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$7,250,000
Est. payment /mo
1.42 Acres Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82055928
HOA Y/N No
Year Built 1977
Annual Tax Amount $96,970
Lot Size 1.415 Acres
Property Description
Rare opportunity to acquire a distinctive 15-unit multifamily community in Santa Cruz's highly desirable Live Oak neighborhood. Situated on approximately 1.41 acres in a quiet private cul-de-sac across from Live Oak Elementary and just 1.5 miles from the beach, this pride-of-ownership property offers a unique townhome-style design with spacious single-story residences. Every unit features a private backyard, while Units 1-14 include an attached one-car garage, private laundry room, and dedicated parking. The property consists of (10) 2BD/1BA units, (4) 1BD/1BA units, and (1) micro 1BD/1BA unit. Recent improvements include a newer roof, dual-pane vinyl windows, and fresh exterior paint. Nearly 30 years of meticulous owner management has resulted in exceptionally low turnover, with several second-generation tenants. Owner pays water, sewer, garbage, and landscaping; tenants pay gas and electricity. Excellent opportunity for investors or owner-operators seeking a stable, well-maintained asset with long-term upside. True 5.0% Cap Rate at the asking price with property taxes adjusted accordingly. Please view vitual tours on MLS. Offering Memorandum available upon request.
Location
State CA
County Santa Cruz
Area 699 - Not Defined
Zoning RM-4
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Roof Type Composition
Building
Water Public
Schools
Elementary Schools Live Oak
Middle Schools Other
High Schools Santa Cruz
School District Other
Others
Tax ID 02914407000
Special Listing Condition Standard
Virtual Tour https://youtu.be/Sxpkm2e7LuQ
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Listed by Joel Calvillo KW Bay Area Estates #01733780
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