Four-Unit Quadplex with Updated
For Sale
$2,250,000
Pending
1803 Halterman AVE, Santa Cruz, CA 95062
All four residences have remodeled kitchens and bathrooms, with a planner report indicating potential for two added modular units.
Property Size4,991 SF
Days on Market296
Property Features for 1803 Halterman AVE
General Information
Standard status
Pending
Size
4,991 SF
Property subtype
Fourplex
Site & Location
Neighborhood
Prospect Heights
Additional Details
Multifamily Units
4
Tenant in Place
Yes
Building Details
Year Built
1966
Listing Agency:
Bailey Properties
(831) 688-7434
Listed By:
Paul Bailey · License #00546781
(831) 818-0406
Source:
Giuffreproperties
Added: Jan 6
Changed: Oct 28
Last Checked: Oct 28 at 3:47PM
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 Bailey Properties
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Investment Insights
Based on property information with market context.
Built in 1966, this four-unit residential property has remodeled kitchens and bathrooms in each residence. Pest inspection clearance is in place, and work required under SB 721 has been completed for the second-floor balcony and its access area.
A land use planner’s report identifies a strong possibility of adding two single-level modular units. The parcel has been surveyed, with building envelopes identified; the report describes potential, not confirmed approval. The property is near 41st Avenue and Simpkins Swim Center, with the beach a short drive away.
A land use planner’s report identifies a strong possibility of adding two single-level modular units. The parcel has been surveyed, with building envelopes identified; the report describes potential, not confirmed approval. The property is near 41st Avenue and Simpkins Swim Center, with the beach a short drive away.
Key Highlights
- Four residential units, with remodeled kitchens and bathrooms throughout
- Planner report identifies potential for two additional single‑level modular units
- Survey completed and building envelopes identified
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$139,150
Cap Rate
6.18%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,783,000
$2.8M
Cap Rate 7%
$1,987,857
$2.0M
Cap Rate 9%
$1,546,111
$1.5M
Market Conditions
NOI Build-Up for 4,991 SF
Gross rent
$203.6K $40.80/SF
− Vacancy
−$4.8K −$0.97/SF
EGI
$198.8K $39.83/SF
− OpEx
−$59.6K −$11.95/SF
NOI
$139.2K $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 Rate 5%
$2,783,000
Cap Rate 7%
$1,987,857
Cap Rate 9%
$1,546,111
Alternative Uses
Best Use
Multifamily LT 5
$1.99M
$1.74M – $2.32M
NOI $139,150 @ 7.0% cap · market cap 6.18%
Second Best
Apartment 5plus
$1.84M
$1.61M – $2.14M
NOI $128,468 @ 7.0% cap · market cap 5.71%
Theoretical Best
Retail
$2.85M
$2.50M – $3.33M
NOI $199,770 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
836
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - All four residences have remodeled kitchens and bathrooms, with a planner report indicating potential for two added modular units.
Where is this quadplex located?
The property is located at 1803 Halterman AVE Santa Cruz, CA.
What is the asking price?
The asking price for this property is $2,250,000.
What are key features of this property?
This property features: Four residential units, with remodeled kitchens and bathrooms throughout; Planner report identifies potential for two additional single‑level modular units; Survey completed and building envelopes identified
