Renovated 9-Unit Apartment
For Sale
$1,425,000
312 N Fortuna Boulevard, Fortuna, CA 95540
Multi-Family, Fortuna, CA
Property Size5,357 SF
Lot Size0.28 Acres
Price / SF$266.01
Days on Market140
Property Features for 312 N Fortuna Boulevard
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Bedrooms
10
Bathrooms
9
Full bathrooms
9
Rooms
Bedroom 1, Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 5, Bathroom 2, Bathroom 1, Bedroom 2, Bathroom 6, Bedroom 4, Bedroom 10, Bathroom 4, Bathroom 3, Bathroom 5, Bathroom 8, Bedroom 9, Bedroom 3, Bathroom 9, Bathroom 7
Lot features
Flat
Elementary school
South Fortuna
High school
Fortuna
Elementary school district
Fortuna
Middle school district
Fortuna
High school district
Fortuna
Directions
Intersection of North Fortuna Blvd and Alder Dr
Subdivision
Mid County
Standard status
Active
Size
5,357 SF
Lot size
0.28 Acres
Utilities
Sewer type
Public Sewer
Building Details
Year built
1948
Floors in Building
2
Number of units
1
Flooring type
Carpet, Vinyl, Laminate
Building materials
Cement Siding
Architectural style
Other
Listing Agency:
Humboldt Equity, Inc.
(707) 682-8100
Listed By:
Matt Allen · License #01305904
(707) 498-3063
Added: May 10
Changed: Sep 15
Last Checked: Sep 26 at 5:06PM
MLS# 272257
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 9-unit apartment property contains 5,357 square feet on a 0.28-acre site and includes two 2-bedroom units, six 1-bedroom units, and one studio. The residences have separate meters for power, gas, water, and sewer, along with individual forced-air heaters, appliance packages, and off-street parking. Five storage closets are available for rental, and the property also includes a generously sized garage currently used by the owner with potential for separate rental use.
Originally built in 1948, the property has cement siding, carpet, vinyl, and laminate flooring, plus public sewer service. The units recently received a substantial renovation and are professionally managed. Commercial zoning and the property’s multifamily configuration support continued residential income use.
Originally built in 1948, the property has cement siding, carpet, vinyl, and laminate flooring, plus public sewer service. The units recently received a substantial renovation and are professionally managed. Commercial zoning and the property’s multifamily configuration support continued residential income use.
Key Highlights
- 9‑unit apartment property with 2 two‑bedroom units, 6 one‑bedroom units, and 1 studio
- 5,357 square feet on a 0.28‑acre site
- Separate meters for power, gas, water, and sewer at each unit
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
$63,790
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
4.48%
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%
$1,275,800
$1.3M
Cap Rate 7%
$911,286
$911.3K
Cap Rate 9%
$708,778
$708.8K
Market Conditions
NOI Build-Up for 5,357 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
$124.7K $23.28/SF
− Vacancy
−$8.7K −$1.63/SF
EGI
$116.0K $21.65/SF
− OpEx
−$52.2K −$9.74/SF
NOI
$63.8K $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%
$1,275,800
Cap Rate 7%
$911,286
Cap Rate 9%
$708,778
Alternative Uses
Best Use
Apartment 5plus
$911.3K
$797.4K – $1.06M
NOI $63,790 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$2.02M
$1.77M – $2.36M
NOI $141,612 @ 7.0% cap · market cap 9.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
592
Businesses Nearby
Explore this area
Business Placement
Demographics for 95540, CA
14,055
Population
6,087
Households
2.3
Avg Household Size
40
Median Age
24%
College-Educated
88%
High-School Grad
34.1 sq mi
ZIP Area
412
Density / Sq Mi
$62,346
Median Household Income
$37,309
Median Earnings
$1,135
Median Rent
$362,400
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with separately metered utilities, dedicated heating, appliances, and off-street parking for each residence.
Where is this apartment building located?
The property is located at 312 N Fortuna Boulevard Fortuna, CA.
What is the asking price?
The asking price for this property is $1,425,000.
What are key features of this property?
This property features: 9‑unit apartment property with 2 two‑bedroom units, 6 one‑bedroom units, and 1 studio; 5,357 square feet on a 0.28‑acre site; Separate meters for power, gas, water, and sewer at each unit
