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    Office Building with Residential Unit Title is generated by Realmo AI

    603 Mission ST, Santa Cruz, CA 95060

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    For Sale
    $2,700,000

    MULTI_FAMILY - SANTA CRUZ, CA

    Property size:
    5,923 SF
    Lot size:
    0.42 Acres
    Price / SF:
    $455/SF
    Added:
    Apr 4, 2026
    Days on Market:
    62
    Last Refresh:
    Jun 4 at 1:06 am

    Property Features for 603 Mission ST

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    Commercial
    Parking
    17
    Parking features
    Covered
    Security features
    Security Alarm
    Standard status
    Active
    Size
    5,923 SF
    Lot size
    0.42 Acres

    Utilities

    Water source
    Public

    Building Details

    Year built
    1889
    Flooring type
    Carpet, Hardwood
    Roof type
    Shingle, Composition

    We can help!

    Listing Contact
    Marvin Christie

    Listing agent Marvin Christie License #01894395

    Listing office Anderson Christie, Inc. 115 Knight Street, Santa Cruz, CA

    Listing date Apr 4, 2026

    MLS# ML81988389 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

    • Victorian house built in 1889 with 4,623 SF plus 200 SF of storage.
    • Currently set up for office use with 6 private offices, plus meeting rooms and breakrooms.
    • Separate structure includes a legal residential unit on the second floor above the private office space.
    • New zoning allows multi‑residential; city will allow conversion into multi‑family (buyer to verify).
    • Total of three parcels included, totaling over 18,000 SF, with potential to merge lots for future development (buyer to verify).
    • Public utilities with public water service; roof includes shingle and composition; covered parking.

    Overview

    This Victorian-style property is currently configured as an office and totals 4,623 square feet of office space plus 200 square feet of storage. The layout includes six private offices along with several meeting rooms and breakrooms, supporting professional office use. A separate structure includes a legal residential unit on the second floor above the private office space, creating a built-in live/work configuration.

    The property is located on a highly visible corner on one of Santa Cruz’s well-traveled roads and is described as within walking distance to downtown restaurants and shops. The offering includes three parcels totaling over 18,000 square feet, and the buyer is advised to verify with the City of Santa Cruz for residential and development possibilities, including potential lot merging.

    With Commercial zoning, and with remarks indicating city approval for multi-residential conversion, the asset may appeal to office users seeking an on-site residential component, as well as buyers evaluating live/work operations. The current setup also aligns with professional and group-oriented uses noted in the remarks, including therapy and related office users, subject to City verification of permitted uses and any redevelopment plans.

    Local Financial Insights For Mixed Use

    Simulate Cap Rate and NOI

    NOI Build-Up
    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.

    Component $ $/SF
    Gross rent $355.4k $60.00
    − Vacancy −$16.7k −$2.82
    EGI $338.7k $57.18
    − OpEx −$127.0k −$21.44
    NOI $211.7k $35.74
    5,923 SF · lease $60.00/SF/yr · vacancy 4.70% · expense 37.50%

    Alternative Uses

    Best Use
    Mixed Use
    $3.02M
    $2.65M – $3.53M (±1% cap)
    NOI $211,673 @ 7.0% cap · market cap 7.84%
    Second Best
    Office B
    $2.08M
    $1.82M – $2.43M (±1% cap)
    NOI $145,528 @ 7.0% cap · market cap 5.39%
    Theoretical Best
    Retail
    $3.39M
    $2.96M – $3.95M (±1% cap)
    NOI $237,074 @ 7.0% cap · market cap 8.78%
    Zoning and permitted uses should be independently verified with local authorities.
    Location Intelligence

    Current Use by Public Records

    Dr. Elizabeth Esalen Physician

    Suggested Use

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

    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
    -122.033737
    Latitude
    36.974492

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    FAQs

    What type of property is this?
    Office building - Victorian-style office includes multiple private offices and meeting rooms, plus a separate legal residential unit above.
    Where is this office building located?
    The property is located at 603 Mission ST Santa Cruz, CA.
    What is the asking price?
    The asking price for this property is $2,700,000.
    What are key features of this property?
    This property features: Victorian house built in 1889 with 4,623 SF plus 200 SF of storage.; Currently set up for office use with 6 private offices, plus meeting rooms and breakrooms.; Separate structure includes a legal residential unit on the second floor above the private office space.
    (831) 406-1031
    We can help!
    Listing Contact
    Marvin Christie
    Real Estate License ID: 01894395
    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.

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