Quadplex with Covered
For Sale
$900,000
215 Palm Avenue, Watsonville, CA 95076
Four-unit property with a main house, an upper unit, and a rear duplex with private outdoor areas.
Property Size1,000 SF
Days on Market240
Property Features for 215 Palm Avenue
General Information
Standard status
Active
Size
1,000 SF
Total Parking Spaces
4
Property subtype
Quadruplex
Units
Unit Mix
1 x 1BR/1BA, 2 x 1BR/1BA
Multifamily Units
4
Amenities
Water - Public, Individual Electric Meters
Building Details
Building Size
1,000 SF
Year Built
1960
Buildings
3
Listing Agency:
David Lyng Real Estate
Listed By:
Kathleen Hall · License #01098602
(831) 588-5993
Source:
Kw
Added: Feb 18
Changed: Oct 16
Last Checked: Oct 16 at 6:02AM
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 David Lyng Real Estate
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Investment Insights
Based on property information with market context.
Located at 215 Palm Avenue in Watsonville, this four-unit property includes a main house, a one-bedroom, one-bath unit above a two-car carport, and a rear duplex with two additional one-bedroom, one-bath homes. The main house includes a fenced yard and large covered patio, while the duplex units have small fenced yards. One of the rear units has been updated.
Parking includes the carport beneath the upper unit, an additional two-car carport near the rear building, on-site parking, and limited street parking. The property is served by public water with individual electric meters and falls within the Pajaro Valley Unified School District. Assessor records identify the original construction year as 1960, subject to buyer verification.
Parking includes the carport beneath the upper unit, an additional two-car carport near the rear building, on-site parking, and limited street parking. The property is served by public water with individual electric meters and falls within the Pajaro Valley Unified School District. Assessor records identify the original construction year as 1960, subject to buyer verification.
Key Highlights
- Four‑unit configuration with a main house, upper one‑bedroom unit, and rear duplex
- Rear duplex contains 2 one‑bedroom, 1‑bath homes with small fenced yards
- Large covered patio and fenced yard at the main house
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,880
Cap Rate
3.10%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$557,600
$557.6K
Cap Rate 7%
$398,286
$398.3K
Cap Rate 9%
$309,778
$309.8K
Market Conditions
NOI Build-Up for 1,000 SF
Gross rent
$40.8K $40.80/SF
− Vacancy
−$971 −$0.97/SF
EGI
$39.8K $39.83/SF
− OpEx
−$11.9K −$11.95/SF
NOI
$27.9K $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%
$557,600
Cap Rate 7%
$398,286
Cap Rate 9%
$309,778
Alternative Uses
Best Use
Multifamily LT 5
$398.3K
$348.5K – $464.7K
NOI $27,880 @ 7.0% cap · market cap 3.10%
Second Best
Apartment 5plus
$367.7K
$321.8K – $429.0K
NOI $25,740 @ 7.0% cap · market cap 2.86%
Theoretical Best
Retail
$571.8K
$500.3K – $667.1K
NOI $40,026 @ 7.0% cap · market cap 4.45%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
1,693
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
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Market
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Quadplex - Four-unit property with a main house, an upper unit, and a rear duplex with private outdoor areas.
Where is this quadplex located?
The property is located at 215 Palm Avenue Watsonville, CA.
What is the asking price?
The asking price for this property is $900,000.
What are key features of this property?
This property features: Four‑unit configuration with a main house, upper one‑bedroom unit, and rear duplex; Rear duplex contains 2 one‑bedroom, 1‑bath homes with small fenced yards; Large covered patio and fenced yard at the main house
