Conventional Restaurant with Highway
New
For Sale
$600,000
21010 S State Highway 29, Middletown, CA 95461
An operating restaurant occupies a commercial site in Middletown along South State Highway 29.
Property Size980 SF
Lot Size2.37 Acres
Price / SF$612.24
Days on Market7
Property Features for 21010 S State Highway 29
General Information
Standard status
Active
Size
980 SF
Lot size
2.37 Acres
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
1969
Listing Agency:
NextHome Experiences
(707) 355-2171
Listed By:
Yvette Sloan · License #01413657
Source:
Myfabuloushome
Added: Aug 23
Changed: Aug 28
Last Checked: Aug 28 at 8:01PM
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 NextHome Experiences
Investment Insights
Based on property information with market context.
This conventional restaurant property includes a 2.37-acre commercial site at 21010 S State Highway 29 in Middletown, California. The restaurant is currently operating, and the property was built in 1969. Its highway frontage provides a clearly defined setting for the existing restaurant use.
The property is located in Lake County, with Napa and Sonoma Counties described as a short drive away. The site sits within Middletown’s commercial corridor and offers a substantial land component alongside the existing restaurant improvements.
The property is located in Lake County, with Napa and Sonoma Counties described as a short drive away. The site sits within Middletown’s commercial corridor and offers a substantial land component alongside the existing restaurant improvements.
Key Highlights
- 2.37‑acre commercial restaurant property
- Currently operating restaurant
- Frontage along South State Highway 29
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
$20,749
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
3.46%
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%
$414,980
$415.0K
Cap Rate 7%
$296,414
$296.4K
Cap Rate 9%
$230,544
$230.5K
Market Conditions
NOI Build-Up for 980 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
$29.4K $30.00/SF
− Vacancy
−$1.7K −$1.77/SF
EGI
$27.7K $28.23/SF
− OpEx
−$6.9K −$7.06/SF
NOI
$20.7K $21.17/SF
Area
Lake County, CA
Vacancy
5.90%
Lease Rate
$30.00 /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%
$414,980
Cap Rate 7%
$296,414
Cap Rate 9%
$230,544
Alternative Uses
Best Use
Specialty Retail
$296.4K
$259.4K – $345.8K
NOI $20,749 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$393.3K
$344.2K – $458.9K
NOI $27,533 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95461, CA
2,689
Population
1,646
Households
1.6
Avg Household Size
48
Median Age
24%
College-Educated
84%
High-School Grad
123.3 sq mi
ZIP Area
22
Density / Sq Mi
$81,830
Median Household Income
$40,308
Median Earnings
$2,192
Median Rent
$385,000
Median Home Value
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - An operating restaurant occupies a commercial site in Middletown along South State Highway 29.
Where is this conventional restaurant located?
The property is located at 21010 S State Highway 29 Middletown, CA.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 2.37‑acre commercial restaurant property; Currently operating restaurant; Frontage along South State Highway 29
