31-Unit Garden-Style Apartment
21661 E Cliff Dr, Santa Cruz, CA 95062
For Sale
$11,470,000
Eight separate buildings contain studios and one- and two-bedroom, one-bath apartments.
Property Size13,510 SF
Price / SF$849
Days on Market16
Property Features for 21661 E Cliff Dr
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Site & Location
Neighborhood
Additional Details
Multifamily Units
Amenities
coin-operated laundry
Back Yard
Deck
Fenced
Gray Water System
Low Maintenance
Other
Building Details
Building Size
Year Built
Buildings
Construction
Listing Agency:
Exp Realty Of Northern California, Inc.
Listed By:
Anton Lazarenko · License CA #02177813
(650) 862-3173
Source:
Goodpatriotrealty
Added: Oct 26
Changed: Nov 9
Last Checked: Nov 9 at 12:33PM
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 Exp Realty Of Northern California, Inc.
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Investment Insights
Based on property information with market context.
The garden-style apartment property comprises 31 units in eight buildings. Its unit mix includes studios and one- and two-bedroom apartments, each with one bath. On-site features include coin-operated laundry. Recent work has addressed roofing, repairs, landscaping, and flooring as units turned over; the property dates to 1948.
The property is near East Cliff Drive, Santa Cruz Harbor, Pleasure Point, area beaches, the Santa Cruz Beach Boardwalk, Santa Cruz Wharf, and Cowell Beach. The location also offers access to nearby beach and harbor destinations.
The property is near East Cliff Drive, Santa Cruz Harbor, Pleasure Point, area beaches, the Santa Cruz Beach Boardwalk, Santa Cruz Wharf, and Cowell Beach. The location also offers access to nearby beach and harbor destinations.
Key Highlights
- 31 units distributed across 8 buildings
- Mix of studios and 1- and 2‑bedroom, 1‑bath units
- Coin‑operated laundry on site
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$347,747
Cap Rate
3.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$6,954,940
$7.0M
Cap Rate 7%
$4,967,814
$5.0M
Cap Rate 9%
$3,863,856
$3.9M
Market Conditions
NOI Build-Up for 13,510 SF
Gross rent
$648.5K $48.00/SF
− Vacancy
−$16.2K −$1.20/SF
EGI
$632.3K $46.80/SF
− OpEx
−$284.5K −$21.06/SF
NOI
$347.7K $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 Rate 5%
$6,954,940
Cap Rate 7%
$4,967,814
Cap Rate 9%
$3,863,856
Alternative Uses
Best Use
Apartment 5plus
$4.97M
$4.35M – $5.80M
NOI $347,747 @ 7.0% cap · market cap 3.03%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$7.73M
$6.76M – $9.01M
NOI $540,751 @ 7.0% cap · market cap 4.71%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
31
Residential units
Location Intelligence
Trade Area within ½ mile
589
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
Properties on Market for Apartment buildings in Santa Cruz County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - Eight separate buildings contain studios and one- and two-bedroom, one-bath apartments.
Where is this apartment building located?
The property is located at 21661 E Cliff Dr Santa Cruz, CA.
What is the asking price?
The asking price for this property is $11,470,000.
What are key features of this property?
This property features: 31 units distributed across 8 buildings; Mix of studios and 1- and 2‑bedroom, 1‑bath units; Coin‑operated laundry on site
