Private Garden Apartment
For Sale
$2,200,000
649 Leslie St, Ukiah, CA 95482
Twelve-unit garden apartment complex with fenced yards, covered carports with storage, and on-site laundry.
Property Size9,660 SF
Days on Market50
Property Features for 649 Leslie St
General Information
Standard status
Active
Size
9,660 SF
Property subtype
Multi-Family
Additional Details
Business Included
Yes
Multifamily Units
12
Building Details
Building Size
9,660 SF
Year Built
1965
Listing Agency:
Coldwell Banker Mendo Realty
(707) 462-5400
Listed By:
Marcia Morgan Lazaro · License #01915451
Source:
Commercialcafe
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 31 at 1:34PM
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 Coldwell Banker Mendo Realty
Investment Insights
Based on property information with market context.
This well-maintained private garden apartment complex includes twelve units arranged in four triplexes across four separate legal parcels. The property features 2-bedroom, 1-bath units with an eat-in kitchen and an open interior feel, and each unit has an individual fenced front or back yard. Covered parking is provided via carports at the front of the property, along with storage closets, and on-site laundry rooms support day-to-day convenience. The complex is described as very clean, with many recent upgrades.
The building is conveniently located in Central Ukiah near shopping, schools, and freeway access.
Each unit is reported to be approximately 805+/- square feet.
The building is conveniently located in Central Ukiah near shopping, schools, and freeway access.
Each unit is reported to be approximately 805+/- square feet.
Key Highlights
- Twelve‑unit garden apartment complex built in 1965, arranged as four triplexes
- Four separate legal parcels
- All units are 2 bed, 1 bath with 805+/- SF and include an eat‑in 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
$82,197
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
3.74%
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%
$1,643,940
$1.6M
Cap Rate 7%
$1,174,243
$1.2M
Cap Rate 9%
$913,300
$913.3K
Market Conditions
NOI Build-Up for 9,660 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
$156.5K $16.20/SF
− Vacancy
−$7.0K −$0.73/SF
EGI
$149.4K $15.47/SF
− OpEx
−$67.3K −$6.96/SF
NOI
$82.2K $8.51/SF
Area
Mendocino County, CA
Vacancy
4.50%
Lease Rate
$16.20 /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%
$1,643,940
Cap Rate 7%
$1,174,243
Cap Rate 9%
$913,300
Alternative Uses
Best Use
Apartment 5plus
$1.17M
$1.03M – $1.37M
NOI $82,197 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$3.61M
$3.16M – $4.21M
NOI $252,808 @ 7.0% cap · market cap 11.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,017
Businesses Nearby
Explore this area
Business Placement
Demographics for 95482, CA
33,276
Population
13,143
Households
2.5
Avg Household Size
39
Median Age
21%
College-Educated
84%
High-School Grad
294.2 sq mi
ZIP Area
113
Density / Sq Mi
$70,063
Median Household Income
$38,707
Median Earnings
$1,335
Median Rent
$473,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Twelve-unit garden apartment complex with fenced yards, covered carports with storage, and on-site laundry.
Where is this apartment building located?
The property is located at 649 Leslie St Ukiah, CA.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Twelve‑unit garden apartment complex built in 1965, arranged as four triplexes; Four separate legal parcels; All units are 2 bed, 1 bath with 805+/- SF and include an eat‑in kitchen
