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    Santa Cruz Triplex Investment Opportunity Title is generated by Realmo AI

    136 Market ST, Santa Cruz, CA 95062

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    For Sale
    $1,895,000

    Triplex - SANTA CRUZ, CA

    Type:Triplex
    Property size:
    2,250 SF
    Lot size:
    0.22 Acres
    Price / SF:
    $842/SF
    Added:
    Mar 19, 2026
    Days on Market:
    52
    Last Refresh:
    May 9 at 7:06 am

    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 2, Bedroom 3, Bedroom 4, Bedroom 5, Kitchen
    Parking features
    Garage, Garage - Attached
    Interior features
    None
    Appliances
    Range, Range - Electric
    Standard status
    Active
    Size
    2,250 SF
    Lot size
    0.22 Acres

    Utilities

    Heating system
    Electric (Heating)
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1976
    Number of units
    3
    Flooring type
    Carpet, Laminate, Linoleum, Vinyl
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Marshall Keneipp

    Listing agent Marshall Keneipp License #02115477

    Listing office Miritz & Bailey Real Estate, Inc 1142 Soquel Ave., Santa Cruz, CA

    Listing date Mar 19, 2026

    MLS# ML82028725 Listing URL

    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.

    HighLights

    • Prime Santa Cruz location near downtown, restaurants, shops, and beaches.
    • Strong rental history and upside potential to increase cash flow by raising rents to market rates.
    • Each unit has a private outdoor patio and attached two‑car garage.
    • Recent improvements include a newer roof, exterior paint, sewer lateral replacement, and water main replacement.
    • Well‑maintained triplex with highly desirable two‑bedroom apartments.
    • Rare opportunity for a stable investment property in Santa Cruz.

    Overview

    This well-maintained triplex presents an outstanding rental property investment opportunity in central Santa Cruz. The property features highly desirable two-bedroom apartments and a strong rental history. Ideally located near the rapidly growing downtown area, it offers convenient access to restaurants, shops, Whole Foods Market, Highway 1, the pier, Boardwalk, and beaches. Each unit includes a private outdoor patio area and a rare attached two-car garage, providing ample options for off-street parking, storage, and bonus living space. Recent improvements include a newer roof, exterior paint job, sewer lateral replacement, water main replacement, newer water heaters, and interior flooring updates. The property, zoned R-1-5, is situated on a lot of 0.216 acres and has a property size of 2250 square feet. The location is considered very walkable and a biker's paradise. The property's excellent condition, desirability, and long-term stability make it a rare find in Santa Cruz.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Dental Office Spa & Massage Center Hair Salon Nail Salon Building Supply Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Santa Cruz
    County
    Santa Cruz
    State
    California
    Longitude
    -122.0187124
    Latitude
    36.9816006

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    FAQs

    What type of property is this?
    Triplex - Well-maintained triplex near downtown Santa Cruz with strong rental history.
    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 $1,895,000.
    What are key features of this property?
    This property features: Prime Santa Cruz location near downtown, restaurants, shops, and beaches.; Strong rental history and upside potential to increase cash flow by raising rents to market rates.; Each unit has a **private outdoor patio and attached two‑car garage.**
    (303) 913-8113
    We can help!
    Listing Contact
    Marshall Keneipp
    Real Estate License ID: 02115477
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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