Multifamily Property with Private
2651-2661 Fresno Street Santa Cruz, CA 95062
2651-2661 Fresno Street, Santa Cruz, CA, 95062
$4,245,000
For Sale
$4,245,000
Updated multifamily with 8 leased residential units, private fenced yards, and on-site parking and carports.
Property Size6,656 SF
Price / SF$637.77
Days on Market9
Property Features for 2651-2661 Fresno Street
General Information
- Standard status
- Active
- Size
- 6,656 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1970
Listing agency
Pertria
(408) 357-7770
Listed by
Helen Pastorino · License #00612357
(408) 357-7770
Source
Exitrealty
Added: Jul 15 Updated: Jul 22 at 1:54AM Checked: Jul 22 at 4:18AM
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 Pertria
Investment Insights
Based on property information with market context.
2651-2661 Fresno Street is a multifamily property with 8 updated, fully leased residential units. The units feature updated kitchens and baths and private fenced-in yards, and the property offers a large common area with chairs and a fire pit. Exterior improvements include fresh exterior paint and new landscaping, and the community has separate gas and electrical meters. Two laundry rooms support app-operated payment, and the property includes 8 carports and 10 onsite parking.
The sale presents both current-income and future-development considerations, with a feasibility study in the public remarks recommending redevelopment into 3-story townhomes. While entitlements are pursued, the property is described as generating $26,000+ per month from the in-place leased units, with Option A outlined as a 13-unit townhouse concept utilizing State Density Bonus Laws.
The sale presents both current-income and future-development considerations, with a feasibility study in the public remarks recommending redevelopment into 3-story townhomes. While entitlements are pursued, the property is described as generating $26,000+ per month from the in-place leased units, with Option A outlined as a 13-unit townhouse concept utilizing State Density Bonus Laws.
Key Highlights
- Multifamily built in 1970 with 8 updated, fully leased residential units generating $26,000+ per month
- Redevelopment feasibility study recommends redevelopment into 3‑story townhomes with an Option A 13‑unit townhouse concept using State Density Bonus Laws
- Updated kitchens and baths with private fenced‑in yards for residents
Local 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 | $319.5k | $48.00 |
| − Vacancy | −$8.0k | −$1.20 |
| EGI | $311.5k | $46.80 |
| − OpEx | −$140.2k | −$21.06 |
| NOI | $171.3k | $25.74 |
6,656 SF · lease $48.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.45M
$2.14M – $2.86M
NOI $171,325 @ 7.0% cap · market cap 4.04%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$3.81M
$3.33M – $4.44M
NOI $266,413 @ 7.0% cap · market cap 6.28%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
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FAQs
What type of property is this?
Apartment building - Updated multifamily with 8 leased residential units, private fenced yards, and on-site parking and carports.
Where is this apartment building located?
The property is located at 2651-2661 Fresno Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $4,245,000.
What are key features of this property?
This property features: Multifamily built in 1970 with 8 updated, fully leased residential units generating $26,000+ per month; Redevelopment feasibility study recommends redevelopment into 3‑story townhomes with an Option A 13‑unit townhouse concept using State Density Bonus Laws; Updated kitchens and baths with private fenced‑in yards for residents
