Historic Victorian Multifamily
For Sale
$495,000
1005 E Street, Eureka, CA 95501
MULTI_FAMILY - Other - Eureka, CA
Property Size2,410 SF
Lot Size0.15 Acres
Price / SF$205.39
Days on Market108
Property Features for 1005 E Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Single Family
Interior features
Ceiling Fan
Lot features
Green Belt, Panoramic View, In Town, Near Shopping
Subdivision
South Bay
Standard status
Active
Size
2,410 SF
Lot size
0.15 Acres
Utilities
Sewer type
Public Sewer
Building Details
Year built
1883
Floors in Building
2
Number of units
3
Flooring type
Vinyl, Wood, Carpet
Roof type
Shingle
Architectural style
Other
Listing Agency:
Forbes & Associates - Eric Cecchin
(707) 498-1817
Listed By:
Eric Cecchin · License #01200438
(707) 498-1817
Added: Apr 25
Changed: Jun 11
Last Checked: Aug 10 at 9:06AM
MLS# 272129
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 Victorian multifamily building features original architectural details throughout, including clear fir flooring, pocket doors, period hardware dating to 1883, bay windows, high ceilings, archways, and an original detailed fireplace and mantle. The property is configured as six separately metered apartments, described as two main units with additional apartments, each with its own character and charm.
Located at 1005 E Street in Eureka, CA 95501, the home overlooks the Eureka Heritage Society Gardens. Public remarks also note that the property is walkable to town and an Old Town location.
As a for-sale residential income property, this building offers an investor or owner-operator the ability to manage multiple individually metered units under one roof. The layout and finishes highlighted in the listing—along with the stated tenant preference for the home’s beauty, charm, and walkability—support a tenant experience centered on historic character and livability.
Located at 1005 E Street in Eureka, CA 95501, the home overlooks the Eureka Heritage Society Gardens. Public remarks also note that the property is walkable to town and an Old Town location.
As a for-sale residential income property, this building offers an investor or owner-operator the ability to manage multiple individually metered units under one roof. The layout and finishes highlighted in the listing—along with the stated tenant preference for the home’s beauty, charm, and walkability—support a tenant experience centered on historic character and livability.
Key Highlights
- 1883 Victorian home with period details including pocket doors, high ceilings, archways, and original fireplace and mantle
- 6 separately metered apartments in the home, generating $4,800/month in total income
- Upper apartment offers views out to the bay
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
$28,698
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
5.80%
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%
$573,960
$574.0K
Cap Rate 7%
$409,971
$410.0K
Cap Rate 9%
$318,867
$318.9K
Market Conditions
NOI Build-Up for 2,410 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
$56.1K $23.28/SF
− Vacancy
−$3.9K −$1.63/SF
EGI
$52.2K $21.65/SF
− OpEx
−$23.5K −$9.74/SF
NOI
$28.7K $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%
$573,960
Cap Rate 7%
$409,971
Cap Rate 9%
$318,867
Alternative Uses
Best Use
Apartment 5plus
$410.0K
$358.7K – $478.3K
NOI $28,698 @ 7.0% cap · market cap 5.80%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$910.1K
$796.4K – $1.06M
NOI $63,708 @ 7.0% cap · market cap 12.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
574
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 - Six separately metered apartments in a historic Victorian, with period details and garden/bay views.
Where is this apartment building located?
The property is located at 1005 E Street Eureka, CA.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: 1883 Victorian home with period details including pocket doors, high ceilings, archways, and original fireplace and mantle; 6 separately metered apartments in the home, generating $4,800/month in total income; Upper apartment offers views out to the bay
