Dual Office Property For
For Sale
$575,000
721 S Dora Street, Ukiah, CA 95482
Two updated office buildings with income and flexible use.
Property Size2,676 SF
Lot Size0.22 Acres
Price / SF$214.87
Days on Market337
Property Features for 721 S Dora Street
General Information
Standard status
Active
Size
2,676 SF
Lot size
0.22 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$3,250
Amenities
Central air
Central Air Cooling
Central Heating
Flat Roof
Listing Agency:
EXP REALTY OF CALIFORNIA, INC
(888) 584-9427
Listed By:
CARISSA SADLIER · License #02219601
Source:
Corcoran
Added: Sep 20, 2025
Changed: Aug 12
Last Checked: Aug 21 at 8:46AM
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 EXP REALTY OF CALIFORNIA, INC
Investment Insights
Based on property information with market context.
This well-maintained dual office property presents an opportunity for income and flexible use in a prime Ukiah location. The property consists of two updated office buildings. The building at 715 S. Dora, approximately 864 square feet, is currently leased and provides immediate income. It features a small reception area, an office, a half bath, and multiple rooms, including one with an additional sink. The building at 721 S. Dora, approximately 1,812 square feet, is a thriving tenant-occupied medical office. It includes a welcoming reception area, a spacious waiting area, multiple offices, storage space, and a break room. Private parking is available for both buildings, along with a small outdoor area suitable for seating or storage. Originally designed as two units with separate meters, the property offers flexible future use. Recent upgrades include new roofs, HVAC systems, fresh paint, and new sewer lateral lines, enhancing its curb appeal. A convenient easement/right-of-way through the adjacent property on Mill and Dora provides easy access. Located on Dora, a high-traffic area, the property benefits from excellent visibility, making it suitable for various businesses. This property is ideal for an investor or professional seeking stable income and long-term upside.
Key Highlights
- Immediate income from leased office building and tenant‑occupied medical office.
- Prime Ukiah location with high traffic and excellent visibility.
- Recent upgrades including new roofs and HVAC systems.
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
$38,848
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
6.76%
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%
$776,960
$777.0K
Cap Rate 7%
$554,971
$555.0K
Cap Rate 9%
$431,644
$431.6K
Market Conditions
NOI Build-Up for 2,676 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
$60.4K $22.56/SF
− Vacancy
−$8.6K −$3.20/SF
EGI
$51.8K $19.36/SF
− OpEx
−$12.9K −$4.84/SF
NOI
$38.8K $14.52/SF
Area
Mendocino County, CA
Vacancy
14.20%
Lease Rate
$22.56 /SF/Yr
Expense Ratio
25.00%
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%
$776,960
Cap Rate 7%
$554,971
Cap Rate 9%
$431,644
Alternative Uses
Best Use
Healthcare Medical
$850.2K
$743.9K – $991.9K
NOI $59,513 @ 7.0% cap · market cap 10.35%
Second Best
Office B
$555.0K
$485.6K – $647.5K
NOI $38,848 @ 7.0% cap · market cap 6.76%
Theoretical Best
Flex RnD
$1.00M
$875.4K – $1.17M
NOI $70,032 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,622
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 Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Two updated office buildings with income and flexible use.
Where is this office building located?
The property is located at 721 S Dora Street Ukiah, CA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Immediate income from leased office building and tenant‑occupied medical office.; Prime Ukiah location with high traffic and excellent visibility.; Recent upgrades including new roofs and HVAC systems.
