Building Details

Building Size 4,076 SF

Year Built 2004

Listing Agency: CENTURY 21 Masters s***@aol.com Show Phone

Listed By: Rhonda Prunella · License #01352592 Show Phone

Source: Brucebaldwin

Added: Apr 16 Changed: Aug 23 Last Checked: Aug 23 at 9:24AM

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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 Masters

Investment Insights

Based on property information with market context.

Located on Highway 9 in Ben Lomond, this mixed-use property features two commercial units and two residential units. The property is fully leased and well maintained. On-site and street parking are available. The location provides walking distance access to restaurants, a grocery store, a post office, a garden center, and a community park. Elevator access is available for tenants and visitors.

Key Highlights

• Rare mixed‑use property with 2 commercial and 2 residential units.
• Fully leased property providing immediate income.
• Highway 9 frontage location in Ben Lomond.

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

$104,916

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

8.74%

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%

$2,098,320 $2.1M

Cap Rate 7%

$1,498,800 $1.5M

Cap Rate 9%

$1,165,733 $1.2M

Market Conditions

NOI Build-Up for 4,076 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

$195.6K $48.00/SF

− Vacancy

−$4.9K −$1.20/SF

EGI

$190.8K $46.80/SF

− OpEx

−$85.8K −$21.06/SF

NOI

$104.9K $25.74/SF

Area

Santa Cruz County, CA

Vacancy

2.50%

Lease Rate

$48.00 /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%

$2,098,320

Cap Rate 7%

$1,498,800

Cap Rate 9%

$1,165,733

Alternative Uses

Best Use

Mixed Use

$2.08M

$1.82M – $2.43M (±1% cap)

NOI $145,666 @ 7.0% cap · market cap 12.14%

Second Best

Apartment 5plus

$1.50M

$1.31M – $1.75M (±1% cap)

NOI $104,916 @ 7.0% cap · market cap 8.74%

Theoretical Best

Retail

$2.33M

$2.04M – $2.72M (±1% cap)

NOI $163,146 @ 7.0% cap · market cap 13.60%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Mixed-use properties

Suggested Use

Top Pick Real Estate Agency Law Firm Restaurant Building Supply Parking Lot & Garage HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

235

Businesses Nearby

Explore this area Business Placement

Demographics for 95005, CA

6,551

Population

2,892

Households

2.3

Avg Household Size

46

Median Age

46%

College-Educated

97%

High-School Grad

11.8 sq mi

ZIP Area

555

Density / Sq Mi

$107,857

Median Household Income

$70,932

Median Earnings

$2,358

Median Rent

$959,100

Median Home Value

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Mixed-use property with commercial and residential units in Ben Lomond.

Where is this mixed-use property located?

The property is located at 9566 Mill Street Ben Lomond, CA.

What is the asking price?

The asking price for this property is $1,200,000.

What are key features of this property?

This property features: Rare mixed‑use property with 2 commercial and 2 residential units.; Fully leased property providing immediate income.; Highway 9 frontage location in Ben Lomond.