Duplex with Boardwalk
For Sale
$1,099,000
Pending
122 Ocean Street, Santa Cruz, CA 95060
Legal two-unit property with distinct living spaces, outdoor areas, and convenient access to Santa Cruz destinations.
Property Size1,300 SF
Days on Market396
Property Features for 122 Ocean Street
General Information
Standard status
Pending
Size
1,300 SF
Property subtype
Multi Family
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$13,800
Building Details
Year Built
1992
Listing Agency:
Monterey Bay Properties
(831) 476-9661
Listed By:
Katy King · License #01060879
(831) 464-5203
Source:
Exitrealty
Added: Sep 19, 2025
Changed: Oct 4
Last Checked: Oct 4 at 7:21AM
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 Monterey Bay Properties
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This legal duplex contains approximately 1,300 square feet and was built in 1992. The lower residence offers three bedrooms, one and a half bathrooms, an open living and kitchen arrangement, high ceilings, LVT flooring, and access to a backyard. A front porch provides additional outdoor space for dining or gathering.
The upper apartment features an open layout, coved ceilings, a walk-in closet, and a bonus room suitable for office use. Views toward the Boardwalk add a distinctive setting, while Downtown, the Yacht Harbor, and nearby surfing can be reached on foot, by bicycle, or by scooter. Henry Cowell is also accessible for hiking.
The upper apartment features an open layout, coved ceilings, a walk-in closet, and a bonus room suitable for office use. Views toward the Boardwalk add a distinctive setting, while Downtown, the Yacht Harbor, and nearby surfing can be reached on foot, by bicycle, or by scooter. Henry Cowell is also accessible for hiking.
Key Highlights
- Legal duplex with approximately 1,300 square feet
- Lower unit includes 3 bedrooms and 1.5 bathrooms
- Upper apartment offers a walk‑in closet and bonus room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,244
Cap Rate
3.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$724,880
$724.9K
Cap Rate 7%
$517,771
$517.8K
Cap Rate 9%
$402,711
$402.7K
Market Conditions
NOI Build-Up for 1,300 SF
Gross rent
$53.0K $40.80/SF
− Vacancy
−$1.3K −$0.97/SF
EGI
$51.8K $39.83/SF
− OpEx
−$15.5K −$11.95/SF
NOI
$36.2K $27.88/SF
Area
Santa Cruz County, CA
Vacancy
2.38%
Lease Rate
$40.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$724,880
Cap Rate 7%
$517,771
Cap Rate 9%
$402,711
Alternative Uses
Best Use
Multifamily LT 5
$517.8K
$453.1K – $604.1K
NOI $36,244 @ 7.0% cap · market cap 3.30%
Second Best
Apartment 5plus
$478.0K
$418.3K – $557.7K
NOI $33,462 @ 7.0% cap · market cap 3.04%
Theoretical Best
Retail
$743.3K
$650.4K – $867.2K
NOI $52,034 @ 7.0% cap · market cap 4.73%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
759
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
Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Duplex - Legal two-unit property with distinct living spaces, outdoor areas, and convenient access to Santa Cruz destinations.
Where is this duplex located?
The property is located at 122 Ocean Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,099,000.
What are key features of this property?
This property features: Legal duplex with approximately 1,300 square feet; Lower unit includes 3 bedrooms and 1.5 bathrooms; Upper apartment offers a walk‑in closet and bonus room
