Drive-Through Restaurant Redevelopment
229 Laurel Street Santa Cruz, CA 95060
229 Laurel Street, Santa Cruz, CA, 95060
$1,590,000
For Sale
$1,590,000
Legacy drive-in restaurant site on a corner, signal-adjacent parcel with easy ingress and egress.
Property Size1,152 SF
Price / SF$1,380
Days on Market242
Property Features for 229 Laurel Street
General Information
- Standard status
- Active
- Size
- 1,152 SF
- Property subtype
- General Commercial
Building Details
- Year Built
- 1948
Listing agency
Baird Partnership, Inc.
(831) 646-1919
Listed by
James Kendall
Source
Xome
Added: Nov 23, 2025 Updated: Jul 22 at 2:27PM Checked: Jul 22 at 2:27PM
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 Baird Partnership, Inc.
Investment Insights
Based on property information with market context.
229 Laurel Street in Santa Cruz is a legacy drive-in restaurant site on a corner/near-corner, signal-adjacent parcel built for straightforward customer access. The property includes in-place improvements with covered-land play, providing an interim operating setup while the surrounding district transitions under the City’s recently adopted downtown expansion framework. At approximately 1,152 square feet, the site supports both current QSR-style use and potential long-term mixed-use or multifamily redevelopment consistent with the City’s growth objectives.
The location is described as being in the heart of the Downtown/SoLa transition area, with walkability to Pacific Avenue, the San Lorenzo Riverwalk, Kaiser Permanente Arena, and the broader downtown core. The parcel’s corner visibility and prominent signage are intended to serve both pedestrian and vehicle traffic, with easy ingress and egress to support day-to-day operations.
The location is described as being in the heart of the Downtown/SoLa transition area, with walkability to Pacific Avenue, the San Lorenzo Riverwalk, Kaiser Permanente Arena, and the broader downtown core. The parcel’s corner visibility and prominent signage are intended to serve both pedestrian and vehicle traffic, with easy ingress and egress to support day-to-day operations.
Key Highlights
- Legacy drive‑in restaurant site at 229 Laurel St, Santa Cruz, in a downtown/SoLa transition area
- Corner, near‑corner, signal‑adjacent parcel with prominent signage and strong visibility
- 15 parking spaces with easy ingress and egress for current QSR operations
Local Financial Insights For Specialty Retail
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 | $62.2k | $54.00 |
| − Vacancy | −$2.9k | −$2.54 |
| EGI | $59.3k | $51.46 |
| − OpEx | −$14.8k | −$12.87 |
| NOI | $44.5k | $38.60 |
1,152 SF · lease $54.00/SF/yr · vacancy 4.70% · expense 25.00%
Alternative Uses
Best Use
Specialty Retail
$635.2K
$555.8K – $741.1K
NOI $44,463 @ 7.0% cap · market cap 2.80%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$658.7K
$576.4K – $768.5K
NOI $46,110 @ 7.0% cap · market cap 2.90%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Drive through restaurants
Similar For Sale Nearby
FAQs
What type of property is this?
Drive through restaurant - Legacy drive-in restaurant site on a corner, signal-adjacent parcel with easy ingress and egress.
Where is this drive through restaurant located?
The property is located at 229 Laurel Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,590,000.
What are key features of this property?
This property features: Legacy drive‑in restaurant site at 229 Laurel St, Santa Cruz, in a downtown/SoLa transition area; Corner, near‑corner, signal‑adjacent parcel with prominent signage and strong visibility; 15 parking spaces with easy ingress and egress for current QSR operations
