Remodeled 5-Unit Apartment
236 Locust Street Watsonville, CA 95076
For Sale
Contact for pricing
Five-unit complex features four one-bedroom units plus a studio, with 2017 remodels and recent asphalt improvements.
Property Size2,300 SF
Price / SF$519.57
Days on Market98
Property Features for 236 Locust Street
General Information
- Standard status
- Active
- Size
- 2,300 SF
- Property subtype
- Multifamily
Building Details
- Year Built
- 1931
Listing Agency:
Albers Real Estate
(831) 372-1922
Listed By:
Hap Albers · License #CA 01006595
Source:
Crexi
Added: Apr 19
Changed: Jul 23
Last Checked: Jul 24 at 11:28AM
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 Albers Real Estate
Investment Insights
Based on property information with market context.
This 5-unit apartment complex includes four one-bedroom units and one studio. All units were remodeled after purchase in 2017, and the asphalt was redone in 2023. New roofs for all buildings are pending in the spring of 2026.
The property is located close to downtown Watsonville and Highway One, supporting convenient day-to-day access.
As currently configured, the mix is primarily one-bedroom apartments with an additional studio unit, providing straightforward rental diversity within a compact multifamily setting.
The property is located close to downtown Watsonville and Highway One, supporting convenient day-to-day access.
As currently configured, the mix is primarily one-bedroom apartments with an additional studio unit, providing straightforward rental diversity within a compact multifamily setting.
Key Highlights
- Five‑unit complex with 4 one‑bedroom units and 1 studio
- All units remodeled in 2017
- Asphalt redone in 2023
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 | $110.4k | $48.00 |
| − Vacancy | −$2.8k | −$1.20 |
| EGI | $107.6k | $46.80 |
| − OpEx | −$48.4k | −$21.06 |
| NOI | $59.2k | $25.74 |
2,300 SF · lease $48.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$845.7K
$740.0K – $986.7K
NOI $59,202 @ 7.0% cap · market cap 4.95%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.32M
$1.15M – $1.53M
NOI $92,060 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Apartment buildings
FAQs
What type of property is this?
Apartment building - Five-unit complex features four one-bedroom units plus a studio, with 2017 remodels and recent asphalt improvements.
Where is this apartment building located?
The property is located at 236 Locust Street Watsonville, CA.
What is the asking price?
The asking price for this property is $1,195,000.
What are key features of this property?
This property features: Five‑unit complex with 4 one‑bedroom units and 1 studio; All units remodeled in 2017; Asphalt redone in 2023
