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 Market369
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: Aug 31, 2025
Changed: Sep 2
Last Checked: Sep 2 at 8:41PM
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
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 = 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
$36,244
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
3.30%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
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
Questions? Ask Rey
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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
