Two-Suite Storefront
New
For Sale
$499,000
704 N State St, Ukiah, CA 95482
Two distinct commercial suites offer separate entrances, natural light, and onsite parking.
Property Size1,770 SF
Lot Size0.76 Acres
Price / SF$281.92
Days on Market2
Property Features for 704 N State St
General Information
Standard status
Active
Size
1,770 SF
Lot size
0.76 Acres
Property subtype
Commercial
Property Condition
Severity
Repairs Needed
Evidence
both currently needing some TLC
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Office Units
2
Amenities
onsite parking lot
front porch
fireplace
Building Details
Building Size
1,770 SF
Year Built
1910
Buildings
3
Stories
1
Construction
craftsman
Tenancy
Multi
Listing Agency:
W Real Estate
Listed By:
Todd Schapmire · License #01414195
(707) 570-9855
Source:
Elliman
Added: Sep 11
Last Checked: Sep 11 at 6:21AM
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 W Real Estate
Investment Insights
Based on property information with market context.
Built in 1910, this approximately 1,770-square-foot storefront property occupies 0.76 acres along North State Street. The building contains two separately accessed commercial suites. The front space is configured as a salon with laminate hardwood floors and a front porch, while the rear suite includes a reception and waiting area, fireplace, private offices, kitchenette, and bathroom. A detached cottage of approximately 322 square feet and a detached garage add additional structures for renovation or repurposing.
The property includes a spacious onsite parking lot and sits on State Street in Ukiah, a corridor connecting Highway 101 with the city center. Its address at 704 N State places the building within reach of downtown shops, restaurants, and municipal offices. The two-suite layout accommodates a range of existing and potential commercial uses, including retail, professional services, medical office, and general office space.
The property includes a spacious onsite parking lot and sits on State Street in Ukiah, a corridor connecting Highway 101 with the city center. Its address at 704 N State places the building within reach of downtown shops, restaurants, and municipal offices. The two-suite layout accommodates a range of existing and potential commercial uses, including retail, professional services, medical office, and general office space.
Key Highlights
- 0.76‑acre storefront property at 704 N State, Ukiah, CA 95482
- Approximately 1,770 square feet with two separately accessed commercial suites
- Front suite includes salon improvements, laminate hardwood floors, and a front porch
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
$39,364
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
7.89%
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%
$787,280
$787.3K
Cap Rate 7%
$562,343
$562.3K
Cap Rate 9%
$437,378
$437.4K
Market Conditions
NOI Build-Up for 1,770 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
$76.5K $43.20/SF
− Vacancy
−$10.9K −$6.13/SF
EGI
$65.6K $37.07/SF
− OpEx
−$26.2K −$14.83/SF
NOI
$39.4K $22.24/SF
Area
Mendocino County, CA
Vacancy
14.20%
Lease Rate
$43.20 /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%
$787,280
Cap Rate 7%
$562,343
Cap Rate 9%
$437,378
Alternative Uses
Best Use
Healthcare Medical
$562.3K
$492.1K – $656.1K
NOI $39,364 @ 7.0% cap · market cap 7.89%
Second Best
Office B
$367.1K
$321.2K – $428.3K
NOI $25,696 @ 7.0% cap · market cap 5.15%
Theoretical Best
Flex RnD
$661.7K
$579.0K – $772.0K
NOI $46,322 @ 7.0% cap · market cap 9.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Office units
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,465
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in West region
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Frequently Asked Questions
What type of property is this?
Storefront property - Two distinct commercial suites offer separate entrances, natural light, and onsite parking.
Where is this storefront property located?
The property is located at 704 N State St Ukiah, CA.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: 0.76‑acre storefront property at 704 N State, Ukiah, CA 95482; Approximately 1,770 square feet with two separately accessed commercial suites; Front suite includes salon improvements, laminate hardwood floors, and a front porch
