Prime Downtown Ukiah Investment with Development Potential Located in the heart of downtown Ukiah, 205 West Clay Street, alongside its adjacent vacant lot (with separate APN), presents a rare and highly versatile investment opportunity with both immediate cash flow and long term upside. This fully leased 1,420 square foot commercial building features five individual office spaces, each generating stable rental income. With several tenants on month to month leases, the property offers built in flexibility for future repositioning, owner occupancy, or redevelopment. Positioned just steps from School Street and directly across from the brand new Tesla Supercharger station, this high visibility corner enjoys strong daily foot traffic and excellent street presence. Surrounded by downtown shops, restaurants, and the bustling farmers market, the location is ideal for professionals, service providers, or future mixed use development. Zoned General Urban (GU), the site allows for a broad range of uses including professional offices, residential, and mixed use projects. This zoning also permits development up to three stories, unlocking the potential to increase site density, elevate net operating income, and significantly boost long term resale value. Whether you're looking to hold a turn key cash flowing asset, reposition for higher yield tenants, or capitalize on the development potential of a premier downtown lot, this property offers multiple value add strategies and exit options. With its strategic location, flexible zoning, and dual parcel footprint, 205 West Clay Street is a rare find in one of Ukiah's most desirable and evolving commercial corridors. Offering Memorandum available upon request.