312 N Fortuna Blvd · Fortuna, CA 95540

$1,425,000

10 bd · 9.0 ba · 5,357 sqft · MultiFamily public records · 43 Days on market

Built 1948 0.28 ac lot

---

Why this score? — see what drove the F grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +10.0/30.0
• ARV discount +7.5/15.0
• Livability +3.5/5.0
• DSCR +2.9/10.0
• Schools +2.6/10.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 9 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Welcome to this fantastic investment opportunity in Fortuna, featuring a well-maintained 9-unit apartment complex. This property is conveniently located and has recently undergone updates, making it an attractive choice for investors. The property offers a variety of units to cater to different tenant needs, including 2 spacious 2-bedroom units, 6 well-designed 1-bedroom units, and 1 studio apartment. There are 5 separate storage closets available for rent, providing additional income opportunities for the owner. Additionally, there's a generously sized garage that the owner is currently using but can also be rented out for additional rental income. All of the units are separately metered for power, gas, water and sewer and each unit has its own forced air heater. Plenty of off street parking. Great opportunity to own this well maintained Fortuna investment property!

Key facts

• Forced air heater
• 0.28 acre lot
• Built 1948

Tags

• 9 UNIT APARTMENT COMPLEX
• SEPARATE METERS FOR POWER
• SEPARATE METERS FOR GAS
• SEPARATE METERS FOR WATER
• SEPARATE METERS FOR SEWER
• FORCED AIR HEATER

Property features AI

Finance

• Other: Intersection location: North Fortuna Blvd and Alder Dr; Roads are public and maintained; road surface is concrete/paved; Lot dimensions approximately 90 x 138
• Financial info: Multiple tenant units with current rents listed (examples): 1-bed units renting around $735–$975; 2-bed units renting around $1,250–$1,350
• HOA & community: Sidewalks (community feature)

Exterior

• Parking: On-site paved parking
• Security: No security features listed
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family; Two levels; Commercial zoning
• Construction: Cement siding, frame, and wood siding; Concrete perimeter foundation; Built with multiple construction materials
• Exterior features: Level lot; No fencing; Sidewalks

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Multiple 1-bedroom units; Some 2-bedroom units
• Flooring: Carpet; Vinyl; Laminate
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; Natural gas
• Interior features: Double pane windows; Insulation (energy efficient)
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 2×2bd/2.0ba + 6×1bd/1.0ba + 1×?bd/1.0ba units multifamily listed at $1.43M.

Deal economics

• At list price, monthly cash flow is $-923 ($-11k/yr) — negative. Per door: $-103/mo.
• To cash-flow at today's rent, offer at most $1.26M (11.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.08M (24.5% below list).
• Recommended offer: $1.08M (24.5% below list) — sets the bar for 1% rule.
• Cap rate 5.6% vs local median 2.4% in Fortuna — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 69/100 on livability (#246 in CA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, commute A-; Watch: employment D+, amenities F, cost of living F.
• Fortuna Union High (town): math 17% / reading 44% proficiency, ranked #350 of 517 in CA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Linell K. Walker Elementary (math 17% / reading 27%, grade F, #1,179 of 1,571 statewide, top 78%, 294 students, 82% FRL); Fortuna Middle (math 10% / reading 24%, grade F, #443 of 498 statewide, top 90%, 237 students, 80% FRL); Fortuna Union High (math 12% / reading 37%, grade F, #826 of 1,170 statewide, top 80%, 830 students, 47% FRL).
• Market conditions: 110 active listings in the ZIP; 188 units permitted in Humboldt County in 2024 (17 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $43k of value loss. Plan a longer hold.
• Humboldt County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($1.38M) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,075,500 (24.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.75% ✗
• Cap rate: 5.57%
• Cash-on-cash: -2.57%
• DSCR: 0.89
• GRM: 11.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -20.9%
• Equity multiple: 0.27×
• Total profit: $-289,767
• Equity at exit: $212,472

10-year hold

• IRR: -14.3%
• Equity multiple: 0.18×
• Total profit: $-328,392
• Equity at exit: $123,208

Cash invested: $399,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 18 Strongly Tenant-Friendly
• State California: 18 Strongly Tenant-Friendly · D+13
• County: — inherits STATE
• City: — inherits STATE

AB1482 statewide rent cap (10% + CPI). Cities (SF/LA/Berkeley) layer stricter rules. Just-cause statewide.

Methodology + full state rankings →

ZIP-level market 95540

• Active inventory: 110
• Price-to-rent: 85.1×

Monthly cashflow live

• Estimated rent: $10,755 medium
• Mortgage (P&I): −$7,473
• Tax from tax record: −$1,286 /mo · $15,431/yr
• Insurance: −$594
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,259
• Net cashflow: $-923

Break-even live

Break-even rent $11,923

Max offer price $1,262,035

Occupancy floor —

Sensitivity live

Price	-10% $-116	-5% $-519	+0% $-923	+5% $-1,326	+10% $-1,729
Rent	-10% $-1,772	-5% $-1,347	+0% $-923	+5% $-498	+10% $-73
Rate	-1.0pp $-205	-0.5pp $-560	base $-923	+0.5pp $-1,292	+1.0pp $-1,667

9-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$2,790
▸ 6× units	1	1	$6,570
1× unit	0	1	$1,395
Total (9 units)			$10,755

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $356,250
• Closing costs: $42,750
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-22
   days on market $1,425,000 Active 43 DOM
2. 2026-06-21
   days on market $1,425,000 Active 42 DOM
3. 2026-06-19
   days on market $1,425,000 Active 40 DOM
4. 2026-06-18
   days on market $1,425,000 Active 39 DOM
5. 2026-06-17
   days on market $1,425,000 Active 38 DOM
6. 2026-06-16
   days on market $1,425,000 Active 37 DOM
7. 2026-06-15
   days on market $1,425,000 Active 36 DOM
8. 2026-06-14
   days on market $1,425,000 Active 34 DOM
9. 2026-06-12
   days on market $1,425,000 Active 33 DOM
10. 2026-06-09
    days on market $1,425,000 Active 30 DOM
11. 2026-06-08
    days on market $1,425,000 Active 29 DOM
12. 2026-06-07
    days on market $1,425,000 Active 28 DOM
13. 2026-06-07
    days on market $1,425,000 Active 27 DOM
14. 2026-06-04
    days on market $1,425,000 Active 24 DOM
15. 2026-06-02
    days on market $1,425,000 Active 23 DOM
16. 2026-06-01
    days on market $1,425,000 Active 22 DOM
17. 2026-05-31
    days on market $1,425,000 Active 21 DOM
18. 2026-05-31
    days on market $1,425,000 Active 20 DOM
19. 2026-05-10
    listed $1,425,000 Active
20. 2025-01-16
    historical $975
21. 2024-11-16
    listed $975
22. 2024-08-30
    historical $975
23. 2024-08-07
    historical $975
24. 2024-08-03
    listed $975
25. 2024-08-02
    listed $975
26. 2024-03-29
    historical $1,235
27. 2024-03-19
    price $1,235
28. 2024-01-20
    listed $1,275
29. 2024-01-09
    soldstatus $1,385,000 Closed 879-char remark

    Show marketing remark (879 chars)

    Welcome to this fantastic investment opportunity in Fortuna, featuring a well-maintained 9-unit apartment complex. This property is conveniently located and has recently undergone updates, making it an attractive choice for investors. The property offers a variety of units to cater to different tenant needs, including 2 spacious 2-bedroom units, 6 well-designed 1-bedroom units, and 1 studio apartment. There are 5 separate storage closets available for rent, providing additional income opportunities for the owner. Additionally, there's a generously sized garage that the owner is currently using but can also be rented out for additional rental income. All of the units are separately metered for power, gas, water and sewer and each unit has its own forced air heater. Plenty of off street parking. Great opportunity to own this well maintained Fortuna investment property!

30. 2024-01-05
    soldstatus $1,385,000
31. 2023-10-27
    historical $1,350
32. 2023-10-24
    status Pending 879-char remark

    Show marketing remark (879 chars)

    Welcome to this fantastic investment opportunity in Fortuna, featuring a well-maintained 9-unit apartment complex. This property is conveniently located and has recently undergone updates, making it an attractive choice for investors. The property offers a variety of units to cater to different tenant needs, including 2 spacious 2-bedroom units, 6 well-designed 1-bedroom units, and 1 studio apartment. There are 5 separate storage closets available for rent, providing additional income opportunities for the owner. Additionally, there's a generously sized garage that the owner is currently using but can also be rented out for additional rental income. All of the units are separately metered for power, gas, water and sewer and each unit has its own forced air heater. Plenty of off street parking. Great opportunity to own this well maintained Fortuna investment property!

33. 2023-10-04
    listed $1,475,000 Active 879-char remark

    Show marketing remark (879 chars)

    Welcome to this fantastic investment opportunity in Fortuna, featuring a well-maintained 9-unit apartment complex. This property is conveniently located and has recently undergone updates, making it an attractive choice for investors. The property offers a variety of units to cater to different tenant needs, including 2 spacious 2-bedroom units, 6 well-designed 1-bedroom units, and 1 studio apartment. There are 5 separate storage closets available for rent, providing additional income opportunities for the owner. Additionally, there's a generously sized garage that the owner is currently using but can also be rented out for additional rental income. All of the units are separately metered for power, gas, water and sewer and each unit has its own forced air heater. Plenty of off street parking. Great opportunity to own this well maintained Fortuna investment property!

34. 2023-08-31
    listed $1,350
35. 2022-06-20
    price $1,295
36. 2014-10-28
    soldstatus $1,165,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast CA · Resets to sale price

• Current annual tax: $15,431 · $1,286/mo
• Projected year-2 tax: $15,431 · $1,286/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 78% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥79°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $129,060
• − Mortgage interest: −$79,822
• − Property taxes: −$15,431
• − Insurance: −$7,922
• − Repairs & maintenance: −$10,325
• − Management: −$10,325
• − Depreciation: −$41,455
• Taxable loss: −$36,220
• Est. tax savings @ 24.0%: +$8,693
• After-tax cash flow: $-2,377/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Fortuna Union High
• NCES district ID: 0614190
• Math proficiency: 17% ▼ -10.00%
• Reading proficiency: 44% ▼ -8.00%
• Median HH income: $41,411
• Composite: 25.69/100
• National rank: #7386
• State rank: #350 of 517 in CA

Livability — Fortuna

• Score: 69/100
• State rank: #246
• US rank: #8234

Category grades

Amenities F Commute A- Cost of living F Crime B- Employment D+ Housing C+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fortuna, CA
• City population: 14,641
• Population (ZIP): 14,641

Population outlook (Humboldt County) Hauer SSP2

• Today (2025): 135,550 people
• By 2030: 134,798 · -0.6%
• By 2040: 132,222 · -2.5%
• By 2050: 130,850 · -3.5%
• By 2075: 128,656 · -5.1%
• By 2100: 120,238 · -11.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 19% Two or more races 12% Asian 3% Native American 3%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Lithuanian 4% Italian 4% Slovak 3%
• Foreign-born: 12% · Canada, China
• Languages at home: 85% English-only · Spanish 13% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Humboldt

• 2024 margin: Strong D (+28.4) · D 62.0% · R 33.6% · Other 4.5%
• 2008→2024 swing: +0.2pp no change · 2008: 28.2pp · 2024: 28.4pp
• All cycles: 2024: D+28.4 2020: D+33.4 2016: D+25.9 2012: D+26.2 2008: D+28.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -232.72%
• Current HPI: 236.0203
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 3.21%
• F500 in state: 116

Industry mix (Fortune 500 HQ in CA)

Industry	F500 HQs	Revenue
▸Technology	27	$1,492B
▸Financial Services	3	$174B
▸Retail	3	$44B
▸Insurance	3	$26B
▸Media / Entertainment	2	$115B
▸Pharmaceuticals / Biotech	2	$62B

Price history

+22.3% since first listed

18 events — show timeline

• 2026-05-10 Listed $1,425,000 HAR
• 2025-01-16 Rental Removed $975 APPFOLIO
• 2024-11-16 Listed for Rent $975 APPFOLIO
• 2024-08-30 Rental Removed $975 APPFOLIO
• 2024-08-07 Rental Removed $975 RENT.
• 2024-08-03 Listed for Rent $975 APPFOLIO
• 2024-08-02 Listed for Rent $975 RENT.
• 2024-03-29 Rental Removed $1,235 APPFOLIO
• 2024-03-19 Price Changed $1,235 APPFOLIO
• 2024-01-20 Listed for Rent $1,275 APPFOLIO
• 2024-01-09 Sold (MLS) $1,385,000 HAR
• 2024-01-05 Sold (Public Records) $1,385,000 Public Records
• 2023-10-27 Rental Removed $1,350 APPFOLIO
• 2023-10-24 Pending — HAR
• 2023-10-04 Listed $1,475,000 HAR
• 2023-08-31 Listed for Rent $1,350 APPFOLIO
• 2022-06-20 Price Changed $1,295 APPFOLIO
• 2014-10-28 Sold (Public Records) $1,165,000 Public Records

Property tax history

+15.3%/yr

Latest (2025): $15,431 · +242.6% YoY. Source: county tax records.