Duplex with Attached
New
For Sale
$1,500,000
511 Capitola AVE, Capitola, CA 95010
Residential Income (2-4 units), CAPITOLA, CA
Property Size2,065 SF
Lot Size0.09 Acres
Price / SF$726.39
Days on Market3
Property Features for 511 Capitola AVE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
030- Single Duplex
Bedrooms
4
Rooms
Bedroom 1, Bedroom 2, Bedroom 3, Bedroom 4
Parking features
Garage - Attached, On Street
Subdivision
Capitola
Standard status
Active
Size
2,065 SF
Lot size
0.09 Acres
Utilities
Heating system
Wall Furnace
Water source
Public
Building Details
Year built
1897
Number of units
2
Roof type
Composition
Listing Agency:
Bailey Properties
(831) 426-4100
Listed By:
Wilhelm Zilliacus · License #01967881
(831) 566-8649
Added: Aug 28
Last Checked: Aug 30 at 11:06AM
MLS# ML82059281
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 2,065-square-foot duplex contains two residential units on a 0.089-acre parcel at 511 Capitola Ave. The property dates to 1897 and includes an attached garage, on-street parking, a composition roof, wall furnace heating, and public water service. The layout includes four bedrooms, while the interiors offer an opportunity for modernization and customization.
The property is positioned near Capitola Village, with the beach, local boutiques, restaurants, and grocery stores accessible on foot. Its setting is just outside the main thoroughfare, providing separation from the area’s busiest activity. Long-term tenants are in place and have indicated that they are willing to remain. Zoning is identified as 030- Single Duplex.
The property is positioned near Capitola Village, with the beach, local boutiques, restaurants, and grocery stores accessible on foot. Its setting is just outside the main thoroughfare, providing separation from the area’s busiest activity. Long-term tenants are in place and have indicated that they are willing to remain. Zoning is identified as 030- Single Duplex.
Key Highlights
- 2,065‑square‑foot duplex on a 0.089‑acre parcel
- Four bedrooms across the residential property
- Attached garage plus on‑street parking
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
$57,573
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
3.84%
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%
$1,151,460
$1.2M
Cap Rate 7%
$822,471
$822.5K
Cap Rate 9%
$639,700
$639.7K
Market Conditions
NOI Build-Up for 2,065 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
$84.3K $40.80/SF
− Vacancy
−$2.0K −$0.97/SF
EGI
$82.2K $39.83/SF
− OpEx
−$24.7K −$11.95/SF
NOI
$57.6K $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%
$1,151,460
Cap Rate 7%
$822,471
Cap Rate 9%
$639,700
Alternative Uses
Best Use
Multifamily LT 5
$822.5K
$719.7K – $959.6K
NOI $57,573 @ 7.0% cap · market cap 3.84%
Second Best
Apartment 5plus
$759.3K
$664.4K – $885.9K
NOI $53,153 @ 7.0% cap · market cap 3.54%
Theoretical Best
Retail
$1.18M
$1.03M – $1.38M
NOI $82,654 @ 7.0% cap · market cap 5.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,720
Businesses Nearby
Explore this area
Business Placement
Demographics for 95010, CA
9,080
Population
4,741
Households
1.9
Avg Household Size
47
Median Age
46%
College-Educated
91%
High-School Grad
1.4 sq mi
ZIP Area
6,486
Density / Sq Mi
$96,701
Median Household Income
$53,704
Median Earnings
$2,370
Median Rent
$781,900
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 residential units near Capitola Village offer walkable access to the beach, shops, restaurants, and grocery stores.
Where is this duplex located?
The property is located at 511 Capitola AVE Capitola, CA.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 2,065‑square‑foot duplex on a 0.089‑acre parcel; Four bedrooms across the residential property; Attached garage plus on‑street parking
