Duplex with Attached
For Sale
$1,099,000
307 Treasure Island, Aptos, CA 95003
Residential Income (2-4 units), APTOS, CA
Property Size1,400 SF
Lot Size0.07 Acres
Price / SF$785
Days on Market49
Property Features for 307 Treasure Island
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
R-1-3.5
Bedrooms
3
Rooms
Bedroom 3, Bedroom 1, Bedroom 2
Parking
3
Parking features
Garage - Attached
Interior features
Vaulted Ceiling
Subdivision
Rio Del Mar/Seascape
Standard status
Active
Size
1,400 SF
Lot size
0.07 Acres
Utilities
Heating system
Wall Furnace
Water source
Public
Amenities
private balcony
private outdoor space
Building Details
Year built
1962
Number of units
2
Flooring type
Laminate, Linoleum, Carpet
Roof type
Composition
Listing Agency:
KW Thrive Santa Cruz · Keller Williams Realty
(831) 457-5500
Listed By:
Daniel Chole · License #02031480
(408) 767-8162
Added: Jul 13
Changed: Aug 20
Last Checked: Aug 30 at 5:06PM
MLS# ML82037376
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 duplex contains two residences totaling approximately 1,400 square feet on a 0.066-acre lot. The upper home includes two bedrooms, one bathroom, vaulted ceilings, abundant natural light, and a private balcony. The lower residence has one bedroom and one bathroom, with its own entrance and outdoor area. Laminate, linoleum, and carpet flooring are present, along with wall-furnace heating.
An attached two-car garage provides parking and storage. The property was built in 1962 and uses public water, with a composition roof and R-1-3.5 zoning. Located in Aptos near the Rio Del Mar and Seacliff beaches, the property also offers access to Aptos Village, restaurants, shops, hiking and biking trails, and Highway 1.
An attached two-car garage provides parking and storage. The property was built in 1962 and uses public water, with a composition roof and R-1-3.5 zoning. Located in Aptos near the Rio Del Mar and Seacliff beaches, the property also offers access to Aptos Village, restaurants, shops, hiking and biking trails, and Highway 1.
Key Highlights
- Two residences totaling approximately 1,400 square feet
- Upper home with 2 bedrooms, 1 bath, vaulted ceilings, and a private balcony
- Lower 1‑bedroom, 1‑bath unit has a separate entrance and private outdoor space
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
$39,032
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
3.55%
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%
$780,640
$780.6K
Cap Rate 7%
$557,600
$557.6K
Cap Rate 9%
$433,689
$433.7K
Market Conditions
NOI Build-Up for 1,400 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
$57.1K $40.80/SF
− Vacancy
−$1.4K −$0.97/SF
EGI
$55.8K $39.83/SF
− OpEx
−$16.7K −$11.95/SF
NOI
$39.0K $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%
$780,640
Cap Rate 7%
$557,600
Cap Rate 9%
$433,689
Alternative Uses
Best Use
Multifamily LT 5
$557.6K
$487.9K – $650.5K
NOI $39,032 @ 7.0% cap · market cap 3.55%
Second Best
Apartment 5plus
$514.8K
$450.5K – $600.6K
NOI $36,036 @ 7.0% cap · market cap 3.28%
Theoretical Best
Retail
$800.5K
$700.5K – $933.9K
NOI $56,036 @ 7.0% cap · market cap 5.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
981
Businesses Nearby
Explore this area
Business Placement
Demographics for 95003, CA
24,706
Population
11,728
Households
2.1
Avg Household Size
50
Median Age
54%
College-Educated
96%
High-School Grad
32.4 sq mi
ZIP Area
763
Density / Sq Mi
$140,990
Median Household Income
$63,609
Median Earnings
$2,548
Median Rent
$1,154,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two residences offer separate entrances, outdoor areas, and a coastal Aptos setting near beaches and Highway 1.
Where is this duplex located?
The property is located at 307 Treasure Island Aptos, CA.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Two residences totaling approximately 1,400 square feet; Upper home with 2 bedrooms, 1 bath, vaulted ceilings, and a private balcony; Lower 1‑bedroom, 1‑bath unit has a separate entrance and private outdoor space
