Mixed-Use Property with Bay
For Sale
$1,900,000
537 Highway 1, Bodega Bay, CA 94923
Three leased commercial suites and a vacant apartment at closing support a varied mixed-use configuration.
Property Size4,698 SF
Days on Market51
Property Features for 537 Highway 1
General Information
Standard status
Active
Size
4,698 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
panoramic bay views
on-site parking
Building Details
Building Size
4,698 SF
Year Built
1984
Stories
2
Units
4
Tenancy
Multi
Listed By:
Rick Burg
(707) 529-6021
Source:
Elliman
Added: Sep 12
Changed: Oct 31
Last Checked: Oct 30 at 3:36PM
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 Rick Burg
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Investment Insights
Based on property information with market context.
Built in 1984, this mixed-use property combines three commercial spaces with an upstairs residential apartment. The commercial suites are occupied by the United States Postal Service, The Dog House restaurant, and Captain Davey's Espresso & Ice Cream. The apartment is scheduled to be delivered vacant at closing, while the commercial spaces remain leased to established occupants.
The property is located at 537 Highway 1 in Bodega Bay, with panoramic views extending across Bodega Bay, Bodega Head, and the Doran Peninsula. On-site and street parking serve the commercial uses and visitors. Tenant operating histories include The Dog House since 1986, the post office since 1991, and Captain Davey's at the property since 2008.
The property is located at 537 Highway 1 in Bodega Bay, with panoramic views extending across Bodega Bay, Bodega Head, and the Doran Peninsula. On-site and street parking serve the commercial uses and visitors. Tenant operating histories include The Dog House since 1986, the post office since 1991, and Captain Davey's at the property since 2008.
Key Highlights
- Three leased commercial spaces with the United States Postal Service, The Dog House, and Captain Davey's Espresso & Ice Cream
- Upstairs residential apartment to be delivered vacant at closing
- Panoramic views of Bodega Bay, Bodega Head, and the Doran Peninsula
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$89,114
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,782,280
$1.8M
Cap Rate 7%
$1,273,057
$1.3M
Cap Rate 9%
$990,156
$990.2K
Market Conditions
NOI Build-Up for 4,698 SF
Gross rent
$124.0K $26.40/SF
− Vacancy
−$5.2K −$1.11/SF
EGI
$118.8K $25.29/SF
− OpEx
−$29.7K −$6.32/SF
NOI
$89.1K $18.97/SF
Area
Sonoma County, CA
Vacancy
4.20%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,782,280
Cap Rate 7%
$1,273,057
Cap Rate 9%
$990,156
Alternative Uses
Best Use
Specialty Retail
$1.27M
$1.11M – $1.49M
NOI $89,114 @ 7.0% cap · market cap 4.69%
Second Best
Mixed Use
$885.9K
$775.2K – $1.03M
NOI $62,014 @ 7.0% cap · market cap 3.26%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
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Business Placement
Demographics for 94923, CA
1,287
Population
1,353
Households
1
Avg Household Size
61
Median Age
44%
College-Educated
89%
High-School Grad
19.3 sq mi
ZIP Area
67
Density / Sq Mi
$41,969
Median Earnings
$1,540
Median Rent
$1,177,900
Median Home Value
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Market
Vacancy Rate% for Retail in West region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Three leased commercial suites and a vacant apartment at closing support a varied mixed-use configuration.
Where is this mixed-use property located?
The property is located at 537 Highway 1 Bodega Bay, CA.
What is the asking price?
The asking price for this property is $1,900,000.
What are key features of this property?
This property features: Three leased commercial spaces with the United States Postal Service, The Dog House, and Captain Davey's Espresso & Ice Cream; Upstairs residential apartment to be delivered vacant at closing; Panoramic views of Bodega Bay, Bodega Head, and the Doran Peninsula
