Three-Unit Multifamily
For Sale
Contact for pricing
9645 Lee St, Upper Lake, CA 95485
Three separate residences support flexible owner-occupancy, long-term rental, or short-term rental strategies.
Property Size4,100 SF
Lot Size0.31 Acres
Price / SF$134.15
Days on Market138
Property Features for 9645 Lee St
General Information
Standard status
Active
Size
4,100 SF
Class
C
Lot size
0.31 Acres
Property subtype
Multifamily
Zoning
Res- Verify
Investment Type
Owner/User
Net Operating Income
$42,000
Units
Unit Mix
1 x 4BR/2BA, 1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
3
Building Details
Buildings
3
Stories
1
Units
3
Listing Agency:
LPT Realty
(916) 730-3846
Listed By:
Ron Benning · License #CA 01058898
Source:
Crexi
Added: Apr 16
Changed: Aug 31
Last Checked: Aug 31 at 6:05AM
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 LPT Realty
Investment Insights
Based on property information with market context.
This multifamily property comprises three independently livable residences on a 0.31-acre parcel. The main house offers 4 bedrooms and 2 bathrooms in approximately 2,000 SF. A second residence includes 2 bedrooms and 1 bathroom in approximately 1,104 SF and was built in 1994, while a separate cottage provides 1 bedroom and 1 bathroom in approximately 831 SF. Combined, the property contains 7 bedrooms and 4 bathrooms across approximately 4,100 SF.
The property is located in Upper Lake, minutes from Clear Lake, California’s largest natural freshwater lake. The surrounding area draws visitors for boating, bass fishing, water sports, fishing tournaments, wine-country travel, and weekend recreation. Res- Verify zoning is identified for the parcel. The three-residence configuration allows the property to be operated with long-term rentals, short-term rentals, personal occupancy, or a combination of these uses, subject to applicable verification and requirements.
The property is located in Upper Lake, minutes from Clear Lake, California’s largest natural freshwater lake. The surrounding area draws visitors for boating, bass fishing, water sports, fishing tournaments, wine-country travel, and weekend recreation. Res- Verify zoning is identified for the parcel. The three-residence configuration allows the property to be operated with long-term rentals, short-term rentals, personal occupancy, or a combination of these uses, subject to applicable verification and requirements.
Key Highlights
- Three separate residences on a 0.31‑acre lot
- Approximately 4,100 SF with 7 bedrooms and 4 bathrooms
- Main house: 4 bedrooms, 2 bathrooms, approximately 2,000 SF
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
$32,391
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
5.89%
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%
$647,820
$647.8K
Cap Rate 7%
$462,729
$462.7K
Cap Rate 9%
$359,900
$359.9K
Market Conditions
NOI Build-Up for 4,100 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
$62.0K $15.12/SF
− Vacancy
−$3.1K −$0.76/SF
EGI
$58.9K $14.36/SF
− OpEx
−$26.5K −$6.46/SF
NOI
$32.4K $7.90/SF
Area
Lake County, CA
Vacancy
5.00%
Lease Rate
$15.12 /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%
$647,820
Cap Rate 7%
$462,729
Cap Rate 9%
$359,900
Alternative Uses
Best Use
Apartment 5plus
$462.7K
$404.9K – $539.9K
NOI $32,391 @ 7.0% cap · market cap 5.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.65M
$1.44M – $1.92M
NOI $115,189 @ 7.0% cap · market cap 20.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
167
Businesses Nearby
Explore this area
Business Placement
Demographics for 95485, CA
2,671
Population
1,322
Households
2
Avg Household Size
45
Median Age
16%
College-Educated
93%
High-School Grad
87.0 sq mi
ZIP Area
31
Density / Sq Mi
$84,583
Median Household Income
$48,576
Median Earnings
$1,013
Median Rent
$364,600
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?
Multifamily property - Three separate residences support flexible owner-occupancy, long-term rental, or short-term rental strategies.
Where is this multifamily property located?
The property is located at 9645 Lee St Upper Lake, CA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Three separate residences on a 0.31‑acre lot; Approximately 4,100 SF with 7 bedrooms and 4 bathrooms; Main house: 4 bedrooms, 2 bathrooms, approximately 2,000 SF
