Restaurant Building with Gated
For Sale
Under Contract
$1,500,000
1550 N Lovers Lane, Ukiah, CA 95482
Commercial Sale, Ukiah, CA
Property Size4,200 SF
Lot Size0.62 Acres
Price / SF$357.14
Days on Market48
Property Features for 1550 N Lovers Lane
General Information
Property type
Residential
Property subtype
Retail
Zoning
I1
Parking features
Open
Lot features
Corner Lot
Directions
Hwy 101 to N State St exit. South on N State Street. First right on Lovers Lane. Building is on the left.
Subdivision
Ukiah
Standard status
Active Under Contract
APN
1701201100
Lot size
0.62 Acres
Building Details
Year built
1963
Floors in Building
1
Flooring type
Carpet, Tile
Listing Agency:
W Real Estate
(707) 591-0570
Listed By:
Todd Schapmire · License #01414195
(707) 570-9855
Added: Jul 13
Changed: Aug 19
Last Checked: Aug 29 at 10:06AM
MLS# 325046917
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 4,200-square-foot restaurant building was constructed in 1963 and is configured with multiple dining areas, several entryways, a banquet room, service counter, commercial kitchen, and restrooms. A gated patio provides additional outdoor space, while carpet and tile flooring are installed throughout the premises. The property is positioned on a 0.62-acre corner lot with multiple entrances and an open parking area. A large pole sign and visibility from Highway 101 support the site's commercial presence.
The property is immediately off the North State Street exit in Ukiah, with reported exposure to more than 40,000 vehicles per day. Its location is also described as being near shopping and approximately two hours north of the Golden Gate Bridge along Highway 101. Zoned I1, the former restaurant is presented as a renovation or redevelopment opportunity.
The property is immediately off the North State Street exit in Ukiah, with reported exposure to more than 40,000 vehicles per day. Its location is also described as being near shopping and approximately two hours north of the Golden Gate Bridge along Highway 101. Zoned I1, the former restaurant is presented as a renovation or redevelopment opportunity.
Key Highlights
- Approximately 4,200 SF restaurant building on a 0.62‑acre lot
- Highway 101 visibility near the North State Street exit
- Large pole sign and open on‑site parking area
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
$105,110
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
7.01%
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%
$2,102,200
$2.1M
Cap Rate 7%
$1,501,571
$1.5M
Cap Rate 9%
$1,167,889
$1.2M
Market Conditions
NOI Build-Up for 4,200 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
$156.2K $37.20/SF
− Vacancy
−$16.1K −$3.83/SF
EGI
$140.1K $33.37/SF
− OpEx
−$35.0K −$8.34/SF
NOI
$105.1K $25.03/SF
Area
Mendocino County, CA
Vacancy
10.30%
Lease Rate
$37.20 /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%
$2,102,200
Cap Rate 7%
$1,501,571
Cap Rate 9%
$1,167,889
Alternative Uses
Best Use
Specialty Retail
$1.50M
$1.31M – $1.75M
NOI $105,110 @ 7.0% cap · market cap 7.01%
Second Best
Industrial
$563.7K
$493.2K – $657.6K
NOI $39,457 @ 7.0% cap · market cap 2.63%
Theoretical Best
Flex RnD
$1.57M
$1.37M – $1.83M
NOI $109,916 @ 7.0% cap · market cap 7.33%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
40,000 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
244k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 52%
Shops & Services 21%
Groceries 19%
Home Improvements & Furnishings 8%
In-N-Out Burger
Dining
43,902 visits/mo
0.1 miles
Raley's
Groceries
34,291 visits/mo
0.1 miles
Taco Bell
Dining
18,300 visits/mo
0.3 miles
McDonald's
Dining
18,287 visits/mo
0.1 miles
Speedway
Shops & Services
17,478 visits/mo
0.1 miles
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 Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Former dining facility offers a commercial kitchen, banquet room, multiple entryways, and on-site parking.
Where is this conventional restaurant located?
The property is located at 1550 N Lovers Lane Ukiah, 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: Approximately 4,200 SF restaurant building on a 0.62‑acre lot; Highway 101 visibility near the North State Street exit; Large pole sign and open on‑site parking area
