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, far 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 market has already spoken on this block. Next door, 251 High Street, a conventional, unfurnished building with only ~40% student occupancy and no per-bed premium - recently traded at a 3.88% cap rate. Apply the same cap rate to Ohana Hale's fully furnished, 100% per-bed student model: the developer/buyer could realize up to $4M in equity at completion with an IRR well over 50%. The comp is next door. The upside is in the math. Purpose-built for the UCSC off-campus market, 247 High St provides an investor with the ability to acquire fully entitled, permit-ready land with approved plans for a new student housing project featuring 27 beds and 12 bathrooms across 7 units 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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