380 Granite Avenue, Arcata, CA 95521 (MLS # 272199)

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PRICE $1,000,000 BEDS 0 BATHS 0 HOME SIZE 4,791 sqft LOT SIZE 16,118 sqft Request More Info Schedule a Showing

Classic Mid Century architect-designed apartments, 7 units total in two buildings superbly located within 50 feet of Cal Poly Humboldt campus. Single family ownership since 1962. Rare opportunity to secure a legacy property in excellent condition with a non-existent vacancy factor. Each apartment is light and bright, featuring vaulted ceilings, large view windows, fully contained kitchens, bathrooms with showers, sink and toilet, carports and off-street parking. Wood wall paneling and low pile carpeting, plus vinyl. Located almost directly across from Jolly Giant Commons on the Cal Poly campus, there are two buildings. The one at 380 Granite referred to as Building 2, was built in 1975, double-pane windows , and has three units. The upper building referred to as Building 1 has four unit and has single-pane windows. Heat is wall heater or baseboard heaters. Tenants pay utilities, but owner pays water and sewer. Each apartment is unique. New roofs - Apt 3a- 2001 Apts 1,2,3- 2019 Apts 4,5,6- 2022 Seller has regularly kept apartments in good and rentable condition. At time of tenancy turnover, apartments are regularly cleaned, painted, re-carpeted if necessary, and any updates or repairs are completed. On-going maintenance involves cleaning roots out of sewer lines at Building 1. Look in Documents for the Commercial property Questionnaire and the Addendum filled out by Seller. There are no current inspections for this property. Sewer lateral was completed to City of Arcata standards for Building 2, but Building 1, the oldest building on site, is still on-going. There will be three vacancies that allow a landlord to raise the rents. Apt 1 is vacant, but refurbished, and can rent as soon as closing happens. Apt 3 will be re-rented by June 1. And Apt 3A will be leaving at the end of August and can be -re-rented. Apartment 1 is vacant, so if a buyer chooses, they can get their own tenant. Apartment 3 is not renewing their lease and they will be leaving by May 30. Seller will replace tenant for move-in date of June 1. Apartment 3A will be leaving by August 31, and Seller or Buyer can replace, depending on timing. All other leases expire June 1, 2027, except Apartment 4, which only has a lease until end of December, 2026.