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Listed by Paul Zech • Coldwell Banker Realty
$3,000,000
Est. payment /mo
6,047 SqFt
Active
328 Ocean ST Santa Cruz, CA 95060
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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 $496
MLS Listing ID ML82030413
Style Ranch
Year Built 1977
Lot Size 0.317 Acres
Property Sub-Type Five or More Units
Property Description
Offered at an attractive 6% cap rate with a proven track record of performance,100% occupied for the past 25 years. This 13-unit apartment property delivers excellent 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.
Location
State CA
County Santa Cruz
Area East Santa Cruz
Building/Complex Name Castle Court Apartments
Zoning RM
Interior
Heating Other
Cooling 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
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