Value-Add Multifamily with
234 High Street Santa Cruz, CA 95060
234 High Street, Santa Cruz, CA, 95060
$3,200,000
For Sale
$3,200,000
Two-building multifamily includes studio, 1-bedroom, and a 2-bedroom unit with on-site laundry and seven carport spaces.
Property Size6,338 SF
Price / SF$504.89
Days on Market111
Property Features for 234 High Street
General Information
- Standard status
- Active
- Size
- 6,338 SF
- Property subtype
- 5+ Units / Five or More Units
Building Details
- Year Built
- 1944
Listing agency
Marcus & Millichap
(650) 391-1784
Listed by
Joshua Johnson · License #01930127
(650) 391-1784
Source
Compass
Added: Apr 3 Updated: Jul 21 at 7:38PM Checked: Jul 21 at 7:38PM
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 Marcus & Millichap
Investment Insights
Based on property information with market context.
234 High Street is a two-building multifamily property in Santa Cruz’s Westside neighborhood. The unit mix includes one studio unit, eight 1-bedroom units, and one 2-bedroom unit, with seven carport spaces providing covered parking. On-site laundry facilities are also included.
The property is located a short distance from downtown Santa Cruz, UC Santa Cruz, and supporting retail, offering tenant convenience for everyday needs.
This is a value-add residential income opportunity supported by the existing unit configuration and on-site amenity package.
The property is located a short distance from downtown Santa Cruz, UC Santa Cruz, and supporting retail, offering tenant convenience for everyday needs.
This is a value-add residential income opportunity supported by the existing unit configuration and on-site amenity package.
Key Highlights
- Two‑building multifamily in Santa Cruz’s Westside neighborhood (built 1944).
- Unit mix includes 1 studio, eight 1‑bedroom, and one 2‑bedroom unit.
- On‑site laundry facilities for residents.
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 | $304.2k | $48.00 |
| − Vacancy | −$7.6k | −$1.20 |
| EGI | $296.6k | $46.80 |
| − OpEx | −$133.5k | −$21.06 |
| NOI | $163.1k | $25.74 |
6,338 SF · lease $48.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.33M
$2.04M – $2.72M
NOI $163,140 @ 7.0% cap · market cap 5.10%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$3.62M
$3.17M – $4.23M
NOI $253,685 @ 7.0% cap · market cap 7.93%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Two-building multifamily includes studio, 1-bedroom, and a 2-bedroom unit with on-site laundry and seven carport spaces.
Where is this apartment building located?
The property is located at 234 High Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $3,200,000.
What are key features of this property?
This property features: Two‑building multifamily in Santa Cruz’s Westside neighborhood (built 1944).; Unit mix includes 1 studio, eight 1‑bedroom, and one 2‑bedroom unit.; On‑site laundry facilities for residents.
