Remodeled Duplex with Separate
For Sale
$1,095,000
1585 San Andreas Road, Watsonville, CA 95076
Flexible two-unit layout includes a remodeled upper residence and separate lower studio.
Property Size1,515 SF
Days on Market33
Property Features for 1585 San Andreas Road
General Information
Standard status
Active
Size
1,515 SF
Property subtype
Multi Family Home
Zoning
R-1-
Units
Unit Mix
1 x 2BR/1BA, 1 x studio
Multifamily Units
2
Amenities
decks
patios
terraced backyard
chicken coop
storage shed
Building Details
Building Size
1,515 SF
Year Built
1950
Buildings
1
Listing Agency:
KW Thrive Santa Cruz
(831) 334-4727
Listed By:
Justin McNabb · License #01928930
(831) 334-4727
Source:
Brucebaldwin
Added: Jul 22
Changed: Aug 21
Last Checked: Aug 22 at 1:10PM
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 KW Thrive Santa Cruz
Investment Insights
Based on property information with market context.
This duplex is arranged as a two-bedroom, one-bath upper unit and a separate studio on the lower level. The upstairs residence has been recently remodeled with hardwood flooring, dual-pane windows, inset LED lighting, and updated kitchen and bathroom finishes. The lower studio includes its own kitchen and bath, separate entry, and access to the upper level through an interior staircase, supporting either continued two-unit use or conversion to a single-family layout. A recently installed roof adds to the property’s improvements.
Outdoor features include several decks and patios, a terraced backyard, chicken coop, storage shed, garden space, and open parking. The property is located in La Selva Beach, approximately half a mile from Manresa State Beach. The upper unit is vacant, while the lower studio is tenant-occupied. Zoning is R-1- and the property was built in 1950.
Outdoor features include several decks and patios, a terraced backyard, chicken coop, storage shed, garden space, and open parking. The property is located in La Selva Beach, approximately half a mile from Manresa State Beach. The upper unit is vacant, while the lower studio is tenant-occupied. Zoning is R-1- and the property was built in 1950.
Key Highlights
- Two‑unit configuration with a 2‑bedroom, 1‑bath upper residence and lower studio
- Recently remodeled upstairs unit with hardwood floors, dual‑pane windows, LED lighting, kitchen, and bath
- Lower studio has a 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
3.86%
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 3.86%
Second Best
Apartment 5plus
$557.1K
$487.5K – $649.9K
NOI $38,996 @ 7.0% cap · market cap 3.56%
Theoretical Best
Retail
$866.3K
$758.0K – $1.01M
NOI $60,639 @ 7.0% cap · market cap 5.54%
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 - Flexible two-unit layout includes a remodeled upper residence and separate lower studio.
Where is this duplex located?
The property is located at 1585 San Andreas Road Watsonville, CA.
What is the asking price?
The asking price for this property is $1,095,000.
What are key features of this property?
This property features: Two‑unit configuration with a 2‑bedroom, 1‑bath upper residence and lower studio; Recently remodeled upstairs unit with hardwood floors, dual‑pane windows, LED lighting, kitchen, and bath; Lower studio has a separate entrance, kitchen, and bathroom
