Residential Income Property with Open
For Sale
$474,950
2121 Kralj Drive Unit 28, Watsonville, CA 95076
Manufactured home with four bedrooms, two bathrooms, central heating, and a dedicated indoor laundry area.
Property Size1,296 SF
Price / SF$366.47
Days on Market78
Property Features for 2121 Kralj Drive Unit 28
General Information
Standard status
Active
Size
1,296 SF
Property subtype
Manufactured In Park / Double Wide
Amenities
false
Ceiling Fan(s)
Central
4
220 Volts in Laundry, Other
Linoleum
2.0
Free Standing Gas Range, Free Standing Refrigerator, Dishwasher, Microwave
Tub, Tub w/Shower Over
2
Gas Hook-Up, Hookups Only, Inside Area, Inside Room
0.0
Composition
Pillar/Post/Pier
Wood, Wood Siding
Building Details
Year Built
2025
Listing Agency:
Harmony Communities, Inc.
(209) 670-6264
Listed By:
Sherrie Johnston · License #01930518
(209) 670-6264
Source:
Compass
Added: Jun 16
Changed: Aug 30
Last Checked: Aug 31 at 10:13PM
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 Harmony Communities, Inc.
Investment Insights
Based on property information with market context.
This 2025 manufactured home provides 1,296 square feet with four bedrooms and two bathrooms. The interior centers on an open living, dining, and kitchen arrangement, with stainless steel appliances, substantial cabinetry, and ample work surfaces. A separate indoor utility room includes washer and dryer hookups. Central heating, ceiling fans, a free-standing gas range, refrigerator, dishwasher, and microwave are among the installed features.
The home is located at 2121 Kralj Drive, Unit 28, in Watsonville’s Rancho Cerritos Community. Interior finishes include linoleum flooring, while the exterior uses wood siding with a composition roof and pillar/post/pier foundation. The kitchen and laundry areas include gas and 220-volt service details as specified in the property information.
The home is located at 2121 Kralj Drive, Unit 28, in Watsonville’s Rancho Cerritos Community. Interior finishes include linoleum flooring, while the exterior uses wood siding with a composition roof and pillar/post/pier foundation. The kitchen and laundry areas include gas and 220-volt service details as specified in the property information.
Key Highlights
- 1,296‑square‑foot manufactured home built in 2025
- Four bedrooms and two bathrooms
- Open‑concept living, dining, and kitchen arrangement
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
$33,359
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
7.02%
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%
$667,180
$667.2K
Cap Rate 7%
$476,557
$476.6K
Cap Rate 9%
$370,656
$370.7K
Market Conditions
NOI Build-Up for 1,296 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
$62.2K $48.00/SF
− Vacancy
−$1.6K −$1.20/SF
EGI
$60.7K $46.80/SF
− OpEx
−$27.3K −$21.06/SF
NOI
$33.4K $25.74/SF
Area
Santa Cruz County, CA
Vacancy
2.50%
Lease Rate
$48.00 /SF/Yr
Expense Ratio
45.00%
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%
$667,180
Cap Rate 7%
$476,557
Cap Rate 9%
$370,656
Alternative Uses
Best Use
Apartment 5plus
$476.6K
$417.0K – $556.0K
NOI $33,359 @ 7.0% cap · market cap 7.02%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$741.1K
$648.4K – $864.6K
NOI $51,874 @ 7.0% cap · market cap 10.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
812
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Manufactured home with four bedrooms, two bathrooms, central heating, and a dedicated indoor laundry area.
Where is this residential income property located?
The property is located at 2121 Kralj Drive Unit 28 Watsonville, CA.
What is the asking price?
The asking price for this property is $474,950.
What are key features of this property?
This property features: 1,296‑square‑foot manufactured home built in 2025; Four bedrooms and two bathrooms; Open‑concept living, dining, and kitchen arrangement
