Fully Occupied
For Sale
$2,480,000
257 High ST, Santa Cruz, CA 95060
Residential Income (2-4 units), SANTA CRUZ, CA
Property Size3,978 SF
Lot Size0.13 Acres
Price / SF$623.43
Days on Market52
Property Features for 257 High ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi Residential
Bedrooms
8
Rooms
Bedroom 1, Bedroom 8, Bedroom 6, Bedroom 2, Laundry Room, Bedroom 7, Bedroom 3, Bedroom 4, Bedroom 5
Parking
2
Parking features
Tandem, Assigned, Offsite
Appliances
Oven - Gas, Oven Range - Gas
Subdivision
West Santa Cruz
Standard status
Active
Size
3,978 SF
Lot size
0.13 Acres
Utilities
Heating system
Natural Gas
Water source
Public
Amenities
on-site laundry
Building Details
Year built
1953
Number of units
4
Flooring type
Laminate, Linoleum, Tile, Hardwood
Roof type
Composition, Shingle
Listing Agency:
Compass
(650) 462-1111
Listed By:
Anson Ip · License #01413912
(408) 221-7887
Added: Jul 21
Changed: Sep 8
Last Checked: Sep 10 at 4:06AM
MLS# ML82051773
Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This fully occupied quadplex contains four two-bedroom, one-bath residences, with each unit measuring approximately 950 square feet. The property provides eight bedrooms and four bathrooms in total, along with on-site laundry, separate gas meters, two carports, and four additional off-street parking spaces. New water heaters were installed in 2025. Interior finishes include hardwood, tile, linoleum, and laminate flooring, while heating is provided by natural gas.
The property is located at 257 High ST in Santa Cruz, near the UCSC bus line and approximately 1.5 miles from the ocean. Campus, Downtown Santa Cruz, West Cliff Drive, and the Santa Cruz Beach Boardwalk are identified as nearby destinations. Public water service supports the property, which was built in 1953 and is zoned Multi Residential.
The property is located at 257 High ST in Santa Cruz, near the UCSC bus line and approximately 1.5 miles from the ocean. Campus, Downtown Santa Cruz, West Cliff Drive, and the Santa Cruz Beach Boardwalk are identified as nearby destinations. Public water service supports the property, which was built in 1953 and is zoned Multi Residential.
Key Highlights
- Four two‑bedroom, one‑bath units with approximately 950 square feet per unit
- Fully occupied fourplex with 8 bedrooms and 4 bathrooms
- Two carports plus 4 additional off‑street parking spaces
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
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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 - Four residential units offer on-site laundry, separate gas meters, and a combination of carport and off-street parking.
Where is this quadplex located?
The property is located at 257 High ST 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: Four two‑bedroom, one‑bath units with approximately 950 square feet per unit; Fully occupied fourplex with 8 bedrooms and 4 bathrooms; Two carports plus 4 additional off‑street parking spaces
