Single-Level Duplex with
New
For Sale
$1,050,000
280 San Lorenzo Boulevard, Santa Cruz, CA 95060
Two units include fenced rear yards and washer and dryer hookups.
Property Size1,561 SF
Price / SF$672.65
Days on Market3
Property Features for 280 San Lorenzo Boulevard
General Information
Standard status
Active
Size
1,561 SF
Total Parking Spaces
2
Property subtype
Multi Family
Additional Details
Public Transit
Yes
Multifamily Units
2
Amenities
washer and dryer hookups
fenced back yards
Building Details
Year Built
1950
Buildings
1
Stories
1
Listing Agency:
Bailey Properties
(831) 818-5948
Listed By:
Robert Bailey · License #00483155
(831) 818-5948
Source:
Exitrealty
Added: Aug 19
Changed: Aug 21
Last Checked: Aug 21 at 6:55AM
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 Bailey Properties
Investment Insights
Based on property information with market context.
Built in 1950, this single-level duplex contains 1,561 square feet and presents two residential units with practical features for occupants. Both sides include a single-car garage, washer and dryer hookups, and a fenced backyard. One unit is currently vacant and has been updated with new flooring and paint, while the other is occupied by a long-term tenant.
The property is located at 280 San Lorenzo Boulevard in downtown Santa Cruz, with access to downtown destinations, beaches, and public transit. The existing two-unit configuration offers separate living spaces within one property, along with garage parking and private outdoor areas for each unit.
The property is located at 280 San Lorenzo Boulevard in downtown Santa Cruz, with access to downtown destinations, beaches, and public transit. The existing two-unit configuration offers separate living spaces within one property, along with garage parking and private outdoor areas for each unit.
Key Highlights
- 1,561‑square‑foot single‑level duplex built in 1950
- Both units include a single‑car garage and fenced backyard
- Washer and dryer hookups provided in both units
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
$43,521
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
4.14%
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%
$870,420
$870.4K
Cap Rate 7%
$621,729
$621.7K
Cap Rate 9%
$483,567
$483.6K
Market Conditions
NOI Build-Up for 1,561 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
$63.7K $40.80/SF
− Vacancy
−$1.5K −$0.97/SF
EGI
$62.2K $39.83/SF
− OpEx
−$18.7K −$11.95/SF
NOI
$43.5K $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%
$870,420
Cap Rate 7%
$621,729
Cap Rate 9%
$483,567
Alternative Uses
Best Use
Multifamily LT 5
$621.7K
$544.0K – $725.4K
NOI $43,521 @ 7.0% cap · market cap 4.14%
Second Best
Apartment 5plus
$574.0K
$502.3K – $669.7K
NOI $40,180 @ 7.0% cap · market cap 3.83%
Theoretical Best
Retail
$892.6K
$781.0K – $1.04M
NOI $62,481 @ 7.0% cap · market cap 5.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
3,439
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two units include fenced rear yards and washer and dryer hookups.
Where is this duplex located?
The property is located at 280 San Lorenzo Boulevard Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,050,000.
What are key features of this property?
This property features: 1,561‑square‑foot single‑level duplex built in 1950; Both units include a single‑car garage and fenced backyard; Washer and dryer hookups provided in both units
