Ukiah Valley Multifamily Investment
For Sale
Contact for pricing
Pending
960 - 979 Marlene Street, Ukiah, CA 95482
20-unit complex on 2.3 acres with expansion potential.
Property Size22,211 SF
Lot Size2.30 Acres
Days on Market968
Property Features for 960 - 979 Marlene Street
General Information
Standard status
Pending
Size
22,211 SF
Class
B
Lot size
2.30 Acres
Property subtype
Multifamily
Zoning
Medium Density Residential - R2
Occupancy
97%
Investment Type
Owner/User
Net Operating Income
$235,074
Building Details
Year Built
1983
Buildings
4
Stories
2
Units
20
Listing Agency:
Coldwell Banker Mendo Realty Ukiah
(707) 462-5400
Listed By:
John L. Lazaro · License #00928841
Source:
Crexi
Added: Jan 6, 2024
Changed: Aug 22
Last Checked: Aug 29 at 2:19AM
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 20-unit multi-family complex in Ukiah Valley presents a unique opportunity for investors and developers. Situated on approximately 2.3 acres, the property offers cash flow and the potential for additional units. Originally subdivided in 1985 into condominiums on 20 individual legal parcels, these townhomes are currently rented with strong rents and a stable tenant base. Each unit features a spacious floor plan with 2 bedrooms and 1.5 baths, large upstairs bedrooms with a Jack-and-Jill bathroom and ample closets, central HVAC, fireplaces, and private fenced yards. On-site amenities include laundry facilities, an in-ground pool, and carports, along with additional paved parking. Zoned PD (planned development), a significant portion of the undeveloped land could be used for building more multi-family units. The property features landscaping with redwoods and underground utilities, creating a park-like setting at the end of a cul-de-sac in a desirable, centrally located neighborhood. Ukiah is located in the heart of Mendocino County Wine Country, under two hours from the Golden Gate Bridge and one hour north of the Sonoma County Airport.
Key Highlights
- Terrific cash flow with strong rents and a stable tenant base.
- Potential for building additional multi‑family units on undeveloped land due to PD zoning.
- 20‑unit complex on 2.3± acres subdivided into 20 individual legal parcels.
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
4.73%
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 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$8.30M
$7.27M – $9.69M
NOI $581,274 @ 7.0% cap · market cap 14.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Multifamily 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?
Apartment building - 20-unit complex on 2.3 acres with expansion potential.
Where is this apartment building located?
The property is located at 960 - 979 Marlene Street Ukiah, CA.
What is the asking price?
The asking price for this property is $3,995,000.
What are key features of this property?
This property features: Terrific cash flow with strong rents and a stable tenant base.; Potential for building additional multi‑family units on undeveloped land due to PD zoning.; 20‑unit complex on 2.3± acres subdivided into 20 individual legal parcels.
