Mixed-Use Building with Residential
For Sale
Contact for pricing
27820 Dorris Drive, Carmel, CA 93923
Two-story building offers ground-floor commercial space with a residential apartment on the second floor.
Property Size3,400 SF
Lot Size0.19 Acres
Price / SF$441.18
Days on Market51
Property Features for 27820 Dorris Drive
General Information
Standard status
Active
Size
3,400 SF
Total Parking Spaces
10
Lot size
0.19 Acres
Property subtype
Mixed Use
Zoning
Commercial Office
Occupancy
100%
Additional Details
Multifamily Units
1
Building Details
Year Built
1984
Stories
2
Tenancy
Multi
Listing Agency:
Mahoney & Associates
Listed By:
Patrick Stafford · License #01857243
(831) 238-3592
Source:
Crexi
Added: Jul 16
Changed: Aug 22
Last Checked: Sep 3 at 7:28AM
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 Mahoney & Associates
Investment Insights
Based on property information with market context.
This well-maintained two-story mixed-use building combines commercial space on the ground floor with a residential apartment on the second floor. The property is positioned on a parcel that supports both uses within the same structure.
The offering is located at 27820 Dorris Dr. in the Mid-Valley commercial district of Carmel. The configuration provides a straightforward live-in or income-supporting setup for an owner-operator or investor.
The building totals approximately 3,400 square feet and is presented for sale.
The offering is located at 27820 Dorris Dr. in the Mid-Valley commercial district of Carmel. The configuration provides a straightforward live-in or income-supporting setup for an owner-operator or investor.
The building totals approximately 3,400 square feet and is presented for sale.
Key Highlights
- Two‑story mixed‑use commercial property built in 1984
- Approx. 3,400 SF building with ground‑floor commercial space and a residential apartment on the second floor
- Located in the Mid‑Valley commercial district of Carmel
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
$54,698
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
3.65%
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%
$1,093,960
$1.1M
Cap Rate 7%
$781,400
$781.4K
Cap Rate 9%
$607,756
$607.8K
Market Conditions
NOI Build-Up for 3,400 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
$102.0K $30.00/SF
− Vacancy
−$2.6K −$0.75/SF
EGI
$99.5K $29.25/SF
− OpEx
−$44.8K −$13.16/SF
NOI
$54.7K $16.09/SF
Area
Monterey County, CA
Vacancy
2.50%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
45.00%
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%
$1,093,960
Cap Rate 7%
$781,400
Cap Rate 9%
$607,756
Alternative Uses
Best Use
Apartment 5plus
$781.4K
$683.7K – $911.6K
NOI $54,698 @ 7.0% cap · market cap 3.65%
Second Best
Mixed Use
$670.3K
$586.5K – $782.0K
NOI $46,920 @ 7.0% cap · market cap 3.13%
Theoretical Best
Specialty Retail
$1.30M
$1.14M – $1.51M
NOI $90,876 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
204
Businesses Nearby
Explore this area
Business Placement
Demographics for 93923, CA
12,338
Population
7,108
Households
1.7
Avg Household Size
60
Median Age
65%
College-Educated
95%
High-School Grad
202.7 sq mi
ZIP Area
61
Density / Sq Mi
$122,500
Median Household Income
$70,635
Median Earnings
$2,214
Median Rent
$1,570,800
Median Home Value
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-story building offers ground-floor commercial space with a residential apartment on the second floor.
Where is this mixed-use property located?
The property is located at 27820 Dorris Drive Carmel, 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: Two‑story mixed‑use commercial property built in 1984; Approx. 3,400 SF building with ground‑floor commercial space and a residential apartment on the second floor; Located in the Mid‑Valley commercial district of Carmel
