7-Unit Apartment Investment
23 Ford Street Watsonville, CA 95076
23 Ford Street, Watsonville, CA, 95076
$2,295,000
For Sale
$2,295,000
Seven-unit multifamily property with updated interior finishes and two newly built 2-bedroom units at the rear.
Property Size4,878 SF
Price / SF$470.48
Days on Market251
Property Features for 23 Ford Street
General Information
- Standard status
- Active
- Size
- 4,878 SF
- Property subtype
- 5+ Units / Five or More Units
Building Details
- Year Built
- 1880
Listing agency
Baird Partnership, Inc.
(831) 646-1919
Listed by
David Baird · License #02282077
(831) 646-1919
Source
Compass
Added: Nov 12, 2025 Updated: Jul 21 at 5:28AM Checked: Jul 21 at 5:28AM
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.
23 Ford Street is a 7-unit apartment investment with a five-unit main building and two additional units at the rear of the property. Over the past five years, the main building has been updated, and three of those units have received additional interior improvements including new flooring and bathroom updates within the past year. Toward the rear, two newly constructed approximately 750 SF 2-bedroom/2-bath units were completed with all-electric systems, solar panels, and heat pump heating, with final permits issued in 2024.
The property is located in Watsonville, just off Main Street, with convenient access to downtown shops, restaurants, schools, and public transportation within walking distance. The site includes on-site parking, upgraded water and sewer systems, and mature landscaping, including a large heritage tree and fruit trees that have been recently maintained.
The property is located in Watsonville, just off Main Street, with convenient access to downtown shops, restaurants, schools, and public transportation within walking distance. The site includes on-site parking, upgraded water and sewer systems, and mature landscaping, including a large heritage tree and fruit trees that have been recently maintained.
Key Highlights
- 7‑unit apartment building (five‑unit main building plus two rear units) in Watsonville, CA
- Main building updates within the past 5 years; three units received new flooring and bathroom updates within the past year
- Two newly constructed rear units, approx. 750 SF each, 2‑bedroom/2‑bath (final permits issued in 2024)
Local 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 | $234.1k | $48.00 |
| − Vacancy | −$5.9k | −$1.20 |
| EGI | $228.3k | $46.80 |
| − OpEx | −$102.7k | −$21.06 |
| NOI | $125.6k | $25.74 |
4,878 SF · lease $48.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$1.79M
$1.57M – $2.09M
NOI $125,560 @ 7.0% cap · market cap 5.47%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$2.79M
$2.44M – $3.25M
NOI $195,247 @ 7.0% cap · market cap 8.51%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
Similar For Sale Nearby
FAQs
What type of property is this?
Apartment building - Seven-unit multifamily property with updated interior finishes and two newly built 2-bedroom units at the rear.
Where is this apartment building located?
The property is located at 23 Ford Street Watsonville, CA.
What is the asking price?
The asking price for this property is $2,295,000.
What are key features of this property?
This property features: 7‑unit apartment building (five‑unit main building plus two rear units) in Watsonville, CA; Main building updates within the past 5 years; three units received new flooring and bathroom updates within the past year; Two newly constructed rear units, approx. 750 SF each, 2‑bedroom/2‑bath (final permits issued in 2024)
