247 High Street

Property Description

Ohana Hale Residences is a fully permitted, shovel-ready 6,393 SF student housing development opportunity with a carrier SFR. The project's student housing income model of 27 leasable beds at a blended market rent of $1,800 per bed per month may produce a Stabilized Pro Forma Gross Income of $618,924 with NOI of $378,659 at a selected 5.00% cap rate exceeding typical investor expectations for newly constructed UCSC-proximate housing, represents an acquisition and construction at a compelling discount with major developer upside embedded in the as-completed spread. The project is designed as a purpose-built, fully furnished student rental to serve the robust and chronically undersupplied UCSC off-campus housing market, located approximately one mile from the main university entrance. Operating on a per-bed lease model across five three-bedroom units, the project is structured to function as an institutional-grade student housing product at a mid-market investor scale: a rare combination in the Santa Cruz County market. This rare offering provides an investor with the ability to acquire fully entitled, permit-ready land with approved plans for a new student housing project featuring 17 beds and 12 bathrooms without the time and cost of navigating the complex entitlement process.

Overview

Property Status

For Sale

Lot Size

6,664.68 Sq.Ft.

MLS ID

ML82043922

Property Type

Multi-Family

Year Built

2026

Are you interested?

Schedule a Tour

Troy Hinds

(831) 706-6224 [email protected]

Features & Amenities

Total Area

5,858 Sq.Ft.

Neighborhood

Santa Cruz

Water Source

Public

Pool

None

Roof

Composition

Parking

Assigned, Covered

Heat Type

Electric

Air Conditioning

Other

Sewer

Public Sewer

Substructure

Slab

Disability Features

Accessible Entrance, Accessible Hallway(s)

Security Features

Secured Garage/Parking, Security Fence

Green Feature

Solar

School District

Santa Cruz City High

Sales Price

$1,895,000

Real Estate Tax

$86,416/yr

Zoning

R-UM Residential - Multifamily Medium Density

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for your interest in 247 High Street, SANTA CRUZ, CA 95060

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