247 High Street Santa Cruz, CA 95060

Active (54 Days)

Description

Approved Development for Seven (7) Unit Luxury Apartment Building. Fully-entitled project consists of five (5) 2BR/2BA + Offices and two (2) 1BR/1BA units including an 1-BR Affordable Unit for a total 12 Bedrooms (17 Rooms/Occupants) and 12 Bathrooms in a stunningly beautiful, all-electric, luxury multifamily design complete with EV charges, security gates, community patio and BBQ area, pet washing station, and secured individual tenant storage lockers for surfboard, bikes, etc. The design is modeled after an adjacent building previously owned by the Seller located at 251 High St which had an 8.7% Avg Annual Rental Rate Growth and an actual Vacancy Factor of less than 0.5% (2015 - 2022) which was recently sold for $6,650,000 or $665,000/Unit and $475,000/Room with a 3.88% Cap Rate and 18.63 GRM. The location is ideally situated on UCSC Bus Line, and close proximity to Downtown Santa Cruz, Google Analytics, and Joby Aviation - all of which are the target demographic of future tenants.

MLS #:
ML81944584

Lot Size
6,938 SQFT

Type
Land

Views
Ridge, Greenbelt, City Lights, Bay

School District
840

County
Santa Cruz County

Bathroom Details

Lot Information

Grade - Side Slope
Grade - Level
Corners Marked

Utility Information

Utilities: Water - Water on Site, Water - Public, Public Utilities, Gas - on Site, Electricity - on Site
Sewer: Sewer Connected, Sewer - Public

Additional Listing Info

Buyer Brokerage Commission: 2.50

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