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    Historic Eureka Inn Hotel For Sale Title is generated by Realmo AI

    518 7th St, Eureka, CA 95501

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    117-room hotel in downtown Eureka, CA. Historic landmark.

    Type:Hospitality
    Added:
    Jun 5, 2024
    Days on Market:
    730
    Last Refresh:
    May 12 at 10:50 pm

    Property Features for 518 7th St

    General Information

    Standard status
    Active
    Property subtype
    Hospitality

    Building Details

    Year Built
    1922

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    Listing Contact
    Steve Post

    Listing agent Steve Post License #01219756

    Listing office Amber Hotel Company

    Listing date Jun 5, 2024

    Source Crexi

    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 Amber Hotel Company

    HighLights

    • Historic hotel listed on the National Register of Historic Places, offering potential incentives for investors.
    • Significant revenue growth in recent years with further growth potential by reopening currently closed bar and restaurant.
    • Partnership with Wyndham Hotels and Resorts' Trademark Collection.
    • Prime downtown Eureka location, occupying an entire city block near attractions and universities.
    • 117‑room, 4‑story interior corridor hotel.
    • Well‑known property with a rich history and notable past guests.

    Overview

    The Eureka Inn is a 117-room, 4-story interior corridor hotel located in Eureka, CA. The hotel, listed on the National Register of Historic Places, is one of the most well-known properties in northern coastal California. Originally built in 1922, the hotel has a rich history and has hosted many notable guests, including Winston Churchill and Ronald Reagan. The grand lobby features magnificent chandeliers, and the meticulously preserved Elizabethan Tudor Revival architecture reflects the hotel's history and significance. Reopened by the current owner in 2010 after a period of closure, the hotel has seen steady growth through significant renovations and a partnership with Wyndham Hotels and Resorts' Trademark Collection. The hotel has had increases in room revenue each of the last three years and is on pace for increased revenue again in 2024. The hotel is currently performing at only 44% of the competitive set RevPAR. The hotel's bar is currently operating 3–4 nights per week; another bar and the main restaurant remain closed. As a Historic Building, there are numerous incentives available for investors. The hotel is conveniently located in downtown Eureka, occupying an entire city block within walking distance of numerous museums, shops, and restaurants. Also, nearby are the campuses of College of the Redwoods and Cal Poly Humboldt. Greater Eureka has a population of over 45,000 residents.
    Property Profile Location Intelligence

    Current Use by Public Records

    Eureka Inn Trademark ... Hotel & Motel Palm lounge Bar & Pub

    Suggested Use

    Real Estate Agency Law Firm Restaurant Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Eureka
    County
    Humboldt
    State
    California
    Longitude
    -124.1649647
    Latitude
    40.7999542

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    FAQs

    What type of property is this?
    Hotel - 117-room hotel in downtown Eureka, CA. Historic landmark.
    Where is this hotel located?
    The property is located at 518 7th St Eureka, CA.
    What is the asking price?
    The asking price for this property is $9,900,000.
    What are key features of this property?
    This property features: Historic hotel listed on the National Register of Historic Places, offering potential incentives for investors.; Significant revenue growth in recent years with further growth potential by reopening currently closed bar and restaurant.; Partnership with Wyndham Hotels and Resorts' Trademark Collection.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Steve Post
    Real Estate License ID: 01219756
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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