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    Historic 8-Unit Multifamily Building Title is generated by Realmo AI

    234 Clark Street, Eureka, CA 95501

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    For Sale
    $949,000

    MULTI_FAMILY - Other - Eureka, CA

    Property size:
    5,540 SF
    Lot size:
    0.31 Acres
    Price / SF:
    $171/SF
    Added:
    Jun 1, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 3 at 6:06 pm

    Property Features for 234 Clark Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Yes
    Bedrooms
    7
    Bathrooms
    8
    Rooms
    Bedroom 6, Bathroom 8, Bathroom 1, Bathroom 4, Bathroom 6, Bedroom 7, Bedroom 1, Bathroom 3, Bedroom 2, Bathroom 2, Bedroom 5, Bathroom 5, Bathroom 7, Bedroom 4, Bedroom 3
    Parking features
    Other
    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

    We can help!

    Listing Contact
    Michael Monaghan

    Listing agent Michael Monaghan License #01247489

    Listing office EXP Realty of California, Inc. 2603 Camino Ramon Ste 200, San Ramon, CA

    Listing date Jun 1, 2026

    MLS# 272476 Listing URL

    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.

    HighLights

    • 8‑unit multifamily property built in 1892; originally a single‑family residence before conversion to apartments
    • Unit mix includes seven 1‑bedroom, 1‑bath units and one studio unit
    • Zoned R3 (Residential High Density) and located on a double lot
    • City of Eureka indicates the parcel may be subdividable into two additional lots, with potential for up to 17 more units
    • Public sewer connection
    • Roof is shingle; interior flooring includes vinyl and carpet

    Overview

    This historic Queen Anne Victorian was built in 1892 and converted into eight residential units in 1939. The building includes seven 1-bedroom, 1-bath units and one studio unit, with the stated configuration supported by the current unit mix. The property sits on a double lot and has been described as meticulously maintained, with substantial recent improvements noted in the remarks.

    Located at 234 Clark Street in Eureka, the parcel is zoned R3 (Residential High Density). The City of Eureka has indicated the parcel may be subdividable into two additional lots and potentially allow up to 17 more units, subject to review of the materials referenced in the listing documents.

    For buyers and investors, the property offers an existing income-producing multifamily arrangement alongside redevelopment optionality tied to the R3 zoning and the City’s subdivision/unit potential statements. The current unit mix may support investors seeking a straightforward 8-unit residential asset, while the double-lot setup and referenced city guidance may be relevant for developers evaluating site optimization and future density opportunities. Schedule a private showing to review the property and the attached documents referenced for development potential.

    Local Financial Insights For Apartment 5plus

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $129.0k $23.28
    − Vacancy −$9.0k −$1.63
    EGI $119.9k $21.65
    − OpEx −$54.0k −$9.74
    NOI $66.0k $11.91
    5,540 SF · lease $23.28/SF/yr · vacancy 7.00% · expense 45.00%

    Alternative Uses

    Best Use
    Apartment 5plus
    $942.4K
    $824.6K – $1.10M (±1% cap)
    NOI $65,969 @ 7.0% cap · market cap 6.95%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Flex RnD
    $2.09M
    $1.83M – $2.44M (±1% cap)
    NOI $146,450 @ 7.0% cap · market cap 15.43%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Eureka
    County
    Humboldt
    State
    California
    Longitude
    -124.167665
    Latitude
    40.796139

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    FAQs

    What type of property is this?
    Apartment building - Historic Queen Anne Victorian converted to eight residential units on a double lot in Eureka.
    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 $949,000.
    What are key features of this property?
    This property features: 8‑unit multifamily property built in 1892; originally a single‑family residence before conversion to apartments; Unit mix includes seven 1‑bedroom, 1‑bath units and one studio unit; Zoned R3 (Residential High Density) and located on a double lot
    (707) 496-0669
    We can help!
    Listing Contact
    Michael Monaghan
    Real Estate License ID: 01247489
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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