5-Unit Cape Cod Apartment
208 Terrace Way Capitola, CA 95010
For Sale
$2,749,000
Five-unit Cape Cod building with renovated interiors and ocean views in a walkable Capitola Village setting.
Property Size3,155 SF
Price / SF$871.32
Days on Market88
Property Features for 208 Terrace Way
General Information
- Standard status
- Active
- Size
- 3,155 SF
- Property subtype
- 5+ Units / Five or More Units
Building Details
- Year Built
- 1947
Listing Agency:
Sherman & Boone Realtors
(831) 464-5039
Listed By:
Erik Barbic · License #01736370
(831) 464-5039
Source:
Compass
Added: Apr 30
Changed: Jul 10
Last Checked: Jul 25 at 10:42AM
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 Sherman & Boone Realtors
Investment Insights
Based on property information with market context.
This 5-unit Cape Cod style apartment property is set up with flexibility for multiple use strategies. The building includes two upper units and three ground-floor units, allowing an owner to occupy the upper homes while generating rental income from the ground level. Interiors were renovated in 2019, and the property is offered fully furnished for immediate occupancy or rental.
The property is located in the heart of Capitola Village by the Sea, described as offering ocean views. It is positioned within a walkable area steps from shops and restaurants, with a short stroll to the beach.
For tenants, buyers, or owner-operators seeking a residential income property in a high-amenity, coastal setting, this layout provides practical live-in-and-lease options or the ability to lease all five units. Being fully furnished can reduce the time needed to start occupancy, and the 2019 renovations support a turn-key approach for both personal use and rental operations.
The property is located in the heart of Capitola Village by the Sea, described as offering ocean views. It is positioned within a walkable area steps from shops and restaurants, with a short stroll to the beach.
For tenants, buyers, or owner-operators seeking a residential income property in a high-amenity, coastal setting, this layout provides practical live-in-and-lease options or the ability to lease all five units. Being fully furnished can reduce the time needed to start occupancy, and the 2019 renovations support a turn-key approach for both personal use and rental operations.
Key Highlights
- Five‑unit Cape Cod apartment building built in 1947
- Ocean views
- Interiors renovated in 2019
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $151.4k | $48.00 |
| − Vacancy | −$3.8k | −$1.20 |
| EGI | $147.7k | $46.80 |
| − OpEx | −$66.4k | −$21.06 |
| NOI | $81.2k | $25.74 |
3,155 SF · lease $48.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.16M
$1.02M – $1.35M
NOI $81,210 @ 7.0% cap · market cap 2.95%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.80M
$1.58M – $2.10M
NOI $126,282 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Five-unit Cape Cod building with renovated interiors and ocean views in a walkable Capitola Village setting.
Where is this apartment building located?
The property is located at 208 Terrace Way Capitola, CA.
What is the asking price?
The asking price for this property is $2,749,000.
What are key features of this property?
This property features: Five‑unit Cape Cod apartment building built in 1947; Ocean views; Interiors renovated in 2019
