10-Unit Apartment
New
For Sale
$3,300,000
119 Clay St, Santa Cruz, CA 95060
Eight one-bedroom residences and two two-bedroom units make up this Santa Cruz apartment property.
Property Size5,756 SF
Days on Market4
Property Features for 119 Clay St
General Information
Standard status
Active
Size
5,756 SF
Property subtype
Multifamily
Occupancy
97%
Units
Unit Mix
8 x 1BR, 2 x 2BR
Multifamily Units
10
Amenities
Attractive mix of one-bedroom and two-bedroom floor plans
Centrally located with convenient access to Downtown Santa Cruz, Santa Cruz Beach Boardwalk, and UC Santa Cruz
Rare opportunity to acquire a multifamily asset in one of Northern California's most supply-constrained coastal markets
Building Details
Building Size
5,756 SF
Units
10
Listing Agency:
Palo Alto Office
Listed By:
Omid Azimzadeh · License #License(s): CA: 02094498
(650) 391-1736
Source:
Marcusmillichap
Added: Oct 11
Last Checked: Oct 12 at 4:51PM
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 Palo Alto Office
Investment Insights
Based on property information with market context.
The 10-unit apartment property at 119 Clay Street has eight one-bedroom units and two two-bedroom units, providing a defined mix of apartment configurations in Santa Cruz.
Nearby destinations include Downtown Santa Cruz, area beaches, the Santa Cruz Beach Boardwalk, UC Santa Cruz, shopping, dining, and major employment centers.
Nearby destinations include Downtown Santa Cruz, area beaches, the Santa Cruz Beach Boardwalk, UC Santa Cruz, shopping, dining, and major employment centers.
Key Highlights
- 10‑unit apartment property in Santa Cruz
- Unit mix includes eight one‑bedroom units and two two‑bedroom units
- Near Downtown Santa Cruz, area beaches, the Santa Cruz Beach Boardwalk, and UC Santa Cruz
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$148,159
Cap Rate
4.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,963,180
$3.0M
Cap Rate 7%
$2,116,557
$2.1M
Cap Rate 9%
$1,646,211
$1.6M
Market Conditions
NOI Build-Up for 5,756 SF
Gross rent
$276.3K $48.00/SF
− Vacancy
−$6.9K −$1.20/SF
EGI
$269.4K $46.80/SF
− OpEx
−$121.2K −$21.06/SF
NOI
$148.2K $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 Rate 5%
$2,963,180
Cap Rate 7%
$2,116,557
Cap Rate 9%
$1,646,211
Alternative Uses
Best Use
Apartment 5plus
$2.12M
$1.85M – $2.47M
NOI $148,159 @ 7.0% cap · market cap 4.49%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$3.29M
$2.88M – $3.84M
NOI $230,390 @ 7.0% cap · market cap 6.98%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
3,709
Businesses Nearby
Explore this area
Business Placement
Demographics for 95060, CA
47,931
Population
20,181
Households
2.4
Avg Household Size
39
Median Age
55%
College-Educated
94%
High-School Grad
54.5 sq mi
ZIP Area
879
Density / Sq Mi
$106,040
Median Household Income
$46,231
Median Earnings
$2,356
Median Rent
$1,189,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Apartment building - Eight one-bedroom residences and two two-bedroom units make up this Santa Cruz apartment property.
Where is this apartment building located?
The property is located at 119 Clay St Santa Cruz, CA.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 10‑unit apartment property in Santa Cruz; Unit mix includes eight one‑bedroom units and two two‑bedroom units; Near Downtown Santa Cruz, area beaches, the Santa Cruz Beach Boardwalk, and UC Santa Cruz
