Building Details

Building Size 4,178 SF

Year Built 1950

Listing Agency: Action Properties Inc

Listed By: Sage Goncharoff · License #02023630 Show Phone

Source: Roomrealestate

Added: Oct 13 Changed: Oct 15 Last Checked: Oct 15 at 2:18AM

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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 Action Properties Inc

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Investment Insights

Based on property information with market context.

This Ben Lomond multifamily property contains 8 units in a mix of cottages, apartments, and a house. The layout includes one- and two-bedroom cottages, two two-bedroom apartments, three studio apartments, and a three-bedroom, two-bath house. Front porches and a large garage are among the property’s features. The building dates to 1950, and the work completed in 2026 included a new roof on one building, repairs, and painting.

On-site parking serves all units. The property is in the San Lorenzo Valley, with access to highways and public transportation.

Key Highlights

• 8‑unit multifamily property with cottages, apartments, and a house
• Unit mix includes two 2‑bedroom apartments, 3 studio apartments, and a 3‑bedroom/2‑bath house
• One- and two‑bedroom cottages are part of the unit mix

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$107,542

Cap Rate

4.48%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,150,840 $2.2M

Cap Rate 7%

$1,536,314 $1.5M

Cap Rate 9%

$1,194,911 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,178 SF

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 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 (±1% cap)

NOI $107,542 @ 7.0% cap · market cap 4.48%

Second Best

—

—

no second resolved use

Theoretical Best

Retail

$2.39M

$2.09M – $2.79M (±1% cap)

NOI $167,229 @ 7.0% cap · market cap 6.97%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Apartment buildings

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage Law Firm Electrical Service (Bike/Boat/Book/etc) Store Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

8

Residential units

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

205

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

7% 2022

7.8% 2023

8.6% 2024

8.6% 2025

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Frequently Asked Questions

What type of property is this?

Apartment building - A varied mix of cottages, apartments, and a house is complemented by 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 $2,399,000.

What are key features of this property?

This property features: 8‑unit multifamily property with cottages, apartments, and a house; Unit mix includes two 2‑bedroom apartments, 3 studio apartments, and a 3‑bedroom/2‑bath house; One- and two‑bedroom cottages are part of the unit mix