247 High St

Property 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.

Overview

Property Status

Sold

Lot Size

6,939.11 Sq.Ft.

MLS ID

ML81944584

Property Type

Land

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Troy Hinds

(831) 706-6224 [email protected]

Features & Amenities

View Description

Bay

Water Source

Public

Lot Features

Level

Sewer

Public Sewer

School District

Santa Cruz City High

Sales Price

$1,625,000

Zoning

R-M (Multi-Family Residential - Medium Density)

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