr. T.E. Cunnane Residence) and 1,350 SF (144 S California - Vernacular Victorian Cottage
Property Size2,750 SF
Lot Size0.06 Acres
Price / SF$927.27
Days on Market597
Property Features for 128-144 South California Street
General Information
Standard status
Active
Property type
Residential offices, Other office properties, Other investment properties, Mixed-use properties, Office Spaces, Investment properties
Size
2,750 SF
Elevators
N/A
Lot size
0.06 Acres
Investment Type
Owner User
Building Details
Year Built
1888
Buildings
2
Stories
2
Listing Agency:
(805) 653-6794
Listed By:
Jeffrey
(805) 653-6794
Added: Jan 10, 2025
Changed: Mar 16
Investment Insights
Based on property information with market context.
Located in Downtown Ventura, California, at 128-144 South California Street, this investment property features two historic Victorian buildings. The property includes a 1,400 square foot Queen Anne Victorian building, known as the Dr. T.E. Cunnane Residence, constructed in 1888, and a 1,350 square foot Vernacular Victorian Cottage built in 1892. Together, the buildings offer a combined area of 2,750 square feet on a 0.0631-acre lot. The property is suitable for an office building investment or owner-user. Its location is within walking distance of Historic Downtown, City Hall, the beach, restaurants, hotels, and shops. The property is near the Ventura Pier and Promenade. On-site private parking is available. The property is situated on South California Street between Main Street and East Thompson Boulevard.
Key Highlights
- Two Historic Buildings
- Queen Anne Victorian - Dr. T.E. Cunnane Residence at 128 S. California Street
- Vernacular Victorian Cottage - 144 S. California Street
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
$96,743
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
3.79%
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%
$1,934,860
$1.9M
Cap Rate 7%
$1,382,043
$1.4M
Cap Rate 9%
$1,074,922
$1.1M
Market Conditions
NOI Build-Up for 2,750 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
$154.1K $56.04/SF
− Vacancy
−$25.1K −$9.13/SF
EGI
$129.0K $46.91/SF
− OpEx
−$32.2K −$11.73/SF
NOI
$96.7K $35.18/SF
Area
Santa Clara County, CA
Vacancy
16.30%
Lease Rate
$56.04 /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%
$1,934,860
Cap Rate 7%
$1,382,043
Cap Rate 9%
$1,074,922
Alternative Uses
Best Use
Office B
$1.38M
$1.21M – $1.61M
NOI $96,743 @ 7.0% cap · market cap 3.79%
Second Best
Mixed Use
$677.7K
$593.0K – $790.6K
NOI $47,438 @ 7.0% cap · market cap 1.86%
Theoretical Best
Office A
$1.66M
$1.45M – $1.94M
NOI $116,215 @ 7.0% cap · market cap 4.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1
Businesses Nearby
Explore this area
Business Placement
Demographics for 93001, CA
33,859
Population
14,705
Households
2.3
Avg Household Size
40
Median Age
38%
College-Educated
88%
High-School Grad
96.6 sq mi
ZIP Area
351
Density / Sq Mi
$86,310
Median Household Income
$45,023
Median Earnings
$1,881
Median Rent
$760,700
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential office - 1,400 SF ( 128 S California - Dr. T.E. Cunnane Residence) and 1,350 SF (144 S California - Vernacular Victorian Cottage
Where is this residential office located?
The property is located at 128-144 South California Street Palo Alto, CA.
What is the asking price?
The asking price for this property is $2,550,000.
What are key features of this property?
This property features: Two Historic Buildings; Queen Anne Victorian - Dr. T.E. Cunnane Residence at 128 S. California Street; Vernacular Victorian Cottage - 144 S. California Street
