320 California ST

SANTA CRUZ, CA, 95060

$4,850,000

$929 per ft²
$4,850,000
$929 per ft²
Under Contract
Under Contract
 - For Sale
carpenters-square
5,217 ft²
property_type
Commercial
calendar
Built 2022
Priced well below recent 6/29/2022 appraised value. Spectacular asset in a fantastic and coveted West SC location. Offered at over a 5% Cap including new buyers' taxes. 4- meticulously upgraded (all major systems) existing apartments plus 3- brand new detached SFR homes. Recent upgrades to the existing apartments include new roofs, upgrades to electric/plumbing and more. In addition, fully owned (not leased) and professionally maintained solar + battery system. Provides all power to all 3 new homes; tenants are billed back for electricity and all have been sub-metered for water adding to owner monthly income. The new homes have 7 yr warranty- lowers maintenance expense.19 Total- rentable bedrooms. The location is highly desirable: close to UCSC for students, bus lines, beach,downtown As utilities continue to rise the smart new owner of this property will benefit. Current CAP well above recent loan quote @ 4.45%For 3Yrs I.O. allows new owner to increase yield w positive bank leverage.
MLS® ID:
ML81897915
Updated:
10/2/22

Interior Features

Kitchen Features
Cooktop - Electric, Microwave, Varies by Unit
Total Bedrooms
0
Total Bathrooms
0
Laundry Description
Washer/Dryer - Some Units
Cooling
None
Heating
Electric, Solar with Back-up

Exterior/Building Features

Lot Size
0.58 acres lot
Roof
Composition
Sewer
Sewer - Public

Other Property Details

Area Name
43
Garage
Yes
Parking
On Street
View
Y
County
Santa Cruz
Utilities
Individual Electric Meters, Public Utilities, Solar, Other
Water Source
Individual Water Meter, Public
Pool
Yes
Zoning
R1-5

Property History

Date
Event
Price
Value
10/1/22
Under Contract
-
-
8/20/22
Price Change
$4,850,000
-4%

 

Courtesy of Andy Kay, eXp Realty of California Inc.

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Data last updated 3:43 AM UTC, 10/2/22

 

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