Remodeled Duplex with Secured
New
For Sale
$2,700,000
512 2nd St, Santa Cruz, CA 95060
Two separate residences provide flexible layouts, in-unit laundry, decks, yard space, and secured off-street parking.
Property Size2,957 SF
Days on Market3
Property Features for 512 2nd St
General Information
Standard status
Active
Size
2,957 SF
Total Parking Spaces
3
Property subtype
Multi Family Home
Zoning
RES
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
in-unit washer/dryer
deck
yard
gated parking
Building Details
Building Size
2,957 SF
Year Built
1900
Year Renovated
2017
Buildings
1
Listing Agency:
Cornerstone Real Estate Services
(408) 807-5430
Listed By:
Nan Tingley
(408) 807-5430
Source:
Dualprideproperties
Added: Aug 20
Changed: Aug 21
Last Checked: Aug 21 at 4:22AM
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 Cornerstone Real Estate Services
Investment Insights
Based on property information with market context.
Built in 1900 and remodeled in 2017, this RES-zoned duplex contains two distinct residences. Each unit includes three bedrooms and two full bathrooms, while the lower residence also has an additional half bath. Both units feature in-unit washers and dryers, with practical living and dining areas throughout.
Outdoor amenities include two upstairs decks, downstairs yard space, and gated secured parking for at least three cars. An option is available to apply for five additional residential parking permits per unit through the City of Santa Cruz. The property is located in Santa Cruz, with walk, bike, public transportation, and driving options reflected in the available location scores.
Outdoor amenities include two upstairs decks, downstairs yard space, and gated secured parking for at least three cars. An option is available to apply for five additional residential parking permits per unit through the City of Santa Cruz. The property is located in Santa Cruz, with walk, bike, public transportation, and driving options reflected in the available location scores.
Key Highlights
- Duplex with two 3‑bedroom, 2‑bath units; lower unit includes an additional half bath
- Complete remodel performed in 2017
- In‑unit washers and dryers in both residences
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
$82,442
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
3.05%
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%
$1,648,840
$1.6M
Cap Rate 7%
$1,177,743
$1.2M
Cap Rate 9%
$916,022
$916.0K
Market Conditions
NOI Build-Up for 2,957 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
$120.6K $40.80/SF
− Vacancy
−$2.9K −$0.97/SF
EGI
$117.8K $39.83/SF
− OpEx
−$35.3K −$11.95/SF
NOI
$82.4K $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%
$1,648,840
Cap Rate 7%
$1,177,743
Cap Rate 9%
$916,022
Alternative Uses
Best Use
Multifamily LT 5
$1.18M
$1.03M – $1.37M
NOI $82,442 @ 7.0% cap · market cap 3.05%
Second Best
Apartment 5plus
$1.09M
$951.4K – $1.27M
NOI $76,113 @ 7.0% cap · market cap 2.82%
Theoretical Best
Retail
$1.69M
$1.48M – $1.97M
NOI $118,357 @ 7.0% cap · market cap 4.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,358
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 - Two separate residences provide flexible layouts, in-unit laundry, decks, yard space, and secured off-street parking.
Where is this duplex located?
The property is located at 512 2nd St Santa Cruz, CA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Duplex with two 3‑bedroom, 2‑bath units; lower unit includes an additional half bath; Complete remodel performed in 2017; In‑unit washers and dryers in both residences
