Remodeled Duplex with Outdoor
For Sale
$1,049,000
1585 San Andreas RD, Watsonville, CA 95076
Residential Income (2-4 units), WATSONVILLE, CA
Property Size1,515 SF
Lot Size0.12 Acres
Price / SF$692.41
Days on Market46
Property Features for 1585 San Andreas RD
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
R-1-6
Bedrooms
3
Rooms
Bedroom 3, Bedroom 1, Bedroom 2
Parking
5
Fireplace
1
Subdivision
La Selva Beach
Standard status
Active
Size
1,515 SF
Lot size
0.12 Acres
Utilities
Heating system
Fireplace(s), Wall Furnace
Water source
Public
Amenities
decks
patios
terraced backyard
chicken coop
storage shed
Building Details
Year built
1950
Flooring type
Tile, Hardwood, Carpet
Roof type
Flat
Listing Agency:
KW Thrive Santa Cruz · Keller Williams Realty
(831) 457-5500
Listed By:
Justin McNabb · License #01928930
(831) 334-4727
Added: Jul 22
Changed: Sep 3
Last Checked: Sep 5 at 11:06PM
MLS# ML82055091
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,515-square-foot duplex on a 0.119-acre lot is configured with a remodeled upstairs two-bedroom, one-bath unit and a downstairs studio with its own kitchen, bathroom, and separate entrance. An interior staircase connects the levels and supports conversion to a single-family layout. The upper unit includes hardwood flooring, dual-pane windows, inset LED lighting, and updated kitchen and bath finishes. A new roof, wall furnace, fireplace, flat roof design, and a mix of hardwood, tile, and carpet complete the improvements. The property was built in 1950 and includes open parking, multiple decks and patios, a terraced backyard, chicken coop, and large storage shed.
Located in La Selva Beach, the property is about half a mile from Manresa State Beach. The upstairs unit is vacant, while the downstairs studio is tenant-occupied. Public water serves the property, which is zoned R-1-6.
Located in La Selva Beach, the property is about half a mile from Manresa State Beach. The upstairs unit is vacant, while the downstairs studio is tenant-occupied. Public water serves the property, which is zoned R-1-6.
Key Highlights
- 1,515 SF duplex on a 0.119‑acre lot
- Upstairs 2‑bedroom, 1‑bath unit with recent remodeling
- Downstairs studio includes separate entrance, kitchen, and bathroom
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
$42,239
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
4.03%
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%
$844,780
$844.8K
Cap Rate 7%
$603,414
$603.4K
Cap Rate 9%
$469,322
$469.3K
Market Conditions
NOI Build-Up for 1,515 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
$61.8K $40.80/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$60.3K $39.83/SF
− OpEx
−$18.1K −$11.95/SF
NOI
$42.2K $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%
$844,780
Cap Rate 7%
$603,414
Cap Rate 9%
$469,322
Alternative Uses
Best Use
Multifamily LT 5
$603.4K
$528.0K – $704.0K
NOI $42,239 @ 7.0% cap · market cap 4.03%
Second Best
Apartment 5plus
$557.1K
$487.5K – $649.9K
NOI $38,996 @ 7.0% cap · market cap 3.72%
Theoretical Best
Retail
$866.3K
$758.0K – $1.01M
NOI $60,639 @ 7.0% cap · market cap 5.78%
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
94
Businesses Nearby
Explore this area
Business Placement
Demographics for 95076, CA
84,433
Population
26,488
Households
3.2
Avg Household Size
35
Median Age
19%
College-Educated
72%
High-School Grad
135.1 sq mi
ZIP Area
625
Density / Sq Mi
$86,685
Median Household Income
$36,077
Median Earnings
$1,851
Median Rent
$767,200
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-level configuration includes a remodeled upper residence and separate-entry studio.
Where is this duplex located?
The property is located at 1585 San Andreas RD Watsonville, CA.
What is the asking price?
The asking price for this property is $1,049,000.
What are key features of this property?
This property features: 1,515 SF duplex on a 0.119‑acre lot; Upstairs 2‑bedroom, 1‑bath unit with recent remodeling; Downstairs studio includes separate entrance, kitchen, and bathroom
