Remodeled Victorian
For Sale
$585,000
1603 I Street, Eureka, CA 95501
Four apartments feature period character, shared laundry, and garage storage.
Property Size3,098 SF
Price / SF$188.83
Days on Market113
Property Features for 1603 I Street
General Information
Standard status
Active
Size
3,098 SF
Property subtype
Residential Income / Multi Family
Additional Details
Highway Access
Yes
Multifamily Units
4
Amenities
laundry room
storage area
Forced Air, Natural Gas, Radiant Floor, Space Heater, Wall Furnace
Vinyl, Hardwood, Laminate
Washer, Dryer, Microwave, Refrigerator
Yes
Washer Hookup
Eat-in Kitchen
Partial
Sidewalks
Porch
Building Details
Year Built
1903
Buildings
1
Construction
Victorian
Listing Agency:
Coldwell Banker Sellers Realty
(707) 599-7145
Listed By:
Patricia Stearns · License #00795877
(707) 599-7145
Source:
Compass
Added: May 11
Changed: Aug 30
Last Checked: Aug 30 at 9:46PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Coldwell Banker Sellers Realty
Investment Insights
Based on property information with market context.
Built in 1903, this 3,098-square-foot Victorian property contains four apartments and retains distinctive period details, including stained-glass windows, original moldings, wide-plank wood floors, and scalloped shingle siding. Interior features include forced-air, natural-gas, radiant-floor, space-heater, and wall-furnace systems, along with hardwood, vinyl, and laminate finishes.
Residents share a separate laundry room, and each apartment has access to storage in the garage. The property is located near shopping, services, and restaurants, with freeway access to Cal Poly Humboldt and College of the Redwoods. The landlord currently pays for water, sewer, PGE, garbage, and recycling.
Residents share a separate laundry room, and each apartment has access to storage in the garage. The property is located near shopping, services, and restaurants, with freeway access to Cal Poly Humboldt and College of the Redwoods. The landlord currently pays for water, sewer, PGE, garbage, and recycling.
Key Highlights
- 3,098‑square‑foot Victorian property built in 1903
- Four apartments within a remodeled historic residence
- Stained‑glass windows, original moldings, wide‑plank wood floors, and scalloped shingle siding
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
$40,083
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
6.85%
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%
$801,660
$801.7K
Cap Rate 7%
$572,614
$572.6K
Cap Rate 9%
$445,367
$445.4K
Market Conditions
NOI Build-Up for 3,098 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
$61.3K $19.80/SF
− Vacancy
−$4.1K −$1.32/SF
EGI
$57.3K $18.48/SF
− OpEx
−$17.2K −$5.54/SF
NOI
$40.1K $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%
$801,660
Cap Rate 7%
$572,614
Cap Rate 9%
$445,367
Alternative Uses
Best Use
Multifamily LT 5
$572.6K
$501.0K – $668.1K
NOI $40,083 @ 7.0% cap · market cap 6.85%
Second Best
Apartment 5plus
$527.0K
$461.1K – $614.8K
NOI $36,890 @ 7.0% cap · market cap 6.31%
Theoretical Best
Flex RnD
$1.17M
$1.02M – $1.36M
NOI $81,896 @ 7.0% cap · market cap 14.00%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
974
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?
Quadplex - Four apartments feature period character, shared laundry, and garage storage.
Where is this quadplex located?
The property is located at 1603 I Street Eureka, CA.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 3,098‑square‑foot Victorian property built in 1903; Four apartments within a remodeled historic residence; Stained‑glass windows, original moldings, wide‑plank wood floors, and scalloped shingle siding
