Fenced Flex Building with Covered
New
For Sale
$549,000
309 W 15th Street, Eureka, CA 95501
Corner commercial property with dual-street access, secure fencing, shop space, offices, storage, and covered concrete work areas.
Property Size2,664 SF
Price / SF$206.08
Days on Market3
Property Features for 309 W 15th Street
General Information
Standard status
Active
Size
2,664 SF
Property subtype
Commercial
Amenities
Concrete Flooring
Natural Gas Heating
Vinyl Flooring
Listing Agency:
COLDWELL BANKER CUTTEN REALTY
(707) 445-8811
Listed By:
MICHELA KIRK · License #02106748
(707) 601-1688
Source:
Corcoran
Added: Sep 15
Changed: Sep 17
Last Checked: Sep 16 at 2:13PM
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 CUTTEN REALTY
Investment Insights
Based on property information with market context.
This flex property at 309 W 15th Street includes a fully fenced 7,405 sq. ft. corner lot and an approximately 2,664 sq. ft. all-steel building. The improvements include a main shop, multiple overhead doors, an office, two bathrooms, additional flex space, and upper-level storage. The building is currently used by an electrical contractor for shop operations, heavy equipment, and parts storage.
Access is available from both W. 15th Street and Summer Street. Approximately 2,992 sq. ft. of canopy-covered concrete space extends the usable work and storage area, with an additional approximately 1,440 sq. ft. concrete pad. The combination of enclosed shop space, covered exterior areas, storage, and secure fencing supports the property's current commercial configuration.
Access is available from both W. 15th Street and Summer Street. Approximately 2,992 sq. ft. of canopy-covered concrete space extends the usable work and storage area, with an additional approximately 1,440 sq. ft. concrete pad. The combination of enclosed shop space, covered exterior areas, storage, and secure fencing supports the property's current commercial configuration.
Key Highlights
- Fully fenced 7,405 sq. ft. corner lot
- Approximately 2,664 sq. ft. all‑steel building
- Approximately 2,992 sq. ft. of canopy‑covered concrete space
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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Open Analytics
Current Use
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
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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 - Corner commercial property with dual-street access, secure fencing, shop space, offices, storage, and covered concrete work areas.
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: Fully fenced 7,405 sq. ft. corner lot; Approximately 2,664 sq. ft. all‑steel building; Approximately 2,992 sq. ft. of canopy‑covered concrete space
