Remodeled Santa Cruz
For Sale
$2,250,000
1803 Halterman AVE, Santa Cruz, CA 95062
Residential Income (2-4 units), Traditional, SANTA CRUZ, CA
Property Size4,991 SF
Lot Size0.32 Acres
Price / SF$450.81
Days on Market69
Property Features for 1803 Halterman AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
RM-3
Bedrooms
8
Rooms
Bedroom 5, Bedroom 4, Bedroom 3, Bedroom 1, Bedroom 7, Bedroom 6, Bedroom 8, Bedroom 2
Parking
4
Parking features
Covered, Offsite
Interior features
Walk-in Closet
Appliances
Cooktop - Electric, Countertop - Laminate, Dual Fuel, Garbage Disposal, Hood Over Range, Oven - Built-In, Oven - Electric, Refrigerator
Lot features
Grade - Level
Subdivision
Live Oak
Standard status
Active
Size
4,991 SF
Lot size
0.32 Acres
Utilities
Heating system
Electric (Heating), Wall Furnace
Building Details
Year built
1966
Number of units
4
Flooring type
Carpet
Building materials
Wood
Roof type
Composition
Architectural style
Other
Listing Agency:
Bailey Properties
(831) 688-7434
Listed By:
Paul Bailey · License #00546781
(831) 818-0406
Added: Jul 9
Changed: Sep 13
Last Checked: Sep 15 at 6:06AM
MLS# ML82030395
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 Santa Cruz quadplex includes 4,991 square feet on a 0.318-acre parcel. The property has been well maintained, with all four kitchens and bathrooms remodeled. Interior features include walk-in closets, electric and wall-furnace heating, carpet flooring, and wood construction. Covered and offsite parking are provided, while a composition roof serves the building. The property was built in 1966.
RM-3 zoning supports the existing multifamily use. A land use planner’s report identifies a strong possibility for adding two modular, single-level units; the parcel has been surveyed and building envelopes identified. The second-floor balcony and access work required under SB 721 has been completed, and the building has pest inspection clearance. The property is near 41st Avenue shopping and entertainment, Simpkins Swim Center, and a short drive from the beach.
RM-3 zoning supports the existing multifamily use. A land use planner’s report identifies a strong possibility for adding two modular, single-level units; the parcel has been surveyed and building envelopes identified. The second-floor balcony and access work required under SB 721 has been completed, and the building has pest inspection clearance. The property is near 41st Avenue shopping and entertainment, Simpkins Swim Center, and a short drive from the beach.
Key Highlights
- 4,991‑square‑foot quadplex on a 0.318‑acre parcel
- All 4 kitchens and bathrooms have been remodeled
- RM‑3 zoning with a planner report indicating strong possibility for 2 additional modular units
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
$139,150
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
6.18%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
836
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Well-maintained four-unit property with updated kitchens and bathrooms, covered parking, and RM-3 zoning.
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: 4,991‑square‑foot quadplex on a 0.318‑acre parcel; All 4 kitchens and bathrooms have been remodeled; RM‑3 zoning with a planner report indicating strong possibility for 2 additional modular units
