Fully Leased Five-Unit Income
114 Franklin Street Santa Cruz, CA 95060
114 Franklin Street, Santa Cruz, CA, 95060
$1,999,999
For Sale
$1,999,999
Five units are currently occupied, including a 2-bedroom main home and four detached studio/ADU units.
Property Size2,685 SF
Price / SF$744.88
Days on Market53
Property Features for 114 Franklin Street
General Information
- Standard status
- Active
- Size
- 2,685 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1980
Listing agency
Raeid Farhat Real Estate Inc
(831) 228-9559
Listed by
Shawki Farhat · License #02225210
(831) 228-9559
Source
Exitrealty
Added: May 30 Updated: Jul 21 at 12:50PM Checked: Jul 21 at 12:50PM
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 Raeid Farhat Real Estate Inc
Investment Insights
Based on property information with market context.
This fully leased five-unit income property offers a mix of a 2-bedroom main home plus multiple detached ADU-style structures. The configuration includes one 2-bedroom main home, two detached studios (including a Jr. ADU), and two detached 2-bedroom/1-bath ADUs. All units are currently occupied, providing in-place rental income.
Located at 114 Franklin Street in Santa Cruz, the property is described as conveniently near Highway 1, Santa Cruz Beach Boardwalk, UCSC, downtown Santa Cruz, and local restaurants. The seller’s remarks also cite a reported cap rate above 7 for the multi-unit offering.
Located at 114 Franklin Street in Santa Cruz, the property is described as conveniently near Highway 1, Santa Cruz Beach Boardwalk, UCSC, downtown Santa Cruz, and local restaurants. The seller’s remarks also cite a reported cap rate above 7 for the multi-unit offering.
Key Highlights
- Fully leased 5‑unit income property with all units currently occupied
- Unit mix includes a 2‑bedroom main home plus four detached studio/ADU units
- Four detached studio/ADU units include a Jr. ADU
Local Financial Insights For Apartment 5plus
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 | $128.9k | $48.00 |
| − Vacancy | −$3.2k | −$1.20 |
| EGI | $125.7k | $46.80 |
| − OpEx | −$56.5k | −$21.06 |
| NOI | $69.1k | $25.74 |
2,685 SF · lease $48.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$987.3K
$863.9K – $1.15M
NOI $69,112 @ 7.0% cap · market cap 3.46%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.54M
$1.34M – $1.79M
NOI $107,470 @ 7.0% cap · market cap 5.37%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Five units are currently occupied, including a 2-bedroom main home and four detached studio/ADU units.
Where is this apartment building located?
The property is located at 114 Franklin Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: Fully leased 5‑unit income property with all units currently occupied; Unit mix includes a 2‑bedroom main home plus four detached studio/ADU units; Four detached studio/ADU units include a Jr. ADU
