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Listed by Paul Zech • Coldwell Banker Realty, DRE#01965059

$4,100,000

Est. payment - /mo

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4 Beds

2 Baths

6,047 SqFt

New

328 Ocean ST Santa Cruz, CA 95060

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Angie Sam-Lee

angiesamlee@kw.com +1(415) 279-2878

UPDATED:

Key Details

Property Type Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 6,047 sqft

Price per Sqft $678

MLS Listing ID ML82052870

Style Ranch

Bedrooms 4

Full Baths 2

Year Built 1977

Lot Size 0.317 Acres

Property Sub-Type Five or More Units

Property Description

5.1 Cap Rate: Two rental properties total 14 units. This listing and its income/expenses include 319 Jessies St; a 3 bed, 2 bath 1,475 sq. ft. attached 2 car garage located directly behind 328 Ocean St. Offered with a proven track record of performance,100% occupied for the past 25 years. These combined 14-units deliver an excellent 25 year rental history with potential upside through reasonable rent increases. The apartments span two parcels totaling 13,808.52 sq. ft. and include 17 marked parking spaces. Ideally located on a major bus line and just minutes to the Santa Cruz Beach Boardwalk, Municipal Wharf, and downtown Santa Cruz. Convenient access with approximately one mile to Hwy 17 and Hwy 1 (PCH). Additional value may exist through future redevelopment potential, with the possibility to increase height and unit count (buyer to verify). Parcel 1: APN 010-551-29 - 7,797.24 sq. ft. Parcel 2: APN 010-551-30 - 6,011 sq. ft. Both parcels do have strong future increased unit density development allowed by city (buyer to confirm w/ their plans) both properties can be purchase separately. Currently all tenants are on month to month rental agreements.

Location

State CA

County Santa Cruz

Area East Santa Cruz

Building/Complex Name Castle Court Apartments

Zoning RM

Interior

Heating Other

Cooling None

Laundry None

Exterior

Parking Features Assigned Spaces, Off-Street Parking, Uncovered Parking

Utilities Available Public Utilities

Roof Type Composition

Building

Foundation Concrete Perimeter

Sewer Sewer - Public, Sewer Connected

Water Public

Others

Restrictions Age - No Restrictions

Tax ID 010-551-29-000

Security Features None

Special Listing Condition Not Applicable

NEARBY SCHOOL & BUSINESS

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Angie Sam-Lee

Agent | License ID: 02038655

+1(415) 279-2878

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Homes For Sale in San Mateo

328 Ocean ST Santa Cruz, CA 95060

Angie Sam-Lee

Key Details

Location

Interior

Exterior

Building

Others

NEARBY SCHOOL & BUSINESS

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328 Ocean ST

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