Historic Mixed-Use Landmark
For Sale
$500,000
424 Main Street, Ferndale, CA 95536
Victorian mixed-use building with a storefront, multiple office spaces, and two residential apartments under one roof.
Property Size3,335 SF
Price / SF$149.93
Days on Market223
Property Features for 424 Main Street
General Information
Standard status
Active
Size
3,335 SF
Property subtype
Commercial
Units
Multifamily Units
2
Office Units
5
Amenities
Carpeted Flooring
Forced Air Heating
Natural Gas Heating
Tile Flooring
Wall Heating
Wood Flooring
Building Details
Year Built
1914
Listing Agency:
EXP REALTY OF CALIFORNIA, INC.
(888) 584-9427
Listed By:
SARAH PICHULO · License #02118250
(707) 223-2213
Source:
Corcoran
Added: Feb 7
Changed: Sep 12
Last Checked: Sep 16 at 3:27PM
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 EXP REALTY OF CALIFORNIA, INC.
Investment Insights
Based on property information with market context.
Built in 1914, this iconic Victorian mixed-use property is listed on the National Register of Historic Places in Humboldt County as the Mullady Building. The building includes a 1,955-square-foot commercial storefront featuring tall ceilings, an open main room, and a glass storefront with windows designed to bring in natural light. In addition to the storefront, there are five office spaces, a laundry room, and a handicap-accessible bathroom.
The commercial unit is accessed from downtown Ferndale, and the residential apartments are tucked down the alley and up the stairs. The one-bedroom, one-bath “Apartment with the View” has windows overlooking Main Street and includes updated kitchen and bathroom. The two-bedroom, one-bath apartment offers an open floor plan, tile kitchen floors, granite countertops, and a classic clawfoot tub that reflects the building’s historic character.
For tenants, buyers, or operators seeking a mixed-use setup, the layout supports day-to-day working and business use on the ground level with separate residential units upstairs. The combination of a storefront, multiple offices, and two apartments allows flexible occupancy while keeping the building’s historic identity intact.
The commercial unit is accessed from downtown Ferndale, and the residential apartments are tucked down the alley and up the stairs. The one-bedroom, one-bath “Apartment with the View” has windows overlooking Main Street and includes updated kitchen and bathroom. The two-bedroom, one-bath apartment offers an open floor plan, tile kitchen floors, granite countertops, and a classic clawfoot tub that reflects the building’s historic character.
For tenants, buyers, or operators seeking a mixed-use setup, the layout supports day-to-day working and business use on the ground level with separate residential units upstairs. The combination of a storefront, multiple offices, and two apartments allows flexible occupancy while keeping the building’s historic identity intact.
Key Highlights
- Built in 1914, the Victorian Mullady Building (former Nilsen Feed) is listed on the National Register of Historic Places in Humboldt County
- Mixed‑use property totaling 3,335 SF with a 1,955 SF commercial storefront plus two residential apartments
- Commercial space features tall ceilings, a spacious open main room, and a glass storefront with windows for natural light
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
$33,767
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
6.75%
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%
$675,340
$675.3K
Cap Rate 7%
$482,386
$482.4K
Cap Rate 9%
$375,189
$375.2K
Market Conditions
NOI Build-Up for 3,335 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
$60.0K $18.00/SF
− Vacancy
−$6.0K −$1.80/SF
EGI
$54.0K $16.20/SF
− OpEx
−$20.3K −$6.07/SF
NOI
$33.8K $10.13/SF
Area
Humboldt County, CA
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$675,340
Cap Rate 7%
$482,386
Cap Rate 9%
$375,189
Alternative Uses
Best Use
Retail
$1.11M
$973.7K – $1.30M
NOI $77,899 @ 7.0% cap · market cap 15.58%
Second Best
Mixed Use
$482.4K
$422.1K – $562.8K
NOI $33,767 @ 7.0% cap · market cap 6.75%
Theoretical Best
Flex RnD
$1.26M
$1.10M – $1.47M
NOI $88,161 @ 7.0% cap · market cap 17.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
5
Office units
2
Residential units
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Explore this area
Business Placement
Demographics for 95536, CA
2,753
Population
1,548
Households
1.8
Avg Household Size
46
Median Age
24%
College-Educated
91%
High-School Grad
162.8 sq mi
ZIP Area
17
Density / Sq Mi
$66,563
Median Household Income
$36,948
Median Earnings
$1,239
Median Rent
$570,800
Median Home Value
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Market
Vacancy Rate% for Retail in West region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Victorian mixed-use building with a storefront, multiple office spaces, and two residential apartments under one roof.
Where is this mixed-use property located?
The property is located at 424 Main Street Ferndale, CA.
What is the asking price?
The asking price for this property is $500,000.
What are key features of this property?
This property features: Built in 1914, the Victorian Mullady Building (former Nilsen Feed) is listed on the National Register of Historic Places in Humboldt County; Mixed‑use property totaling 3,335 SF with a 1,955 SF commercial storefront plus two residential apartments; Commercial space features tall ceilings, a spacious open main room, and a glass storefront with windows for natural light
