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Westwood Garden Apartments | Near Cal Poly 2351 Westwood Ct 92 Unit Apartment Building $16,965,077 CAD ($184,403 CAD/Unit) 7.08% Cap Rate Arcata, CA 95521
Investment Highlights
- Westwood Garden Apartments presents investors with the opportunity to purchase a cash-flowing asset with potential for expansion.
- Buyers can develop an additional 70 units with permits secured, allowing for immediate construction.
- Pride of ownership is evident in this well-maintained complex, featuring 32 newly built, solar-equipped units along with spacious floorplans.
- Premier location near Cal Poly Humboldt University and the US-101 which allows for speedy commutes for residents.
- Minutes from a plethora of retailers and conveniences like Froth, Murphy’s Markets, CVS, Safeway, Domino’s Pizza, Los Bagels, and more.
Executive Summary
INVESTMENT OVERVIEW
Marcus & Millichap is pleased to present Westwood Garden Apartments comprised of 92 multifamily units and strategically
located at 2351 Westwood Court in Arcata, CA. Westwood Garden was originally built as a 60-unit complex in 1968 and sits on
a large 5.60 acre lot. In 2024, the owner developed an additional 32 units converting the complex into a 92-unit project.
Additionally, the project is entitled to build 70 more units to make it a 162-unit complex. An appraiser valued this entitlement
$1,000,000 by itself (not included in underwritten value).
The unit mix is comprised of:
(44) One bedroom units averaging 457 sq ft and $1,288 Rent
(40) Two bedroom units averaging 840 sq ft and $1,411 Rent
(8) Three bedroom units averaging 980 sq ft and $1,638 Rent
Arcata, nestled in Humboldt County, is renowned for its scenic beauty, vibrant arts scene, and proximity to key employment
and education hubs, including Cal Poly Humboldt University. The property benefits from its central location, offering easy
access to downtown Arcata, local shops, restaurants, and the Arcata Marsh & Wildlife Sanctuary. This prime location ensures
a steady rental demand, supported by the region's growing economy and limited housing supply.
INVESTMENT HIGHLIGHTS
? Recent Expansion — 32 new solar-equipped units added in 2024, enhancing efficiency.
? Development Opportunity — Active Arcata entitlement for 70 more units.
? Strong Asset Quality — Spacious units in a well-maintained complex with high pride of ownership.
Marcus & Millichap is pleased to present Westwood Garden Apartments comprised of 92 multifamily units and strategically
located at 2351 Westwood Court in Arcata, CA. Westwood Garden was originally built as a 60-unit complex in 1968 and sits on
a large 5.60 acre lot. In 2024, the owner developed an additional 32 units converting the complex into a 92-unit project.
Additionally, the project is entitled to build 70 more units to make it a 162-unit complex. An appraiser valued this entitlement
$1,000,000 by itself (not included in underwritten value).
The unit mix is comprised of:
(44) One bedroom units averaging 457 sq ft and $1,288 Rent
(40) Two bedroom units averaging 840 sq ft and $1,411 Rent
(8) Three bedroom units averaging 980 sq ft and $1,638 Rent
Arcata, nestled in Humboldt County, is renowned for its scenic beauty, vibrant arts scene, and proximity to key employment
and education hubs, including Cal Poly Humboldt University. The property benefits from its central location, offering easy
access to downtown Arcata, local shops, restaurants, and the Arcata Marsh & Wildlife Sanctuary. This prime location ensures
a steady rental demand, supported by the region's growing economy and limited housing supply.
INVESTMENT HIGHLIGHTS
? Recent Expansion — 32 new solar-equipped units added in 2024, enhancing efficiency.
? Development Opportunity — Active Arcata entitlement for 70 more units.
? Strong Asset Quality — Spacious units in a well-maintained complex with high pride of ownership.
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financial Statements
- Third Party Reports
- Title and Insurance
- Miscellaneous
Financial Summary (Actual - 2025) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2025) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $16,965,077 CAD | Apartment Style | Garden |
| Price Per Unit | $184,403 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 5.60 AC |
| Cap Rate | 7.08% | Building Size | 61,564 SF |
| Gross Rent Multiplier | 8.06 | Average Occupancy | 99% |
| No. Units | 92 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1968/2024 |
| Property Subtype | Apartment | ||
| Zoning | ML | ||
| Price | $16,965,077 CAD |
| Price Per Unit | $184,403 CAD |
| Sale Type | Investment |
| Cap Rate | 7.08% |
| Gross Rent Multiplier | 8.06 |
| No. Units | 92 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 5.60 AC |
| Building Size | 61,564 SF |
| Average Occupancy | 99% |
| No. Stories | 2 |
| Year Built/Renovated | 1968/2024 |
| Zoning | ML |
Amenities
Unit Amenities
- Air Conditioning
- Dishwasher
- Heating
- Kitchen
- Refrigerator
- Freezer
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Property Manager on Site
- Recycling
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 44 | $1,895 CAD | 457 - 565 |
| 2+1 | 40 | $1,735 CAD | 840 |
| 3+2 | 8 | $2,267 CAD | 980 |
Exceptionally drivable
100/100
Somewhat bikeable
20/100
Property Taxes
| Parcel Number | 505-161-028-000 | Total Assessment | $10,462,993 CAD |
| Land Assessment | $1,641,034 CAD | Annual Taxes | -$1 CAD ($0.00 CAD/SF) |
| Improvements Assessment | $8,821,959 CAD | Tax Year | 2025 Payable 2026 |
Property Taxes
Parcel Number
505-161-028-000
Land Assessment
$1,641,034 CAD
Improvements Assessment
$8,821,959 CAD
Total Assessment
$10,462,993 CAD
Annual Taxes
-$1 CAD ($0.00 CAD/SF)
Tax Year
2025 Payable 2026
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Westwood Garden Apartments | Near Cal Poly | 2351 Westwood Ct
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