Mixed-Use Building with
For Sale
$599,000
321 Franklin Street, Fort Bragg, CA 95437
Ground-floor commercial area includes rear offices and storage, alongside three tenant-occupied apartments with separate entrances.
Property Size6,150 SF
Price / SF$97.40
Days on Market293
Property Features for 321 Franklin Street
General Information
Standard status
Active
Size
6,150 SF
Property subtype
Mixed Use
Amenities
3
BS
2 Parking Spaces. Carport.
Rectangular
Rectangular.
Building Details
Year Built
1906
Listing Agency:
Engel & Voelkers Mendocino
(707) 937-5071
Listed By:
Claire Amanno · License #02055686
Source:
Xome
Added: Nov 10, 2025
Changed: Aug 29
Last Checked: Aug 29 at 1:22PM
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 Engel & Voelkers Mendocino
Investment Insights
Based on property information with market context.
Located at 321 Franklin Street in Fort Bragg, this 6,150-square-foot mixed-use building dates to 1906 and combines a commercial ground floor with three residential apartments. The public-facing portion of the ground floor has been gutted, while rear office and storage areas remain intact. Separate access serves the business area and the apartments from the alley side.
Recent property work includes new wiring, an on-demand water heater, and a propane line connected to a shared tank with the neighboring property. The three apartments are tenant occupied and positioned upstairs on the alley side. The property also includes a carport with 2-car parking. Showings are available by appointment with the listing agent accompanying the visit.
Recent property work includes new wiring, an on-demand water heater, and a propane line connected to a shared tank with the neighboring property. The three apartments are tenant occupied and positioned upstairs on the alley side. The property also includes a carport with 2-car parking. Showings are available by appointment with the listing agent accompanying the visit.
Key Highlights
- 6,150‑square‑foot mixed‑use building constructed in 1906
- Three tenant‑occupied residential apartments on the upper level
- Gutted ground‑floor public‑facing area with rear offices and storage intact
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
$52,331
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
8.74%
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%
$1,046,620
$1.0M
Cap Rate 7%
$747,586
$747.6K
Cap Rate 9%
$581,456
$581.5K
Market Conditions
NOI Build-Up for 6,150 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
$99.6K $16.20/SF
− Vacancy
−$4.5K −$0.73/SF
EGI
$95.1K $15.47/SF
− OpEx
−$42.8K −$6.96/SF
NOI
$52.3K $8.51/SF
Area
Mendocino County, CA
Vacancy
4.50%
Lease Rate
$16.20 /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%
$1,046,620
Cap Rate 7%
$747,586
Cap Rate 9%
$581,456
Alternative Uses
Best Use
Mixed Use
$1.07M
$934.0K – $1.25M
NOI $74,723 @ 7.0% cap · market cap 12.47%
Second Best
Multifamily LT 5
$812.5K
$710.9K – $947.9K
NOI $56,872 @ 7.0% cap · market cap 9.49%
Theoretical Best
Flex RnD
$2.30M
$2.01M – $2.68M
NOI $160,949 @ 7.0% cap · market cap 26.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
Explore this area
Business Placement
Demographics for 95437, CA
14,608
Population
7,654
Households
1.9
Avg Household Size
48
Median Age
26%
College-Educated
86%
High-School Grad
177.4 sq mi
ZIP Area
82
Density / Sq Mi
$55,061
Median Household Income
$35,860
Median Earnings
$1,367
Median Rent
$541,400
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 - Ground-floor commercial area includes rear offices and storage, alongside three tenant-occupied apartments with separate entrances.
Where is this mixed-use property located?
The property is located at 321 Franklin Street Fort Bragg, CA.
What is the asking price?
The asking price for this property is $599,000.
What are key features of this property?
This property features: 6,150‑square‑foot mixed‑use building constructed in 1906; Three tenant‑occupied residential apartments on the upper level; Gutted ground‑floor public‑facing area with rear offices and storage intact
