Willits Mixed-Use Income
For Sale
$850,000
244 S Main, Willits, CA 95490
Two buildings with business, liquor license, and income potential.
Property Size5,134 SF
Price / SF$165.56
Days on Market453
Property Features for 244 S Main
General Information
Standard status
Active
Size
5,134 SF
Building Details
Year Built
1951
Listing Agency:
COLDWELL BANKER MENDO REALTY
(707) 459-5389
Listed By:
LEE PERSICO
Source:
Corcoran
Added: Jun 3, 2025
Changed: Mar 16
Last Checked: Mar 16 at 9:09AM
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 COLDWELL BANKER MENDO REALTY
Investment Insights
Based on property information with market context.
Located in downtown Willits, this property features two buildings on two separate parcels, including a business and liquor license. The property includes apartments upstairs, with an additional unfinished apartment for potential income generation. A large parking lot is available for tenants and customers. The detached building is divided into two retail spaces, along with a bathroom. Situated on Main Street, this property offers live/work and income potential. The property size is 5134 square feet.
Key Highlights
- Two buildings on two separate parcels, including business and liquor license.
- Main Street frontage in the heart of downtown Willits.
- Apartment upstairs plus unfinished 2nd apartment for income potential.
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
$62,378
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
7.34%
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%
$1,247,560
$1.2M
Cap Rate 7%
$891,114
$891.1K
Cap Rate 9%
$693,089
$693.1K
Market Conditions
NOI Build-Up for 5,134 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
$110.9K $21.60/SF
− Vacancy
−$11.1K −$2.16/SF
EGI
$99.8K $19.44/SF
− OpEx
−$37.4K −$7.29/SF
NOI
$62.4K $12.15/SF
Area
Mendocino County, CA
Vacancy
10.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,247,560
Cap Rate 7%
$891,114
Cap Rate 9%
$693,089
Alternative Uses
Best Use
Mixed Use
$891.1K
$779.7K – $1.04M
NOI $62,378 @ 7.0% cap · market cap 7.34%
Second Best
Apartment 5plus
$624.1K
$546.1K – $728.1K
NOI $43,685 @ 7.0% cap · market cap 5.14%
Theoretical Best
Flex RnD
$1.92M
$1.68M – $2.24M
NOI $134,360 @ 7.0% cap · market cap 15.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 95490, CA
14,227
Population
6,077
Households
2.3
Avg Household Size
42
Median Age
23%
College-Educated
89%
High-School Grad
430.1 sq mi
ZIP Area
33
Density / Sq Mi
$67,069
Median Household Income
$44,362
Median Earnings
$1,243
Median Rent
$383,900
Median Home Value
Market
Vacancy Rate% for Multifamily 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 - Two buildings with business, liquor license, and income potential.
Where is this mixed-use property located?
The property is located at 244 S Main Willits, CA.
What is the asking price?
The asking price for this property is $850,000.
What are key features of this property?
This property features: Two buildings on two separate parcels, including business and liquor license.; Main Street frontage in the heart of downtown Willits.; Apartment upstairs plus unfinished 2nd apartment for income potential.
