Fenced Flex Space with Covered
New
For Sale
$549,000
309 W 15th Street, Eureka, CA 95501
Commercial Sale, Eureka, CA
Property Size2,664 SF
Lot Size0.17 Acres
Price / SF$206.08
Days on Market3
Property Features for 309 W 15th Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking features
Offsite
Interior features
Handicap Access, Handicap Restroom
Accessibility
Accessible Approach with Ramp
Directions
Corner of 15th & Summer
Subdivision
South Bay
Standard status
Active
APN
004-073-002
Size
2,664 SF
Lot size
0.17 Acres
Building Details
Flooring type
Vinyl, Concrete
Building materials
Metal Siding
Roof type
Metal
Listing Agency:
Coldwell Banker Cutten Realty · Coldwell Banker Real Estate
(707) 445-8811
Listed By:
Michela Kirk · License #02106748
(707) 601-1688
Added: Sep 14
Last Checked: Sep 16 at 12:06AM
MLS# 273351
Copyright © 2026 Humboldt Association of Realtors. 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 flex-space property combines an approximately 2,664-square-foot all-steel building with extensive covered and paved work areas. The interior includes a main shop, multiple overhead doors, an office, two bathrooms, additional flex space, and upper-level storage. Metal siding, a metal roof, concrete and vinyl flooring, and an accessible approach with ramp are among the documented features.
The fully fenced 7,405-square-foot corner lot is positioned at W. 15th and Summer Street in Eureka, with entry available from both streets. Approximately 2,992 square feet of canopy-covered concrete space expands the usable shop and storage area, while an additional approximately 1,440-square-foot concrete pad provides more hard-surface workspace. The property is zoned Commercial and is currently used by an electrical contractor for shop operations, heavy equipment, and parts storage.
The fully fenced 7,405-square-foot corner lot is positioned at W. 15th and Summer Street in Eureka, with entry available from both streets. Approximately 2,992 square feet of canopy-covered concrete space expands the usable shop and storage area, while an additional approximately 1,440-square-foot concrete pad provides more hard-surface workspace. The property is zoned Commercial and is currently used by an electrical contractor for shop operations, heavy equipment, and parts storage.
Key Highlights
- Approximately 2,664 SF all‑steel flex‑space building
- Fully fenced 7,405 sq. ft. corner lot at W. 15th and Summer Street
- Approximately 2,992 sq. ft. of canopy‑covered concrete workspace
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
$18,872
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
3.44%
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%
$377,440
$377.4K
Cap Rate 7%
$269,600
$269.6K
Cap Rate 9%
$209,689
$209.7K
Market Conditions
NOI Build-Up for 2,664 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
$24.0K $9.00/SF
− Vacancy
−$1.8K −$0.67/SF
EGI
$22.2K $8.33/SF
− OpEx
−$3.3K −$1.25/SF
NOI
$18.9K $7.08/SF
Area
Humboldt County, CA
Vacancy
7.40%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$377,440
Cap Rate 7%
$269,600
Cap Rate 9%
$209,689
Alternative Uses
Best Use
Flex RnD
$1.01M
$880.3K – $1.17M
NOI $70,423 @ 7.0% cap · market cap 12.83%
Second Best
Warehouse
$269.6K
$235.9K – $314.5K
NOI $18,872 @ 7.0% cap · market cap 3.44%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
791
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95501, CA
23,323
Population
10,577
Households
2.2
Avg Household Size
38
Median Age
34%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
3,195
Density / Sq Mi
$55,076
Median Household Income
$34,476
Median Earnings
$1,151
Median Rent
$389,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in West region
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Frequently Asked Questions
What type of property is this?
Flex space - All-steel commercial building with shop, office, bathrooms, and upper-level storage.
Where is this flex space located?
The property is located at 309 W 15th Street Eureka, CA.
What is the asking price?
The asking price for this property is $549,000.
What are key features of this property?
This property features: Approximately 2,664 SF all‑steel flex‑space building; Fully fenced 7,405 sq. ft. corner lot at W. 15th and Summer Street; Approximately 2,992 sq. ft. of canopy‑covered concrete workspace
