Ukiah Valley Multifamily Investment
For Sale
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960 - 979 Marlene Street Apartments, Ukiah, CA 95482
20-unit multifamily complex in Ukiah Valley with strong cash flow.
Property Size22,211 SF
Lot Size1.07 Acres
Price / SF$144.07
Days on Market698
Property Features for 960 - 979 Marlene Street Apartments
General Information
Standard status
Active
Size
22,211 SF
Class
B
Lot size
1.07 Acres
Property subtype
Multifamily
Zoning
Medium Density Residential (R-2)
Occupancy
97%
Investment Type
Owner/User
Net Operating Income
$173,054
Building Details
Year Built
1983
Year Renovated
2025
Buildings
4
Stories
2
Units
20
Listing Agency:
Coldwell Banker Mendo Realty Ukiah
Listed By:
John L. Lazaro · License #00928841
(707) 462-5400
Source:
Crexi
Added: Oct 26, 2024
Changed: Sep 21
Last Checked: Sep 22 at 4:29PM
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 Ukiah
Investment Insights
Based on property information with market context.
This Ukiah Valley multi-family complex features 20 units and offers a stable tenant base. Originally a 1985 subdivision, the property was converted into condominiums on 20 individual legal parcels. The townhomes are currently rented. Each unit includes 2 bedrooms, 1.5 baths, a spacious floor plan, large upstairs bedrooms with a jack-and-jill bathroom, ample closets, central HVAC, fireplaces, and private fenced yards. On-site amenities include laundry facilities, an in-ground pool, carports, and additional paved parking. The property features landscaping with redwoods and underground utilities, creating a park-like setting at the end of a cul-de-sac in a centrally located neighborhood. The property spans 22211 square feet. A minor subdivision and rezoning were recently approved by the City of Ukiah, creating a separate 1.07 acre parcel that is not included in this offering. The entire property will be rezoned to R2 zoning. Some AP numbers will change with the recording of the final subdivision maps and re-zoning. The property is located in Mendocino County Wine Country, under two hours from the Golden Gate Bridge and one hour north of the Sonoma County Airport.
Key Highlights
- 20‑unit multi‑family complex offering terrific cash flow with strong rents and a stable tenant base.
- Each unit is a 2 bedroom, 1.5 bath townhome featuring a spacious floor plan, central HVAC, fireplace, and private fenced yard.
- Located in a desirable, centrally located neighborhood at the end of a cul‑de‑sac.
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
$188,995
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
5.91%
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%
$3,779,900
$3.8M
Cap Rate 7%
$2,699,929
$2.7M
Cap Rate 9%
$2,099,944
$2.1M
Market Conditions
NOI Build-Up for 22,211 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
$359.8K $16.20/SF
− Vacancy
−$16.2K −$0.73/SF
EGI
$343.6K $15.47/SF
− OpEx
−$154.6K −$6.96/SF
NOI
$189.0K $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%
$3,779,900
Cap Rate 7%
$2,699,929
Cap Rate 9%
$2,099,944
Alternative Uses
Best Use
Apartment 5plus
$2.70M
$2.36M – $3.15M
NOI $188,995 @ 7.0% cap · market cap 5.91%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$8.30M
$7.27M – $9.69M
NOI $581,274 @ 7.0% cap · market cap 18.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
872
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - 20-unit multifamily complex in Ukiah Valley with strong cash flow.
Where is this apartment building located?
The property is located at 960 - 979 Marlene Street Apartments Ukiah, CA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: 20‑unit multi‑family complex offering terrific cash flow with strong rents and a stable tenant base.; Each unit is a 2 bedroom, 1.5 bath townhome featuring a spacious floor plan, central HVAC, fireplace, and private fenced yard.; Located in a desirable, centrally located neighborhood at the end of a cul‑de‑sac.
