Improved Triplex With Attached
For Sale
$1,785,000
136 Market ST, Santa Cruz, CA 95062
Residential Income (2-4 units), SANTA CRUZ, CA
Property Size2,250 SF
Lot Size0.22 Acres
Price / SF$793.33
Days on Market68
Property Features for 136 Market ST
General Information
Property type
Residential Multi Family
Property subtype
Triplex
Zoning
R-1-5
Bedrooms
6
Rooms
Bedroom 1, Bedroom 3, Bedroom 4, Bedroom 6, Bedroom 5, Bedroom 2
Parking features
Garage - Attached
Appliances
Dishwasher, Garbage Disposal, Hood Over Range, Oven Range - Electric, Refrigerator
Lot features
Regular
Subdivision
East Santa Cruz
Standard status
Active
Size
2,250 SF
Lot size
0.22 Acres
Utilities
Heating system
Electric (Heating)
Water source
Public
Amenities
private outdoor patio area
Building Details
Year built
1976
Number of units
3
Flooring type
Laminate, Carpet, Linoleum
Building materials
Wood
Roof type
Shingle
Listing Agency:
Miritz & Bailey Real Estate, Inc
(831) 588-4528
Listed By:
Marshall Keneipp · License #02115477
(303) 913-8113
Added: Jul 15
Changed: Sep 15
Last Checked: Sep 20 at 5:06PM
MLS# ML82051657
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,250-square-foot triplex contains three two-bedroom apartments, each with a private outdoor patio. The property includes an attached two-car garage that supports parking and storage needs. Wood construction, a shingle roof, electric heating, and a mix of laminate, carpet, and linoleum flooring serve the residential improvements. Appliances include electric range ovens, refrigerators, dishwashers, garbage disposals, and range hoods.
Built in 1976 and designated R-1-5, the property has benefited from several recent improvements, including a newer roof, exterior paint, sewer lateral replacement, water main replacement, newer water heaters, and interior flooring updates. Public water serves the property, which occupies 0.216 acres.
The property is near downtown Santa Cruz, restaurants, shops, Whole Foods Market, Highway 1, the pier, the Boardwalk, and beaches. Its location also provides access to nearby walking and biking routes.
Built in 1976 and designated R-1-5, the property has benefited from several recent improvements, including a newer roof, exterior paint, sewer lateral replacement, water main replacement, newer water heaters, and interior flooring updates. Public water serves the property, which occupies 0.216 acres.
The property is near downtown Santa Cruz, restaurants, shops, Whole Foods Market, Highway 1, the pier, the Boardwalk, and beaches. Its location also provides access to nearby walking and biking routes.
Key Highlights
- Three‑unit triplex with three two‑bedroom apartments
- 2,250 square feet on a 0.216‑acre lot
- Private outdoor patio area for each unit
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$62,731
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.51%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,254,620
$1.3M
Cap Rate 7%
$896,157
$896.2K
Cap Rate 9%
$697,011
$697.0K
Market Conditions
NOI Build-Up for 2,250 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$91.8K $40.80/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$89.6K $39.83/SF
− OpEx
−$26.9K −$11.95/SF
NOI
$62.7K $27.88/SF
Area
Santa Cruz County, CA
Vacancy
2.38%
Lease Rate
$40.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,254,620
Cap Rate 7%
$896,157
Cap Rate 9%
$697,011
Alternative Uses
Best Use
Multifamily LT 5
$896.2K
$784.1K – $1.05M
NOI $62,731 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$827.4K
$723.9K – $965.3K
NOI $57,915 @ 7.0% cap · market cap 3.24%
Theoretical Best
Retail
$1.29M
$1.13M – $1.50M
NOI $90,059 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 95062, CA
36,268
Population
17,055
Households
2.1
Avg Household Size
43
Median Age
51%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
7,111
Density / Sq Mi
$108,261
Median Household Income
$54,059
Median Earnings
$2,291
Median Rent
$1,064,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Triplex - Three-unit property with private patios, off-street parking, and recent building-system upgrades.
Where is this triplex located?
The property is located at 136 Market ST Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,785,000.
What are key features of this property?
This property features: Three‑unit triplex with three two‑bedroom apartments; 2,250 square feet on a 0.216‑acre lot; Private outdoor patio area for each unit
