8-Unit Multifamily
New
For Sale
$2,499,000
10040 Highway 9, Ben Lomond, CA 95005
Well-maintained residential property with varied unit configurations, on-site parking, and a large garage.
Property Size4,178 SF
Price / SF$598.13
Days on Market7
Property Features for 10040 Highway 9
General Information
Standard status
Active
Size
4,178 SF
Property subtype
Multi Family
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
8
Building Details
Year Built
1950
Listing Agency:
eXp Realty of California Inc
(831) 440-7876
Listed By:
Sage Goncharoff · License #02023630
(831) 440-7876
Source:
Exitrealty
Added: Aug 4
Changed: Aug 9
Last Checked: Aug 9 at 12:16PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of eXp Realty of California Inc
Investment Insights
Based on property information with market context.
This 8-unit multifamily property includes a combination of cottages, apartments, studio units, and a 3-bedroom, 2-bath house. The 4,178-square-foot property sits on a flat lot and includes front porches, on-site parking for all units, and a large garage suitable for storage. One new roof, repairs, and painting were completed in 2026.
Located at 10040 Highway 9 in Ben Lomond, the property is positioned in the San Lorenzo Valley with access to highways and public transportation. The residential layout includes 1- and 2-bedroom cottages, two 2-bedroom apartments, three studio apartments, and a 3-bedroom, 2-bath house. The property has a rental history described as having low vacancy and includes space for a potential raised-bed garden.
Located at 10040 Highway 9 in Ben Lomond, the property is positioned in the San Lorenzo Valley with access to highways and public transportation. The residential layout includes 1- and 2-bedroom cottages, two 2-bedroom apartments, three studio apartments, and a 3-bedroom, 2-bath house. The property has a rental history described as having low vacancy and includes space for a potential raised-bed garden.
Key Highlights
- 8‑unit multifamily property with cottages, apartments, studios, and a 3‑bedroom, 2‑bath house
- 4,178 square feet on a flat lot at 10040 Highway 9, Ben Lomond
- Unit mix includes 1- and 2‑bedroom cottages, two 2‑bedroom apartments, and three studio apartments
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
$107,542
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
4.30%
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%
$2,150,840
$2.2M
Cap Rate 7%
$1,536,314
$1.5M
Cap Rate 9%
$1,194,911
$1.2M
Market Conditions
NOI Build-Up for 4,178 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
$200.5K $48.00/SF
− Vacancy
−$5.0K −$1.20/SF
EGI
$195.5K $46.80/SF
− OpEx
−$88.0K −$21.06/SF
NOI
$107.5K $25.74/SF
Area
Santa Cruz County, CA
Vacancy
2.50%
Lease Rate
$48.00 /SF/Yr
Expense Ratio
45.00%
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%
$2,150,840
Cap Rate 7%
$1,536,314
Cap Rate 9%
$1,194,911
Alternative Uses
Best Use
Apartment 5plus
$1.54M
$1.34M – $1.79M
NOI $107,542 @ 7.0% cap · market cap 4.30%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$2.39M
$2.09M – $2.79M
NOI $167,229 @ 7.0% cap · market cap 6.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
8
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Explore this area
Business Placement
Demographics for 95005, CA
6,551
Population
2,892
Households
2.3
Avg Household Size
46
Median Age
46%
College-Educated
97%
High-School Grad
11.8 sq mi
ZIP Area
555
Density / Sq Mi
$107,857
Median Household Income
$70,932
Median Earnings
$2,358
Median Rent
$959,100
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?
Apartment building - Well-maintained residential property with varied unit configurations, on-site parking, and a large garage.
Where is this apartment building located?
The property is located at 10040 Highway 9 Ben Lomond, CA.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: 8‑unit multifamily property with cottages, apartments, studios, and a 3‑bedroom, 2‑bath house; 4,178 square feet on a flat lot at 10040 Highway 9, Ben Lomond; Unit mix includes 1- and 2‑bedroom cottages, two 2‑bedroom apartments, and three studio apartments
