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    Six Houses in Felton, CA Title is generated by Realmo AI

    294 Covered Bridge RD, Felton, CA 95018

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    Claim this Listing
    For Sale
    Under Contract
    $1,550,000

    Five or More Units - FELTON, CA

    Property size:
    2,971 SF
    Price / SF:
    $521/SF
    Added:
    May 12, 2026
    Days on Market:
    10
    Last Refresh:
    May 21 at 5:06 pm

    Property Features for 294 Covered Bridge RD

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    R-1-15-GH
    Rooms
    Kitchen
    Parking
    5
    Interior features
    Parking, None
    Standard status
    Active Under Contract
    Size
    2,971 SF

    Utilities

    Heating system
    Natural Gas, Wall Furnace
    Cooling system
    None (Cooling)

    Building Details

    Year built
    1953
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Andy Kay

    Listing agent Andy Kay License #00922383

    Listing office Room Real Estate 6990 HWY 9, Felton, CA

    Listing date May 12, 2026

    MLS# ML82040897 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

    • Six individual houses for the price of one, offering diverse living options and income potential.
    • Prime location adjacent to Covered Bridge Park and within walking distance of downtown Felton, Felton Music Hall, New Leaf Market, and the equestrian center.
    • Versatile property suitable for investment, owner‑occupancy with rental income, or creating a community compound.
    • Each unit features a private, fenced yard.
    • Convenient access to Roaring Camp, Henry Cowell Redwoods, downtown Santa Cruz, and Scotts Valley (less than 10‑minute drive).
    • Property has been well‑maintained by the current owner.

    Overview

    Located in Felton, California, this property features six individual houses. The property is situated adjacent to Covered Bridge Park and within walking distance of downtown Felton, offering convenient access to the Felton Music Hall, New Leaf market, and an equestrian center. Roaring Camp and Henry Cowell Redwoods are also nearby, and downtown Santa Cruz and Scotts Valley are less than a 10-minute drive away. The property includes three studios, a one-bedroom unit, a two-bedroom unit, and a three-bedroom unit. Each unit has a private fenced yard. The versatility of the units makes this property suitable for buyers seeking a solid investment return, those looking to live in one unit and rent out the others, or those interested in creating a community compound. The property has been well-maintained. The property size is 2,971 square feet. The zoning is R-1-15-GH.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Apartment buildings

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Felton
    County
    Santa Cruz
    State
    California
    Longitude
    -122.0698766
    Latitude
    37.0509319

    Nearby Similar for Sale

    • $2,900,000
      4,101 SF

      Six-Unit Retreat in Felton

      Unique income property with river access near Santa Cruz.
      6444 Highway 9, FELTON, CA 95018
      View Details
    • $339,000

      Felton Home in Redwood Setting

      Home in a family-owned park with pool and redwood trees.
      3 Kelldon Dr 3, Felton, CA 95018
      View Details

    FAQs

    What type of property is this?
    Apartment building - Six individual houses near Covered Bridge Park and downtown Felton.
    Where is this apartment building located?
    The property is located at 294 Covered Bridge RD Felton, CA.
    What is the asking price?
    The asking price for this property is $1,550,000.
    What are key features of this property?
    This property features: Six individual houses for the price of one, offering diverse living options and income potential.; Prime location adjacent to Covered Bridge Park and within walking distance of downtown Felton, Felton Music Hall, New Leaf Market, and the equestrian center.; Versatile property suitable for investment, owner‑occupancy with rental income, or creating a community compound.
    (831) 239-9002
    We can help!
    Listing Contact
    Andy Kay
    Real Estate License ID: 00922383
    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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