Row Crop Farmland with Luxury
For Sale
$1,399,999
8631 Mitchell Road, Ceres, CA 95307
Row crop ground planted in oats with irrigation from Turlock Irrigation District, plus a luxury 10,000 SF shop.
Property Size10,000 SF
Lot Size19.59 Acres
Price / SF$139
Days on Market254
Property Features for 8631 Mitchell Road
General Information
Standard status
Active
Size
10,000 SF
Lot size
19.59 Acres
Property subtype
Lots/Land
Additional Details
Utilities to Site
Yes
Drive-In Doors
2
Listing Agency:
Century 21 Select Real Estate
(209) 604-7691
Listed By:
Will Amador · License #01308802
(209) 604-7691
Source:
Exitrealty
Added: Dec 19, 2025
Changed: Aug 28
Last Checked: Aug 29 at 6:10AM
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 Century 21 Select Real Estate
Investment Insights
Based on property information with market context.
This offering includes 19.59 acres of row crop ground currently planted in oats, with irrigation water provided by the Turlock Irrigation District. The property is enrolled in the Williamson Act.
Improvements include a 10,000 square foot luxury shop featuring layered road base and 6-inch interior smoky finish concrete flooring. An additional 2,200 square foot covered exterior outdoor awning is supported by a concrete floor. Access is enhanced by a 40’ x 16’ hydraulic front door, a 24’ x 16’ back door, and two pedestrian doors.
Security and infrastructure features include an exterior ring security system, an ADT interior security system, and all utility wiring installed underground.
Improvements include a 10,000 square foot luxury shop featuring layered road base and 6-inch interior smoky finish concrete flooring. An additional 2,200 square foot covered exterior outdoor awning is supported by a concrete floor. Access is enhanced by a 40’ x 16’ hydraulic front door, a 24’ x 16’ back door, and two pedestrian doors.
Security and infrastructure features include an exterior ring security system, an ADT interior security system, and all utility wiring installed underground.
Key Highlights
- 19.59 acres of row crop ground currently planted in oats
- Irrigation water provided by Turlock Irrigation District
- 10,000 SF luxury shop with layered road base and 6 in interior smoky finish concrete floor
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
$72,828
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
5.20%
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%
$1,456,560
$1.5M
Cap Rate 7%
$1,040,400
$1.0M
Cap Rate 9%
$809,200
$809.2K
Market Conditions
NOI Build-Up for 10,000 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
$90.0K $9.00/SF
− Vacancy
−$4.3K −$0.43/SF
EGI
$85.7K $8.57/SF
− OpEx
−$12.9K −$1.29/SF
NOI
$72.8K $7.28/SF
Area
Stanislaus County, CA
Vacancy
4.80%
Lease Rate
$9.00 /SF/Yr
Expense Ratio
15.00%
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%
$1,456,560
Cap Rate 7%
$1,040,400
Cap Rate 9%
$809,200
Alternative Uses
Best Use
Warehouse
$1.04M
$910.4K – $1.21M
NOI $72,828 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.65M
$4.07M – $5.42M
NOI $325,354 @ 7.0% cap · market cap 23.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
Explore this area
Business Placement
Demographics for 95307, CA
46,346
Population
13,221
Households
3.5
Avg Household Size
33
Median Age
13%
College-Educated
73%
High-School Grad
32.8 sq mi
ZIP Area
1,413
Density / Sq Mi
$77,101
Median Household Income
$37,567
Median Earnings
$1,455
Median Rent
$402,300
Median Home Value
Market
Vacancy Rate% for Industrial in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Agricultural land / Farmland - Row crop ground planted in oats with irrigation from Turlock Irrigation District, plus a luxury 10,000 SF shop.
Where is this agricultural land / farmland located?
The property is located at 8631 Mitchell Road Ceres, CA.
What is the asking price?
The asking price for this property is $1,399,999.
What are key features of this property?
This property features: 19.59 acres of row crop ground currently planted in oats; Irrigation water provided by Turlock Irrigation District; 10,000 SF luxury shop with layered road base and 6 in interior smoky finish concrete floor
