Multi-Family Income
For Sale
$2,400,000
3122 St Louis Road, Arcata, CA 95521
Multi-Family, Arcata, CA
Property Size10,480 SF
Lot Size1.84 Acres
Price / SF$229.01
Days on Market198
Property Features for 3122 St Louis Road
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Single Family
Bathrooms
4
Half bathrooms
7
Rooms
Bathroom 1, Bathroom 4, Bathroom 3, Bathroom 2
Interior features
Wood Stove
Exterior features
Skylight
Appliances
Dining in Kitchen
Lot features
Flat, Sloping, In Town
Elementary school
Arcata
Middle school
Sunnybrae
High school
Arcata
Elementary school district
Arcata
Middle school district
Arcata
High school district
Arcata
Directions
L K Wood to St. Louis Road overpass to St Louis Road. Coming from the North Spears Avenuet to St. louis Road across from Janes Creek Subdivision Entrance. SHOWINGS 48 hour notice please! DO NOT DRIVE ONTO THE PROPERTY! YOU ARE DISTURBING THE TENANTS & THEIR RIGHTS
Subdivision
North Bay
Standard status
Active
Size
10,480 SF
Lot size
1.84 Acres
Utilities
Sewer type
Public Sewer
Heating system
Wood, Wood Stove
Building Details
Year built
1991
Floors in Building
2
Number of units
11
Flooring type
Tile, Wood, Vinyl, Carpet
Roof type
Shingle
Architectural style
Other
Listing Agency:
Azalea Realty
(707) 839-4400
Listed By:
Joanie Frederick · License #00993152
(707) 362-0144
Added: Feb 12
Changed: Aug 19
Last Checked: Aug 29 at 3:06AM
MLS# 271572
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 income-producing property features ten existing rental units and additional improvements on a 1.84-acre parcel. The rental mix includes six 2-bedroom, 1.5-bath units and four 1-bedroom, 1-bath units. All units are separately metered, with tenants responsible for water, sewer, and PG&E, helping reduce owner operating expenses. In addition to the rentals, the property includes a custom-designed main residence with an attached garage and a large, versatile barn that can support storage, workshop, business use, or adaptive reuse (buyer to verify).
The property is located at 3122 St Louis Road in Arcata, near Cal Poly Humboldt. Zoning is described as RH – High Density Residential per City of Arcata rezoning, with stated capacity of up to 50 units per acre (buyer to verify setbacks, density, and development standards). The configuration offers room for continued income generation and potential reconfiguration or redevelopment depending on buyer plans (buyer to verify use and feasibility).
The property is located at 3122 St Louis Road in Arcata, near Cal Poly Humboldt. Zoning is described as RH – High Density Residential per City of Arcata rezoning, with stated capacity of up to 50 units per acre (buyer to verify setbacks, density, and development standards). The configuration offers room for continued income generation and potential reconfiguration or redevelopment depending on buyer plans (buyer to verify use and feasibility).
Key Highlights
- 1.84‑acre property near Cal Poly Humboldt with 10 existing rental units: six 2BR/1.5BA and four 1BR/1BA
- All rental units are separately metered; tenants pay water, sewer, and PG&E, helping minimize owner expenses
- Zoned RH – High Density Residential (City of Arcata rezoning) allowing up to 50 units per acre (buyer to verify density and development standards)
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
$124,793
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
5.20%
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%
$2,495,860
$2.5M
Cap Rate 7%
$1,782,757
$1.8M
Cap Rate 9%
$1,386,589
$1.4M
Market Conditions
NOI Build-Up for 10,480 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
$244.0K $23.28/SF
− Vacancy
−$17.1K −$1.63/SF
EGI
$226.9K $21.65/SF
− OpEx
−$102.1K −$9.74/SF
NOI
$124.8K $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%
$2,495,860
Cap Rate 7%
$1,782,757
Cap Rate 9%
$1,386,589
Alternative Uses
Best Use
Apartment 5plus
$1.78M
$1.56M – $2.08M
NOI $124,793 @ 7.0% cap · market cap 5.20%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$3.96M
$3.46M – $4.62M
NOI $277,039 @ 7.0% cap · market cap 11.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
10
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
296
Businesses Nearby
Explore this area
Business Placement
Demographics for 95521, CA
21,581
Population
9,797
Households
2.2
Avg Household Size
30
Median Age
45%
College-Educated
95%
High-School Grad
60.4 sq mi
ZIP Area
357
Density / Sq Mi
$54,324
Median Household Income
$24,129
Median Earnings
$1,300
Median Rent
$478,600
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?
Apartment building - Ten separately metered rental units plus a custom main residence and barn on a 1.84-acre parcel in Arcata.
Where is this apartment building located?
The property is located at 3122 St Louis Road Arcata, CA.
What is the asking price?
The asking price for this property is $2,400,000.
What are key features of this property?
This property features: 1.84‑acre property near Cal Poly Humboldt with 10 existing rental units: six 2BR/1.5BA and four 1BR/1BA; All rental units are separately metered; tenants pay water, sewer, and PG&E, helping minimize owner expenses; Zoned RH – High Density Residential (City of Arcata rezoning) allowing up to 50 units per acre (buyer to verify density and development standards)
