2351 WESTWOOD CT Arcata CA 95521-5169

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.

• Recent Expansion – 32 new solar-equipped units added in recent years, enhancing efficiency.

• Development Opportunity – Active Arcata permit for 70 more units with utilities already stubbed in.

• Strong Asset Quality – Spacious units in a well-maintained complex with high pride of ownership.