Mixed-Use Retail and Residential
For Sale
$550,000
511 + 515 Henderson Street, Eureka, CA 95501
Two small retail units and three one-bedroom apartments offer a manageable mixed-use setup with separate utility meters.
Property Size2,510 SF
Price / SF$219.12
Days on Market361
Property Features for 511 + 515 Henderson Street
General Information
Standard status
Active
Size
2,510 SF
Property subtype
Commercial
Additional Details
Multifamily Units
2
Amenities
Carpeted Flooring
Forced Air Heating
Space Heating
Vinyl Flooring
Wall Heating
Listing Agency:
C.B. COMMERCIAL PACIFIC PARTNERS REAL ESTATE
(707) 442-2222
Listed By:
JB MATHERS · License #01872025
Source:
Corcoran
Added: Aug 27, 2025
Changed: Aug 11
Last Checked: Aug 22 at 7:10AM
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 C.B. COMMERCIAL PACIFIC PARTNERS REAL ESTATE
Investment Insights
Based on property information with market context.
The Henderson Center mixed-use property includes two small retail units and three one-bedroom, one-bath residential apartments. Each unit has its own PGE meter for electricity and gas, supporting straightforward, unit-level utility management. One car garage is attached to Apt B.
The property is located at 511 + 515 Henderson Street in Eureka, CA 95501. It is configured as a mixed retail and residential asset, combining street-facing retail space with attached residential improvements.
For buyers seeking an owner-operator or investment structure, the tenant mix is designed around three residential units plus two retail spaces, with utility separation by unit. The retail units are described as easy to lease, and the current tenant profile is noted as very good, with residents interested in staying in their respective units. The layout supports day-to-day ownership oversight across retail and residential uses within a single building setup.
The property is located at 511 + 515 Henderson Street in Eureka, CA 95501. It is configured as a mixed retail and residential asset, combining street-facing retail space with attached residential improvements.
For buyers seeking an owner-operator or investment structure, the tenant mix is designed around three residential units plus two retail spaces, with utility separation by unit. The retail units are described as easy to lease, and the current tenant profile is noted as very good, with residents interested in staying in their respective units. The layout supports day-to-day ownership oversight across retail and residential uses within a single building setup.
Key Highlights
- Mixed‑use property with 2 small retail units and 3 one‑bedroom, 1‑bath residential apartments
- Each unit has its own PGE meter for electricity and gas
- One car garage attached to Apt B
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
$29,888
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
5.43%
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%
$597,760
$597.8K
Cap Rate 7%
$426,971
$427.0K
Cap Rate 9%
$332,089
$332.1K
Market Conditions
NOI Build-Up for 2,510 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
$58.4K $23.28/SF
− Vacancy
−$4.1K −$1.63/SF
EGI
$54.3K $21.65/SF
− OpEx
−$24.5K −$9.74/SF
NOI
$29.9K $11.91/SF
Area
Humboldt County, CA
Vacancy
7.00%
Lease Rate
$23.28 /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%
$597,760
Cap Rate 7%
$426,971
Cap Rate 9%
$332,089
Alternative Uses
Best Use
Retail
$837.5K
$732.9K – $977.1K
NOI $58,628 @ 7.0% cap · market cap 10.66%
Second Best
Apartment 5plus
$427.0K
$373.6K – $498.1K
NOI $29,888 @ 7.0% cap · market cap 5.43%
Theoretical Best
Flex RnD
$947.9K
$829.4K – $1.11M
NOI $66,352 @ 7.0% cap · market cap 12.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
574
Businesses Nearby
Explore this area
Business Placement
Demographics for 95501, CA
23,323
Population
10,577
Households
2.2
Avg Household Size
38
Median Age
34%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
3,195
Density / Sq Mi
$55,076
Median Household Income
$34,476
Median Earnings
$1,151
Median Rent
$389,900
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?
Mixed-use property - Two small retail units and three one-bedroom apartments offer a manageable mixed-use setup with separate utility meters.
Where is this mixed-use property located?
The property is located at 511 + 515 Henderson Street Eureka, CA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Mixed‑use property with 2 small retail units and 3 one‑bedroom, 1‑bath residential apartments; Each unit has its own PGE meter for electricity and gas; One car garage attached to Apt B
