Neighborhood Retail Building with 4
For Sale
$419,000
318 W Harris Street, Eureka, CA 95503
Four-unit neighborhood retail property at a high-traffic intersection with off-street parking and leased retail and residences.
Property Size4,000 SF
Price / SF$104.75
Days on Market56
Property Features for 318 W Harris Street
General Information
Standard status
Active
Size
4,000 SF
Property subtype
Commercial
Additional Details
Multifamily Units
2
Building Details
Tenancy
Multi
Listing Agency:
COMMUNITY REALTY /CM
(707) 498-3830
Listed By:
CHARLES MCCANN · License #01066580
Source:
Corcoran
Added: Jun 18
Changed: Aug 11
Last Checked: Aug 12 at 6:34AM
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 COMMUNITY REALTY /CM
Investment Insights
Based on property information with market context.
This neighborhood commercial building includes four separate units. The lower front unit is a retail shop with an existing lease. The lower rear unit is leased as a garage/shop, and the two leased apartments are located upstairs. Off-street parking is available, and a new roof will be installed when weather permits.
The property is positioned at a high-traffic intersection on Harris and Union, across from the former Poletski’s Appliance store. It is offered for sale as the building only; the retail business operating in the leased retail space is not for sale.
For buyers seeking a mixed-income neighborhood asset, the combination of a leased retail storefront, a leased garage/shop, and two leased apartments may appeal as an income-focused setup. The seller indicates that owner may carry, and appointments are required to view the property.
The property is positioned at a high-traffic intersection on Harris and Union, across from the former Poletski’s Appliance store. It is offered for sale as the building only; the retail business operating in the leased retail space is not for sale.
For buyers seeking a mixed-income neighborhood asset, the combination of a leased retail storefront, a leased garage/shop, and two leased apartments may appeal as an income-focused setup. The seller indicates that owner may carry, and appointments are required to view the property.
Key Highlights
- Neighborhood commercial, 4 separate units at a high‑traffic intersection on Harris and Union
- Lower front unit is a retail shop with an active lease; retail business not for sale
- Lower rear unit is leased as a garage/shop, and the two upstairs units are leased apartments
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
$23,335
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
5.57%
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%
$466,700
$466.7K
Cap Rate 7%
$333,357
$333.4K
Cap Rate 9%
$259,278
$259.3K
Market Conditions
NOI Build-Up for 4,000 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
$36.0K $9.00/SF
− Vacancy
−$2.7K −$0.67/SF
EGI
$33.3K $8.33/SF
− OpEx
−$10.0K −$2.50/SF
NOI
$23.3K $5.83/SF
Area
Humboldt County, CA
Vacancy
7.40%
Lease Rate
$9.00 /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%
$466,700
Cap Rate 7%
$333,357
Cap Rate 9%
$259,278
Alternative Uses
Best Use
Retail
$1.33M
$1.17M – $1.56M
NOI $93,432 @ 7.0% cap · market cap 22.30%
Second Best
Industrial
$333.4K
$291.7K – $388.9K
NOI $23,335 @ 7.0% cap · market cap 5.57%
Theoretical Best
Flex RnD
$1.51M
$1.32M – $1.76M
NOI $105,740 @ 7.0% cap · market cap 25.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
514
Businesses Nearby
Explore this area
Business Placement
Demographics for 95503, CA
24,488
Population
10,738
Households
2.3
Avg Household Size
42
Median Age
29%
College-Educated
91%
High-School Grad
83.7 sq mi
ZIP Area
293
Density / Sq Mi
$76,708
Median Household Income
$36,822
Median Earnings
$1,485
Median Rent
$411,500
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Four-unit neighborhood retail property at a high-traffic intersection with off-street parking and leased retail and residences.
Where is this retail space located?
The property is located at 318 W Harris Street Eureka, CA.
What is the asking price?
The asking price for this property is $419,000.
What are key features of this property?
This property features: Neighborhood commercial, 4 separate units at a high‑traffic intersection on Harris and Union; Lower front unit is a retail shop with an active lease; retail business not for sale; Lower rear unit is leased as a garage/shop, and the two upstairs units are leased apartments
