Highway 29 Frontage Mixed-Use
For Sale
$449,000
21298 Calistoga, Middletown, CA 95461
Commercial mixed-use property on Highway 29 with rental income.
Property Size2,600 SF
Lot Size0.69 Acres
Days on Market267
Property Features for 21298 Calistoga
General Information
Standard status
Active
Size
2,600 SF
Lot size
0.69 Acres
Property subtype
Commercial
Building Details
Building Size
2,600 SF
Units
2
Listing Agency:
Evans Realty
(707) 272-9163
Listed By:
Kathryn Evans · License #01516315
(707) 272-9163
Source:
Elliman
Added: Nov 28, 2025
Changed: Aug 8
Last Checked: Aug 21 at 11:08AM
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 Evans Realty
Investment Insights
Based on property information with market context.
This commercial mixed-use property is located on Highway 29 on the edge of Middletown. The property, zoned C-2, includes a commercial building and a double-wide mobile home on a lot spanning approximately 0.69 acres. The commercial building has a versatile history, having served as a beauty salon, office space, and retail shop. It features 3 rooms, plus a laundry room and a bathroom with a stall shower. At the back of the property is a 2-bedroom, 2-bath double-wide mobile home that is currently rented. The lot has convenient parking and is shaded by large trees. The property has public sewer, public water, and a well. Highway 29 is the southern gateway to Lake County.
Key Highlights
- Prime commercial location on Hwy 29, the southern gateway to Lake County.
- C‑2 zoning allows for a variety of commercial uses.
- Includes a rented 2‑bedroom, 2‑bath double‑wide mobile home for additional income.
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
$32,221
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
7.18%
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%
$644,420
$644.4K
Cap Rate 7%
$460,300
$460.3K
Cap Rate 9%
$358,011
$358.0K
Market Conditions
NOI Build-Up for 2,600 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
$48.0K $18.48/SF
− Vacancy
−$2.0K −$0.78/SF
EGI
$46.0K $17.70/SF
− OpEx
−$13.8K −$5.31/SF
NOI
$32.2K $12.39/SF
Area
Lake County, CA
Vacancy
4.20%
Lease Rate
$18.48 /SF/Yr
Expense Ratio
30.00%
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%
$644,420
Cap Rate 7%
$460,300
Cap Rate 9%
$358,011
Alternative Uses
Best Use
Retail
$460.3K
$402.8K – $537.0K
NOI $32,221 @ 7.0% cap · market cap 7.18%
Second Best
Mixed Use
$367.7K
$321.8K – $429.0K
NOI $25,740 @ 7.0% cap · market cap 5.73%
Theoretical Best
Office A
$1.04M
$913.1K – $1.22M
NOI $73,047 @ 7.0% cap · market cap 16.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
308
Businesses Nearby
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?
Mixed-use property - Commercial mixed-use property on Highway 29 with rental income.
Where is this mixed-use property located?
The property is located at 21298 Calistoga Middletown, CA.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: Prime commercial location on Hwy 29, the southern gateway to Lake County.; C‑2 zoning allows for a variety of commercial uses.; Includes a rented 2‑bedroom, 2‑bath double‑wide mobile home for additional income.
