Fortuna Multifamily Investment
For Sale
$1,425,000
312 N Fortuna Boulevard, Fortuna, CA 95540
MULTI_FAMILY - Other - Fortuna, CA
Property Size5,357 SF
Lot Size0.28 Acres
Price / SF$266.01
Days on Market94
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
Bathroom 6, Bedroom 6, Bedroom 3, Bathroom 8, Bathroom 1, Bedroom 10, Bedroom 2, Bathroom 5, Bathroom 9, Bedroom 7, Bedroom 4, Bedroom 8, Bedroom 5, Bathroom 2, Bathroom 3, Bathroom 7, Bathroom 4, Bedroom 9, Bedroom 1
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
Vinyl, Carpet, 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: Jun 9
Last Checked: Aug 11 at 7:06PM
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 nine-unit apartment complex is located in Fortuna, California. The property features a mix of unit sizes, including two 2-bedroom units, six 1-bedroom units, and one studio apartment. Each unit is individually metered for power, gas, water, and sewer. Units also include a forced air heater, appliance package, and off-street parking. There are five storage closets available for rent, offering additional income potential. A generously sized garage, currently owner-occupied, could also be rented out for additional income. The units have undergone recent renovations and are professionally managed. The property has a low vacancy rate and offers easy access to city services. The property sits on a 0.28-acre lot. The building size is 5357 square feet. The property is zoned for commercial use. The property is suitable for 1031 exchange buyers.
Key Highlights
- Fortuna 9‑unit apartment complex with a mix of 2‑bedroom (2 units), 1‑bedroom (6 units), and studio (1 unit)
- Each unit has separate meters for power, gas, water, and sewer
- Each unit includes its own forced air heater, appliance package, and off‑street parking
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
Property Profile
Current Use
Lease Details
9
Residential units
Multi-tenant
Tenancy
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
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 - Nine-unit apartment complex in Fortuna, California with recent renovations.
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: Fortuna 9‑unit apartment complex with a mix of 2‑bedroom (2 units), 1‑bedroom (6 units), and studio (1 unit); Each unit has separate meters for power, gas, water, and sewer; Each unit includes its own forced air heater, appliance package, and off‑street parking
