Remodeled Victorian
For Sale
$570,000
1603 I Street, Eureka, CA 95501
Multi-Family, Eureka, CA
Property Size3,098 SF
Lot Size0.17 Acres
Price / SF$183.99
Days on Market80
Property Features for 1603 I Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
5
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
Parking features
None
Interior features
Dryer
Appliances
Dryer, Dining in Kitchen
Lot features
Flat, In Town, Corner
View
City
Middle school
Zane
High school
Eureka
Elementary school district
Eureka
Middle school district
Eureka
High school district
Eureka
Directions
Corner of 16th and I Streets. One unit actually has an 810 16th St address, since its door faces 16th.
Subdivision
South Bay
Standard status
Active
Size
3,098 SF
Lot size
0.17 Acres
Utilities
Sewer type
Public Sewer
Amenities
laundry room
garage storage
Building Details
Year built
1903
Floors in Building
2
Number of units
1
Flooring type
Hardwood, Vinyl, Laminate
Roof type
Shingle
Architectural style
Other
Listing Agency:
Coldwell Banker Sellers Realty · Coldwell Banker Real Estate
(707) 822-4337
Listed By:
Patricia Stearns · License #00795877
(707) 599-7145
Added: Jun 5
Changed: Aug 19
Last Checked: Aug 23 at 12:06PM
MLS# 272532
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.
Remodeled Victorian quadplex in very good condition, divided into four apartments within a 1903 building. The home features natural light throughout and period touches including stained glass windows, original moldings, wide plank wood floors, and scalloped shingle siding. Flooring includes hardwood, laminate, and vinyl, and a dryer is included in the property’s interior features. Tenants share access to a separate laundry room, and each has storage area in the garage.
Set on a 0.17-acre lot totaling 3,098 square feet, the property sits under a shingle roof with public sewer service. Parking is listed as none.
Zoned Multi-Family, the landlord pays water, sewer, PGE, garbage, and recycling, helping simplify operating expenses for tenants. The location provides convenient access to shopping, services, restaurants, and easy freeway access to Cal Poly Humboldt and College of the Redwoods.
Set on a 0.17-acre lot totaling 3,098 square feet, the property sits under a shingle roof with public sewer service. Parking is listed as none.
Zoned Multi-Family, the landlord pays water, sewer, PGE, garbage, and recycling, helping simplify operating expenses for tenants. The location provides convenient access to shopping, services, restaurants, and easy freeway access to Cal Poly Humboldt and College of the Redwoods.
Key Highlights
- Four apartments in a remodeled 1903 Victorian with stained glass, original moldings, and scalloped shingle siding
- 0.17‑acre lot totaling 3,098 square feet
- Shared separate laundry room plus tenant storage area in the garage
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
7.03%
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 7.03%
Second Best
Apartment 5plus
$527.0K
$461.1K – $614.8K
NOI $36,890 @ 7.0% cap · market cap 6.47%
Theoretical Best
Flex RnD
$1.17M
$1.02M – $1.36M
NOI $81,896 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
Multi-tenant
Tenancy
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-apartment Victorian quadplex with period details, natural light, shared laundry access, and landlord-paid utilities.
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 $570,000.
What are key features of this property?
This property features: Four apartments in a remodeled 1903 Victorian with stained glass, original moldings, and scalloped shingle siding; 0.17‑acre lot totaling 3,098 square feet; Shared separate laundry room plus tenant storage area in the garage
