Multi-Tenant Storefront
For Sale
$2,250,000
45040 Main St, Mendocino, CA 95460
Multiple buildings support five established tenants, including a restaurant with a full bar and Pacific Ocean views.
Property Size7,378 SF
Price / SF$304.96
Days on Market45
Property Features for 45040 Main St
General Information
Standard status
Active
Size
7,378 SF
Additional Details
Utilities to Site
Yes
Amenities
panoramic views
pond
winding pathway
excellent well with water storage tank
public sewer system
Building Details
Tenancy
Multi
Listing Agency:
Pamela Hudson Real Estate
(707) 813-0813
Listed By:
Pam Hudson · License #01036573
Source:
Myfabuloushome
Added: Jul 16
Changed: Aug 27
Last Checked: Aug 28 at 1:08PM
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 Pamela Hudson Real Estate
Investment Insights
Based on property information with market context.
This multi-building storefront property includes five separate tenant spaces, anchored by an established restaurant operation. The upstairs Flow restaurant features a full bar and panoramic views of the Pacific Ocean. The property is professionally managed and includes an on-site well with water storage, along with service from the public sewer system.
The property adjoins the Kelley House Museum, with a pond situated between the two properties. An access path runs from Albion Street along the northern boundary down to Main Street, creating a distinct approach to the individual business units.
The property adjoins the Kelley House Museum, with a pond situated between the two properties. An access path runs from Albion Street along the northern boundary down to Main Street, creating a distinct approach to the individual business units.
Key Highlights
- Multi‑building storefront property with five separate tenants
- Upstairs Flow restaurant includes a full bar and panoramic Pacific Ocean views
- Next to the Kelley House Museum, with a pond between the properties
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
$184,644
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
8.21%
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%
$3,692,880
$3.7M
Cap Rate 7%
$2,637,771
$2.6M
Cap Rate 9%
$2,051,600
$2.1M
Market Conditions
NOI Build-Up for 7,378 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
$274.5K $37.20/SF
− Vacancy
−$28.3K −$3.83/SF
EGI
$246.2K $33.37/SF
− OpEx
−$61.5K −$8.34/SF
NOI
$184.6K $25.03/SF
Area
Mendocino County, CA
Vacancy
10.30%
Lease Rate
$37.20 /SF/Yr
Expense Ratio
25.00%
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%
$3,692,880
Cap Rate 7%
$2,637,771
Cap Rate 9%
$2,051,600
Alternative Uses
Best Use
Specialty Retail
$2.64M
$2.31M – $3.08M
NOI $184,644 @ 7.0% cap · market cap 8.21%
Second Best
Retail
$206.5K
$180.7K – $240.9K
NOI $14,454 @ 7.0% cap · market cap 0.64%
Theoretical Best
Flex RnD
$2.76M
$2.41M – $3.22M
NOI $193,086 @ 7.0% cap · market cap 8.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95460, CA
2,364
Population
1,401
Households
1.7
Avg Household Size
59
Median Age
40%
College-Educated
93%
High-School Grad
34.6 sq mi
ZIP Area
68
Density / Sq Mi
$68,478
Median Household Income
$42,760
Median Earnings
$1,908
Median Rent
$666,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Terry's florist — Mendocino, CA 95460
- La Martiné Flowers — 44650 little lake rd, mendocino, ca 95460
Frequently Asked Questions
What type of property is this?
Storefront property - Multiple buildings support five established tenants, including a restaurant with a full bar and Pacific Ocean views.
Where is this storefront property located?
The property is located at 45040 Main St Mendocino, CA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Multi‑building storefront property with five separate tenants; Upstairs Flow restaurant includes a full bar and panoramic Pacific Ocean views; Next to the Kelley House Museum, with a pond between the properties
