13-Bed Assisted Living
New
For Sale
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1106 Darlene Drive, Santa Cruz, CA 95062
Three-level care property with a 13-bed conditional-use permit and approved plans for two bedrooms and an additional bathroom.
Property Size5,213 SF
Lot Size0.23 Acres
Price / SF$458.26
Days on Market4
Property Features for 1106 Darlene Drive
General Information
Standard status
Active
Size
5,213 SF
Lot size
0.23 Acres
Property subtype
Senior Living, Multifamily, Special Purpose
Additional Details
Gross Income
$144,000
Building Details
Stories
3
Listing Agency:
Room Real Estate
Listed By:
Seabea Ghoph · License #CA 01360895
Source:
Crexi
Added: Sep 10
Changed: Sep 12
Last Checked: Sep 13 at 7:10AM
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 Room Real Estate
Investment Insights
Based on property information with market context.
This 5,213-square-foot Cape Cod-style property occupies an approximately 10,000-square-foot lot and spans three levels. The layout includes bedrooms with individual exterior entrances, while rooms on the second and third floors provide balcony access. Newer kitchens and bathrooms were completed within the past five years. An existing Conditional Use Permit supports operation as a 13-bed Residential Care Facility for the Elderly, subject to applicable licensing, zoning, and governmental requirements. Approved plans call for two additional bedrooms and another bathroom.
The property is approximately one mile from the ocean and near Sunny Cove Beach, Pleasure Point, Twin Lakes Beach, and the Santa Cruz Harbor. Shopping, restaurants, grocery stores, medical services, and the library are also identified in the surrounding area. The configuration may support continued residential care use, owner occupancy with rental rooms, multigenerational living, co-housing, or other permitted uses, subject to independent verification of approvals and licensing requirements.
The property is approximately one mile from the ocean and near Sunny Cove Beach, Pleasure Point, Twin Lakes Beach, and the Santa Cruz Harbor. Shopping, restaurants, grocery stores, medical services, and the library are also identified in the surrounding area. The configuration may support continued residential care use, owner occupancy with rental rooms, multigenerational living, co-housing, or other permitted uses, subject to independent verification of approvals and licensing requirements.
Key Highlights
- Existing Conditional Use Permit for a 13‑bed Residential Care Facility for the Elderly
- 5,213 SF property on an approximately 10,000 SF lot
- Three‑level layout with bedrooms featuring individual exterior entrances
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
$134,183
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
5.62%
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%
$2,683,660
$2.7M
Cap Rate 7%
$1,916,900
$1.9M
Cap Rate 9%
$1,490,922
$1.5M
Market Conditions
NOI Build-Up for 5,213 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
$250.2K $48.00/SF
− Vacancy
−$6.3K −$1.20/SF
EGI
$244.0K $46.80/SF
− OpEx
−$109.8K −$21.06/SF
NOI
$134.2K $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%
$2,683,660
Cap Rate 7%
$1,916,900
Cap Rate 9%
$1,490,922
Alternative Uses
Best Use
Apartment 5plus
$1.92M
$1.68M – $2.24M
NOI $134,183 @ 7.0% cap · market cap 5.62%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$2.98M
$2.61M – $3.48M
NOI $208,656 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,428
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 95062, CA
36,268
Population
17,055
Households
2.1
Avg Household Size
43
Median Age
51%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
7,111
Density / Sq Mi
$108,261
Median Household Income
$54,059
Median Earnings
$2,291
Median Rent
$1,064,600
Median Home Value
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- Live In Serenity — 1340 17th Ave, Santa Cruz, CA 95062
Frequently Asked Questions
What type of property is this?
Assisted living facility - Three-level care property with a 13-bed conditional-use permit and approved plans for two bedrooms and an additional bathroom.
Where is this assisted living facility located?
The property is located at 1106 Darlene Drive Santa Cruz, CA.
What is the asking price?
The asking price for this property is $2,388,888.
What are key features of this property?
This property features: Existing Conditional Use Permit for a 13‑bed Residential Care Facility for the Elderly; 5,213 SF property on an approximately 10,000 SF lot; Three‑level layout with bedrooms featuring individual exterior entrances
