Fourplex with Two-Bedroom
For Sale
$2,480,000
257 High Street, Santa Cruz, CA 95060
Professionally managed fourplex with four 2-bedroom, 1-bath units, on-site laundry, and new 2025 water heaters.
Property Size3,978 SF
Price / SF$623.43
Days on Market81
Property Features for 257 High Street
General Information
Standard status
Active
Size
3,978 SF
Total Parking Spaces
6
Property subtype
Multi-family
Occupancy
100%
Additional Details
Multifamily Units
4
Amenities
on-site laundry
separate gas meters
Building Details
Year Built
1953
Tenancy
Multi
Listing Agency:
Compass
Listed By:
Anson Ip · License #01413912
(408) 221-7887
Source:
Sevengables
Added: Jun 25
Changed: Sep 12
Last Checked: Sep 13 at 10:14AM
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 Compass
Investment Insights
Based on property information with market context.
This professionally managed fourplex offers four spacious 2-bedroom, 1-bath units. Each unit is approximately 950 square feet, for a total of approximately 3,800 square feet, with combined 8 bedrooms and 4 bathrooms. The property includes on-site laundry, separate gas meters, and two carports, along with four additional off-street parking spaces and abundant street parking. New water heaters were installed in 2025.
The building is described as an UCSC-area investment opportunity, located steps from the UCSC bus line. The remarks note residents have convenient access to Downtown Santa Cruz, West Cliff Drive, and the Santa Cruz Beach Boardwalk, approximately 1.5 miles from the ocean. Walk Score is listed as 83 and Bike Score as 94.
The fourplex is fully occupied and supported by a strong rental history, generating approximately $186,000 in annual gross income. The remarks also mention potential feasibility for conversion to 3-bedroom configurations; a buyer should verify feasibility.
The building is described as an UCSC-area investment opportunity, located steps from the UCSC bus line. The remarks note residents have convenient access to Downtown Santa Cruz, West Cliff Drive, and the Santa Cruz Beach Boardwalk, approximately 1.5 miles from the ocean. Walk Score is listed as 83 and Bike Score as 94.
The fourplex is fully occupied and supported by a strong rental history, generating approximately $186,000 in annual gross income. The remarks also mention potential feasibility for conversion to 3-bedroom configurations; a buyer should verify feasibility.
Key Highlights
- Fourplex built in 1953 with four 2‑bedroom, 1‑bath units totaling about 3,800 SF
- 8 bedrooms and 4 bathrooms across the property; each unit is approximately 950 SF
- Professionally managed and fully occupied, with approximately $186,000 in annual gross income
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
$110,908
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
4.47%
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%
$2,218,160
$2.2M
Cap Rate 7%
$1,584,400
$1.6M
Cap Rate 9%
$1,232,311
$1.2M
Market Conditions
NOI Build-Up for 3,978 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
$162.3K $40.80/SF
− Vacancy
−$3.9K −$0.97/SF
EGI
$158.4K $39.83/SF
− OpEx
−$47.5K −$11.95/SF
NOI
$110.9K $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%
$2,218,160
Cap Rate 7%
$1,584,400
Cap Rate 9%
$1,232,311
Alternative Uses
Best Use
Multifamily LT 5
$1.58M
$1.39M – $1.85M
NOI $110,908 @ 7.0% cap · market cap 4.47%
Second Best
Apartment 5plus
$1.46M
$1.28M – $1.71M
NOI $102,394 @ 7.0% cap · market cap 4.13%
Theoretical Best
Retail
$2.27M
$1.99M – $2.65M
NOI $159,223 @ 7.0% cap · market cap 6.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
4
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
3,272
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Professionally managed fourplex with four 2-bedroom, 1-bath units, on-site laundry, and new 2025 water heaters.
Where is this quadplex located?
The property is located at 257 High Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $2,480,000.
What are key features of this property?
This property features: Fourplex built in 1953 with four 2‑bedroom, 1‑bath units totaling about 3,800 SF; 8 bedrooms and 4 bathrooms across the property; each unit is approximately 950 SF; Professionally managed and fully occupied, with approximately $186,000 in annual gross income
