Historic 8-Unit Apartment
For Sale
$919,000
234 Clark Street, Eureka, CA 95501
Multi-Family, Eureka, CA
Property Size5,540 SF
Lot Size0.31 Acres
Price / SF$165.88
Days on Market89
Property Features for 234 Clark Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Yes
Bedrooms
7
Bathrooms
8
Full bathrooms
8
Rooms
Bathroom 6, Bathroom 7, Bedroom 4, Bathroom 4, Bedroom 7, Bathroom 2, Bathroom 5, Bathroom 8, Bedroom 5, Bathroom 1, Bedroom 6, Bathroom 3, Bedroom 3, Bedroom 1, Bedroom 2
Parking features
Other
Lot features
Flat
View
City, Hills
Middle school
Zane
High school
Eureka
Elementary school district
Eureka
Middle school district
Eureka
High school district
Eureka
Directions
E street to Clark. Property on the South side
Subdivision
South Bay
Standard status
Active
Size
5,540 SF
Lot size
0.31 Acres
Utilities
Sewer type
Public Sewer
Building Details
Year built
1892
Number of units
1
Flooring type
Vinyl, Carpet
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty of California, Inc.
(888) 584-9427
Listed By:
Michael Monaghan · License #01247489
(707) 496-0669
Added: Jun 1
Changed: Aug 19
Last Checked: Aug 28 at 9:06PM
MLS# 272476
Copyright © 2026 Humboldt Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This historic 8-unit Queen Anne Victorian apartment building was built in 1892 and later converted into eight units in 1939. The current unit mix consists of seven 1-bedroom, 1-bath units and one studio unit. The property is reported to have been meticulously maintained, with substantial recent improvements noted in the remarks.
The building is situated on a double lot and is zoned R3 (Residential High Density). The City of Eureka indicates the parcel may be subdividable into two additional lots, with potential for up to 17 more units, subject to review of the attached City materials.
With its established unit count and on-site development-related considerations from the City, the property is positioned for buyers looking at both income-producing use and potential redevelopment pathways, based on the documentation provided.
The building is situated on a double lot and is zoned R3 (Residential High Density). The City of Eureka indicates the parcel may be subdividable into two additional lots, with potential for up to 17 more units, subject to review of the attached City materials.
With its established unit count and on-site development-related considerations from the City, the property is positioned for buyers looking at both income-producing use and potential redevelopment pathways, based on the documentation provided.
Key Highlights
- Historic Queen Anne Victorian built in 1892 by Warren Jones; converted to an 8‑unit property in 1939
- 8 units total: seven 1‑bedroom, 1‑bath units plus one studio unit
- Double lot with City of Eureka stating parcel may be subdividable into two additional lots with up to 17 more units
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
$65,969
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
7.18%
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%
$1,319,380
$1.3M
Cap Rate 7%
$942,414
$942.4K
Cap Rate 9%
$732,989
$733.0K
Market Conditions
NOI Build-Up for 5,540 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
$129.0K $23.28/SF
− Vacancy
−$9.0K −$1.63/SF
EGI
$119.9K $21.65/SF
− OpEx
−$54.0K −$9.74/SF
NOI
$66.0K $11.91/SF
Area
Humboldt County, CA
Vacancy
7.00%
Lease Rate
$23.28 /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%
$1,319,380
Cap Rate 7%
$942,414
Cap Rate 9%
$732,989
Alternative Uses
Best Use
Apartment 5plus
$942.4K
$824.6K – $1.10M
NOI $65,969 @ 7.0% cap · market cap 7.18%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$2.09M
$1.83M – $2.44M
NOI $146,450 @ 7.0% cap · market cap 15.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
8
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
2,027
Businesses Nearby
Explore this area
Business Placement
Demographics for 95501, CA
23,323
Population
10,577
Households
2.2
Avg Household Size
38
Median Age
34%
College-Educated
90%
High-School Grad
7.3 sq mi
ZIP Area
3,195
Density / Sq Mi
$55,076
Median Household Income
$34,476
Median Earnings
$1,151
Median Rent
$389,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic 8-unit property features seven 1-bedroom units and one studio on a double lot.
Where is this apartment building located?
The property is located at 234 Clark Street Eureka, CA.
What is the asking price?
The asking price for this property is $919,000.
What are key features of this property?
This property features: Historic Queen Anne Victorian built in 1892 by Warren Jones; converted to an 8‑unit property in 1939; 8 units total: seven 1‑bedroom, 1‑bath units plus one studio unit; Double lot with City of Eureka stating parcel may be subdividable into two additional lots with up to 17 more units
