For Sale
$399,000
475 N Forbes St, Lakeport, CA 95453
Medical Office Space
Property Size2,000 SF
Lot Size0.22 Acres
Days on Market153
Property Features for 475 N Forbes St
General Information
Standard status
Active
Size
2,000 SF
Lot size
0.22 Acres
Property subtype
Commercial
Building Details
Building Size
2,000 SF
Year Built
1950
Listing Agency:
Konocti Realty
(707) 262-1338
Listed By:
Gary Olson · License #01071988
Source:
Elliman
Added: Mar 10
Changed: Jul 10
Last Checked: Jul 10 at 3:48PM
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 Konocti Realty
Investment Insights
Based on property information with market context.
Key Highlights
- Prime downtown Lakeport location, just 2 blocks from the courthouse and business district.
- Renovated commercial/residential opportunity with two separate buildings.
- Front building is equipped as a medical clinic featuring a waiting area, 3 rooms, bathroom, and kitchen.
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
$36,577
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
9.17%
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%
$731,540
$731.5K
Cap Rate 7%
$522,529
$522.5K
Cap Rate 9%
$406,411
$406.4K
Market Conditions
NOI Build-Up for 2,000 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
$66.5K $33.24/SF
− Vacancy
−$5.5K −$2.76/SF
EGI
$61.0K $30.48/SF
− OpEx
−$24.4K −$12.19/SF
NOI
$36.6K $18.29/SF
Area
Lake County, CA
Vacancy
8.30%
Lease Rate
$33.24 /SF/Yr
Expense Ratio
40.00%
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%
$731,540
Cap Rate 7%
$522,529
Cap Rate 9%
$406,411
Alternative Uses
Best Use
Office B
$601.6K
$526.4K – $701.9K
NOI $42,114 @ 7.0% cap · market cap 10.55%
Second Best
Healthcare Medical
$522.5K
$457.2K – $609.6K
NOI $36,577 @ 7.0% cap · market cap 9.17%
Theoretical Best
Office A
$802.7K
$702.4K – $936.5K
NOI $56,190 @ 7.0% cap · market cap 14.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
445
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95453, CA
11,978
Population
5,488
Households
2.2
Avg Household Size
48
Median Age
24%
College-Educated
93%
High-School Grad
87.0 sq mi
ZIP Area
138
Density / Sq Mi
$66,775
Median Household Income
$44,929
Median Earnings
$1,091
Median Rent
$371,100
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
Where is this medical office space located?
The property is located at 475 N Forbes St Lakeport, CA.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Prime downtown Lakeport location, just 2 blocks from the courthouse and business district.; Renovated commercial/residential opportunity with two separate buildings.; Front building is equipped as a medical clinic featuring a waiting area, 3 rooms, bathroom, and kitchen.
