Mid-Century Apartment Building with
For Sale
$975,000
Pending
380 Granite Avenue, Arcata, CA 95521
MULTI_FAMILY - Other - Arcata, CA
Property Size4,791 SF
Lot Size0.37 Acres
Days on Market102
Property Features for 380 Granite Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
6
Bathrooms
7
Full bathrooms
7
Rooms
Bathroom 3, Bedroom 2, Bathroom 1, Bedroom 1, Bedroom 6, Bathroom 6, Bathroom 5, Bathroom 7, Bedroom 3, Bedroom 4, Bathroom 4, Bedroom 5, Bathroom 2
Parking features
Other
Interior features
Cathedral/Vault
Lot features
City Lights View, Sloping, Near Public Trans
View
City
Elementary school
Arcata
Middle school
Sunnybrae
High school
Arcata
Elementary school district
Arcata
Middle school district
Arcata
High school district
Arcata
Directions
Confusing because 380 Granite is one building ( Building #2) , and uphill from that, fronting on 24th Street is the other Building #1. Best to park at 380 Granite, if possible. There is a carport and hopefully three extra parking spaces outside carport and available.. Easy to walk uphill to other Building #1, or drive to end of 24th Street and park near carport for Building #1.
Subdivision
North Bay
Standard status
Pending
Size
4,791 SF
Lot size
0.37 Acres
Utilities
Sewer type
Public Sewer
Building Details
Year built
1962
Floors in Building
2
Number of units
2
Flooring type
Carpet, Vinyl
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: May 3
Changed: Jul 2
Last Checked: Aug 12 at 5:06PM
MLS# 272199
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 mid-century apartment property consists of two buildings with a total of seven units. Apartments feature vaulted ceilings, large view windows, fully contained kitchens, and bathrooms with showers, a sink, and a toilet. Interiors include wood wall paneling and low pile carpeting, along with vinyl flooring. Each unit includes carports and off-street parking. Heating is provided via wall heaters or baseboard heaters. Tenants pay utilities, while the owner pays water and sewer. The 380 Granite property, referred to as Building 2, has three units and includes double-pane windows; the upper building, Building 1, has four units and includes single-pane windows. The seller reports new roofs at multiple times for specific units and ongoing maintenance that includes cleaning roots out of sewer lines at Building 1. The listing notes there are no current inspections for the property, and that the sewer lateral is completed to City of Arcata standards for Building 2, while Building 1 remains ongoing.
The buildings are positioned within 50 feet of Cal Poly Humboldt’s campus and are almost directly across from Jolly Giant Commons. Single family ownership has been maintained since 1962.
For buyers seeking a residential income property, the unit mix and layout provide a consistent in-unit standard with distinct apartments throughout the complex. The seller indicates three units will be available on staggered dates: Apartment 1 is currently vacant (refurbished), Apartment 3 is scheduled to leave by May 30 with a re-rental planned for June 1, and Apartment 3A is scheduled to leave by August 31. All other leases expire June 1, 2027, except Apartment 4, which has a lease through the end of December 2026.
The buildings are positioned within 50 feet of Cal Poly Humboldt’s campus and are almost directly across from Jolly Giant Commons. Single family ownership has been maintained since 1962.
For buyers seeking a residential income property, the unit mix and layout provide a consistent in-unit standard with distinct apartments throughout the complex. The seller indicates three units will be available on staggered dates: Apartment 1 is currently vacant (refurbished), Apartment 3 is scheduled to leave by May 30 with a re-rental planned for June 1, and Apartment 3A is scheduled to leave by August 31. All other leases expire June 1, 2027, except Apartment 4, which has a lease through the end of December 2026.
Key Highlights
- 7‑unit apartment property in two buildings within 50 feet of Cal Poly Humboldt campus
- Building 2 at 380 Granite built in 1975 with double‑pane windows and 3 units
- Upper Building 1 has 4 units and single‑pane windows; original construction year listed as 1962
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
$57,050
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
5.85%
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%
$1,141,000
$1.1M
Cap Rate 7%
$815,000
$815.0K
Cap Rate 9%
$633,889
$633.9K
Market Conditions
NOI Build-Up for 4,791 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
$111.5K $23.28/SF
− Vacancy
−$7.8K −$1.63/SF
EGI
$103.7K $21.65/SF
− OpEx
−$46.7K −$9.74/SF
NOI
$57.0K $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%
$1,141,000
Cap Rate 7%
$815,000
Cap Rate 9%
$633,889
Alternative Uses
Best Use
Apartment 5plus
$815.0K
$713.1K – $950.8K
NOI $57,050 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$1.81M
$1.58M – $2.11M
NOI $126,650 @ 7.0% cap · market cap 12.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
636
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 - Seven-unit mid-century multifamily near Cal Poly Humboldt, with off-street parking and staggered vacancies for renewed leasing timelines.
Where is this apartment building located?
The property is located at 380 Granite Avenue Arcata, CA.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 7‑unit apartment property in two buildings within 50 feet of Cal Poly Humboldt campus; Building 2 at 380 Granite built in 1975 with double‑pane windows and 3 units; Upper Building 1 has 4 units and single‑pane windows; original construction year listed as 1962
