Two-Suite Office
New
For Sale
$499,000
704 N State Street, Ukiah, CA 95482
Commercial Sale, Ukiah, CA
Property Size1,770 SF
Lot Size0.76 Acres
Price / SF$281.92
Days on Market3
Property Features for 704 N State Street
General Information
Property type
Commercial Sale
Property subtype
Office
Parking features
Open
Lot features
Landscape Front
Directions
From the south, take Hwy 101 to exit 549. West on E. Perkins Street. North on N. State Street. On the left at Ford Street. From the north, take Hwy 101 south to exit 551. South on State Street about 1 mile. On the right at Ford Street.
Subdivision
Ukiah
Standard status
Active
APN
0021142100
Lot size
0.76 Acres
Utilities
Cooling system
Central Air
Water source
Public
Amenities
front porch
natural light
fireplace
kitchenette
separate entrances
Building Details
Year built
1910
Floors in Building
1
Roof type
Shingle
Listing Agency:
W Real Estate
(707) 591-0570
Listed By:
Todd Schapmire · License #01414195
(707) 570-9855
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 5:06PM
MLS# 326074703
Copyright © 2026 Bay Area Real Estate Information Services, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This approximately 1,770-square-foot commercial bungalow is arranged as two distinct suites, each with a separate entrance and natural light. The front space is currently used as a salon and includes laminate hardwood flooring and a front porch. The rear suite, previously configured as a medical office, offers reception and waiting areas, a fireplace, private offices, a kitchenette, and a bathroom. Central air, public water, an open parking area, and a shingle roof are also included.
The property occupies 0.76 acres along North State Street in Ukiah, with direct exposure to the corridor connecting Highway 101 and the city center. Downtown shops, restaurants, and municipal offices are within reach. A detached 322-square-foot cottage and detached garage provide additional structures requiring work. The property was built in 1910.
The property occupies 0.76 acres along North State Street in Ukiah, with direct exposure to the corridor connecting Highway 101 and the city center. Downtown shops, restaurants, and municipal offices are within reach. A detached 322-square-foot cottage and detached garage provide additional structures requiring work. The property was built in 1910.
Key Highlights
- Two separate commercial suites with individual entrances
- Approximately 1,770 square feet on 0.76 acres
- Rear suite includes reception, waiting area, private offices, kitchenette, bathroom, and fireplace
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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Open Analytics
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
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
View Realmo Analytics
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Separate entrances and onsite parking support flexible owner-user or leasing arrangements.
Where is this office units located?
The property is located at 704 N State Street 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: Two separate commercial suites with individual entrances; Approximately 1,770 square feet on 0.76 acres; Rear suite includes reception, waiting area, private offices, kitchenette, bathroom, and fireplace
