Four-Unit Condo
New
For Sale
$1,750,000
24 Meadow Way, Scotts Valley, CA 95066
Uniform condominium layout with dedicated parking and one vacant unit.
Property Size3,872 SF
Price / SF$451.96
Days on Market5
Property Features for 24 Meadow Way
General Information
Standard status
Active
Size
3,872 SF
Property subtype
Multi Family
Property Condition
Severity
Minor
Evidence
renovations
Units
Unit Mix
4 x 2BR/1.5BA
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$20,647
Building Details
Year Built
1982
Listing Agency:
Marcus & Millichap
(408) 314-3009
Listed By:
Fred Rubio · License #01984041
(408) 314-3009
Source:
Exitrealty
Added: Aug 9
Changed: Aug 12
Last Checked: Aug 12 at 4:54AM
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.
This four-unit condominium property includes 3,872 square feet across four matching residences. Each unit offers two bedrooms and 1.5 bathrooms, with approximately 968 square feet of living area and dedicated parking. Unit C is currently vacant, while the consistent floor plans create a straightforward configuration across the property.
The property is located at 24 Meadow Way in Scotts Valley, California. Individual condo zoning applies to each unit, providing separate condominium designations within the four-unit asset. The property was constructed in 1982.
The property is located at 24 Meadow Way in Scotts Valley, California. Individual condo zoning applies to each unit, providing separate condominium designations within the four-unit asset. The property was constructed in 1982.
Key Highlights
- Four‑unit condo property at 24 Meadow Way, Scotts Valley, CA 95066
- Four identical 2‑bedroom, 1.5‑bathroom units
- Each unit is approximately 968 square feet
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
$107,952
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
6.17%
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%
$2,159,040
$2.2M
Cap Rate 7%
$1,542,171
$1.5M
Cap Rate 9%
$1,199,467
$1.2M
Market Conditions
NOI Build-Up for 3,872 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
$158.0K $40.80/SF
− Vacancy
−$3.8K −$0.97/SF
EGI
$154.2K $39.83/SF
− OpEx
−$46.3K −$11.95/SF
NOI
$108.0K $27.88/SF
Area
Santa Cruz County, CA
Vacancy
2.38%
Lease Rate
$40.80 /SF/Yr
Expense Ratio
30.00%
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%
$2,159,040
Cap Rate 7%
$1,542,171
Cap Rate 9%
$1,199,467
Alternative Uses
Best Use
Multifamily LT 5
$1.54M
$1.35M – $1.80M
NOI $107,952 @ 7.0% cap · market cap 6.17%
Second Best
Apartment 5plus
$1.42M
$1.25M – $1.66M
NOI $99,665 @ 7.0% cap · market cap 5.70%
Theoretical Best
Retail
$2.21M
$1.94M – $2.58M
NOI $154,981 @ 7.0% cap · market cap 8.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Residential units
Location Intelligence
Trade Area within ½ mile
729
Businesses Nearby
Explore this area
Business Placement
Demographics for 95066, CA
15,483
Population
6,733
Households
2.3
Avg Household Size
45
Median Age
55%
College-Educated
96%
High-School Grad
18.7 sq mi
ZIP Area
828
Density / Sq Mi
$146,941
Median Household Income
$73,323
Median Earnings
$2,384
Median Rent
$1,113,000
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Quadplex - Uniform condominium layout with dedicated parking and one vacant unit.
Where is this quadplex located?
The property is located at 24 Meadow Way Scotts Valley, CA.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Four‑unit condo property at 24 Meadow Way, Scotts Valley, CA 95066; Four identical 2‑bedroom, 1.5‑bathroom units; Each unit is approximately 968 square feet
