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10470 Lansing St 5,780 SF 100% Leased Retail Building Mendocino, CA 95460 $2,067,000 CAD ($357.61 CAD/SF) 6.50% Cap Rate
Executive Summary
For the first time in more than 50 years, a key investment property in downtown Mendocino is available for purchase by an investor or potential owner/user looking for a spot to establish a new business location. This historic property, known as Kellieowen Hall, is located on the southwest corner of Lansing and Ukiah streets at the center of the Village of Mendocino.
It was built in 1887 by William H. Kelley and has served as the hub of the business district activity in the community. The five-tenant building is a touchstone for locals and tourists alike. The property offers 5,870 +-sq. ft. of rentable building area and is historically 100% leased and occupied.
The building is anchored by two established major tenants with frontage at the corner of Lansing and Ukiah streets. 'The Study Club', with its focus on offering high-end and unique apparel, and the 'Study Club Men's Store', are two of the most visible businesses in Mendocino. Additional tenants include a book store, an established real estate brokerage company, and a newly leased interior unit will opening soon.
The south side of the building includes a 2,000+- sf decking that provides a walkway to nearby properties and an outdoor area for use by customers and businesses alike.
Grossing $135,342 per year, the Kellieowen Hall offers the opportunity not only to own a piece of Mendocino history, but to secure an excellent investment as well. Businesses are not for sale.
It was built in 1887 by William H. Kelley and has served as the hub of the business district activity in the community. The five-tenant building is a touchstone for locals and tourists alike. The property offers 5,870 +-sq. ft. of rentable building area and is historically 100% leased and occupied.
The building is anchored by two established major tenants with frontage at the corner of Lansing and Ukiah streets. 'The Study Club', with its focus on offering high-end and unique apparel, and the 'Study Club Men's Store', are two of the most visible businesses in Mendocino. Additional tenants include a book store, an established real estate brokerage company, and a newly leased interior unit will opening soon.
The south side of the building includes a 2,000+- sf decking that provides a walkway to nearby properties and an outdoor area for use by customers and businesses alike.
Grossing $135,342 per year, the Kellieowen Hall offers the opportunity not only to own a piece of Mendocino history, but to secure an excellent investment as well. Businesses are not for sale.
Property Facts
Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront
Building Size
5,780 SF
Building Class
C
Year Built
1887
Price
$2,067,000 CAD
Price Per SF
$357.61 CAD
Cap Rate
6.50%
NOI
$134,355 CAD
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.70
Lot Size
0.19 AC
Zoning
MC - Mendocino Commercial - https://documents.coastal.ca.gov/reports/2016/10/W13a-10-2016-a3.pdf
Parking
16 Spaces (2.77 Spaces per 1,000 SF Leased)
Frontage
122’ on Ukiah Street
Amenities
- Corner Lot
Fairly walkable
40/100
Very drivable
80/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 119-236-07-00 | Improvements Assessment | $937,173 CAD |
| Land Assessment | $886,354 CAD | Total Assessment | $1,823,527 CAD |
Property Taxes
Parcel Number
119-236-07-00
Land Assessment
$886,354 CAD
Improvements Assessment
$937,173 CAD
Total Assessment
$1,823,527 CAD
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10470 Lansing St
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