10-Unit Apartment
For Sale
$3,200,000
234 High Street, Santa Cruz, CA 95060
Low-rise residential property with studio and one-bedroom units plus on-site parking.
Property Size6,338 SF
Price / SF$504.89
Days on Market174
Property Features for 234 High Street
General Information
Standard status
Active
Size
6,338 SF
Property subtype
General Commercial
Additional Details
Cap Rate
4.35%
Multifamily Units
10
Taxes and HOA fees
Annual Taxes
$37,645
Amenities
Composition
R-M Multiple Residence -
Carport.
Building Details
Year Built
1944
Buildings
1
Listing Agency:
Marcus & Millichap
(650) 391-1700
Listed By:
Joshua Johnson · License #01930127
Source:
Xome
Added: Mar 12
Changed: Aug 30
Last Checked: Aug 31 at 3:02PM
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.
Located at 234 High St in Santa Cruz, California, this low-rise apartment property contains a single residential building with 10 units. The mix includes studios and one-bedroom apartments, supported by on-site parking.
The property is in Santa Cruz’s Westside neighborhood, near the Pacific Avenue retail corridor and Downtown Santa Cruz. Nearby shopping includes Trader Joe’s, Safeway, and Grocery Outlet, with additional restaurants, cafés, and service businesses in the surrounding area. Mission Plaza Park, coastal access, and Natural Bridges State Beach provide nearby recreational destinations.
The local employment base includes education, healthcare, tourism, and technology, with the University of California, Santa Cruz identified as a major employment and housing-demand generator. The reported cap rate is 4.35%.
The property is in Santa Cruz’s Westside neighborhood, near the Pacific Avenue retail corridor and Downtown Santa Cruz. Nearby shopping includes Trader Joe’s, Safeway, and Grocery Outlet, with additional restaurants, cafés, and service businesses in the surrounding area. Mission Plaza Park, coastal access, and Natural Bridges State Beach provide nearby recreational destinations.
The local employment base includes education, healthcare, tourism, and technology, with the University of California, Santa Cruz identified as a major employment and housing-demand generator. The reported cap rate is 4.35%.
Key Highlights
- 10‑unit apartment property at 234 High St, Santa Cruz, CA 95060
- Unit mix includes studio and one‑bedroom apartments
- Low‑rise building with on‑site parking
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$163,140
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.10%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,262,800
$3.3M
Cap Rate 7%
$2,330,571
$2.3M
Cap Rate 9%
$1,812,667
$1.8M
Market Conditions
NOI Build-Up for 6,338 SF
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.
Gross rent
$304.2K $48.00/SF
− Vacancy
−$7.6K −$1.20/SF
EGI
$296.6K $46.80/SF
− OpEx
−$133.5K −$21.06/SF
NOI
$163.1K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,262,800
Cap Rate 7%
$2,330,571
Cap Rate 9%
$1,812,667
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
10
Residential units
Location Intelligence
Trade Area within ½ mile
3,475
Businesses Nearby
Explore this area
Business Placement
Demographics for 95060, CA
47,931
Population
20,181
Households
2.4
Avg Household Size
39
Median Age
55%
College-Educated
94%
High-School Grad
54.5 sq mi
ZIP Area
879
Density / Sq Mi
$106,040
Median Household Income
$46,231
Median Earnings
$2,356
Median Rent
$1,189,300
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Low-rise residential property with studio and one-bedroom units plus on-site parking.
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: 10‑unit apartment property at 234 High St, Santa Cruz, CA 95060; Unit mix includes studio and one‑bedroom apartments; Low‑rise building with on‑site parking
