Three-Unit Income
For Sale
$574,000
Pending
1448 Railroad Drive, McKinleyville, CA 95519
MULTI_FAMILY - Other - McKinleyville, CA
Property Size2,448 SF
Lot Size0.24 Acres
Days on Market48
Property Features for 1448 Railroad Drive
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bathrooms
1
Rooms
Bathroom 1
Lot features
Green Belt
Subdivision
North Bay
Standard status
Pending
Size
2,448 SF
Lot size
0.24 Acres
Utilities
Sewer type
Public Sewer
Building Details
Year built
1978
Floors in Building
2
Number of units
3
Flooring type
Laminate, Carpet, Vinyl
Roof type
Shingle
Architectural style
Other
Listing Agency:
EXP Realty of California, Inc.
(888) 584-9427
Listed By:
Jason Coburn · License #01940430
(707) 834-6321
Added: Jul 6
Changed: Jul 29
Last Checked: Aug 22 at 5:06PM
MLS# 272778
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 three-unit triplex offers an income-focused residential configuration with each unit featuring an open floor plan and knotty pine ceilings. The property also includes plenty of off-street parking and access to yard space, supporting flexible day-to-day living for tenants or owner-occupants. In addition, the third unit is described as created through a garage conversion, adding another independent rental option within the overall site.
Located at 1448 Railroad Drive in McKinleyville, California, the property is positioned for convenient access to local shopping and restaurants. The listing also notes proximity by short drive or bike ride to the local beach and Cal Poly Humboldt.
The layout and off-street parking make the property practical for tenants who value straightforward, residential-style space, while the three separate units support multiple rental streams. It may also appeal to an owner-occupant seeking to live in one unit and rent the other two to help offset expenses, or to investors looking for a small multi-family property under Multi-Family zoning. Because the third unit is part of a garage conversion, the arrangement may be particularly attractive to buyers evaluating options for a compact, self-contained income property.
Located at 1448 Railroad Drive in McKinleyville, California, the property is positioned for convenient access to local shopping and restaurants. The listing also notes proximity by short drive or bike ride to the local beach and Cal Poly Humboldt.
The layout and off-street parking make the property practical for tenants who value straightforward, residential-style space, while the three separate units support multiple rental streams. It may also appeal to an owner-occupant seeking to live in one unit and rent the other two to help offset expenses, or to investors looking for a small multi-family property under Multi-Family zoning. Because the third unit is part of a garage conversion, the arrangement may be particularly attractive to buyers evaluating options for a compact, self-contained income property.
Key Highlights
- Year built: 1978
- Roof type: shingle
- Public sewer
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
$31,673
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
5.52%
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%
$633,460
$633.5K
Cap Rate 7%
$452,471
$452.5K
Cap Rate 9%
$351,922
$351.9K
Market Conditions
NOI Build-Up for 2,448 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
$48.5K $19.80/SF
− Vacancy
−$3.2K −$1.32/SF
EGI
$45.2K $18.48/SF
− OpEx
−$13.6K −$5.54/SF
NOI
$31.7K $12.94/SF
Area
Humboldt County, CA
Vacancy
6.65%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
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%
$633,460
Cap Rate 7%
$452,471
Cap Rate 9%
$351,922
Alternative Uses
Best Use
Multifamily LT 5
$452.5K
$395.9K – $527.9K
NOI $31,673 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$416.4K
$364.4K – $485.8K
NOI $29,150 @ 7.0% cap · market cap 5.08%
Theoretical Best
Flex RnD
$924.5K
$808.9K – $1.08M
NOI $64,713 @ 7.0% cap · market cap 11.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
385
Businesses Nearby
Explore this area
Business Placement
Demographics for 95519, CA
18,421
Population
8,240
Households
2.2
Avg Household Size
41
Median Age
38%
College-Educated
94%
High-School Grad
53.8 sq mi
ZIP Area
342
Density / Sq Mi
$66,687
Median Household Income
$38,291
Median Earnings
$1,442
Median Rent
$432,600
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Three-unit multi-family property with open layouts, knotty pine ceilings, off-street parking, and yard access.
Where is this triplex located?
The property is located at 1448 Railroad Drive McKinleyville, CA.
What is the asking price?
The asking price for this property is $574,000.
What are key features of this property?
This property features: Year built: 1978; Roof type: shingle; Public sewer
