Improved Triplex with
For Sale
$1,785,000
136 Market Street, Santa Cruz, CA 95062
Three two-bedroom apartments offer private patios and attached garages for parking, storage, and flexible space.
Property Size2,250 SF
Price / SF$793.33
Days on Market33
Property Features for 136 Market Street
General Information
Standard status
Active
Size
2,250 SF
Property subtype
Multi Family
Units
Unit Mix
3 x 2BR
Multifamily Units
3
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,010
Amenities
private outdoor patio area
Building Details
Year Built
1976
Buildings
1
Listing Agency:
Miritz & Bailey Real Estate, Inc
(303) 913-8113
Listed By:
Marshall Keneipp · License #02115477
(303) 913-8113
Source:
Exitrealty
Added: Jul 31
Changed: Aug 31
Last Checked: Aug 31 at 5:05PM
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 Miritz & Bailey Real Estate, Inc
Investment Insights
Based on property information with market context.
This 2,250-square-foot triplex, built in 1976, contains three two-bedroom apartments. Each residence includes a private patio and an attached two-car garage, providing dedicated parking along with additional storage or adaptable space. Recent capital improvements include a newer roof, exterior painting, sewer lateral and water main replacements, newer water heaters, and updated interior flooring.
The property is located near downtown Santa Cruz, with access to restaurants, shops, Whole Foods Market, Highway 1, the pier, the Boardwalk, and area beaches. Its three-unit configuration and completed building-system updates provide a straightforward multifamily layout with practical resident amenities.
The property is located near downtown Santa Cruz, with access to restaurants, shops, Whole Foods Market, Highway 1, the pier, the Boardwalk, and area beaches. Its three-unit configuration and completed building-system updates provide a straightforward multifamily layout with practical resident amenities.
Key Highlights
- Three‑unit multifamily property with 2,250 square feet
- Three two‑bedroom apartments
- Each unit includes a private outdoor patio
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
$62,731
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
3.51%
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%
$1,254,620
$1.3M
Cap Rate 7%
$896,157
$896.2K
Cap Rate 9%
$697,011
$697.0K
Market Conditions
NOI Build-Up for 2,250 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
$91.8K $40.80/SF
− Vacancy
−$2.2K −$0.97/SF
EGI
$89.6K $39.83/SF
− OpEx
−$26.9K −$11.95/SF
NOI
$62.7K $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%
$1,254,620
Cap Rate 7%
$896,157
Cap Rate 9%
$697,011
Alternative Uses
Best Use
Multifamily LT 5
$896.2K
$784.1K – $1.05M
NOI $62,731 @ 7.0% cap · market cap 3.51%
Second Best
Apartment 5plus
$827.4K
$723.9K – $965.3K
NOI $57,915 @ 7.0% cap · market cap 3.24%
Theoretical Best
Retail
$1.29M
$1.13M – $1.50M
NOI $90,059 @ 7.0% cap · market cap 5.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
3,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 95062, CA
36,268
Population
17,055
Households
2.1
Avg Household Size
43
Median Age
51%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
7,111
Density / Sq Mi
$108,261
Median Household Income
$54,059
Median Earnings
$2,291
Median Rent
$1,064,600
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?
Triplex - Three two-bedroom apartments offer private patios and attached garages for parking, storage, and flexible space.
Where is this triplex located?
The property is located at 136 Market Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,785,000.
What are key features of this property?
This property features: Three‑unit multifamily property with 2,250 square feet; Three two‑bedroom apartments; Each unit includes a private outdoor patio
