13-Unit Apartment
328 Ocean Street Santa Cruz, CA 95060
328 Ocean Street, Santa Cruz, CA, 95060
$3,000,000
For Sale
$3,000,000
13-unit apartment property with 17 marked parking spaces across two parcels.
Property Size6,047 SF
Lot Size0.32 Acres
Price / SF$496.11
Days on Market197
Property Features for 328 Ocean Street
General Information
- Standard status
- Active
- Size
- 6,047 SF
- Lot size
- 0.32 Acres
- Property subtype
- 5+ Units / Five or More Units
Building Details
- Year Built
- 1977
Listing agency
Coldwell Banker Realty
(831) 247-3007
Listed by
Paul Zech · License #01965059
(831) 247-3007
Source
Compass
Added: Jan 6 Updated: Jul 21 at 10:23PM Checked: Jul 21 at 10:23PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This 13-unit apartment property is offered for sale and has maintained 100% occupancy for the past 25 years, according to the provided remarks. The apartments are spread across two parcels totaling 13,808.52 sq. ft., with 17 marked parking spaces serving the property.
The offering is located on a major bus line, and the property is described as being minutes from the Santa Cruz Beach Boardwalk, Municipal Wharf, and downtown Santa Cruz. Convenient access is noted with approximately one mile to Hwy 17 and Hwy 1 (PCH).
The two parcels are identified as Parcel 1 (APN 010-551-29) and Parcel 2 (APN 010-551-30). The remarks also indicate possible additional value through future redevelopment, including the potential to increase height and unit count, subject to buyer verification.
The offering is located on a major bus line, and the property is described as being minutes from the Santa Cruz Beach Boardwalk, Municipal Wharf, and downtown Santa Cruz. Convenient access is noted with approximately one mile to Hwy 17 and Hwy 1 (PCH).
The two parcels are identified as Parcel 1 (APN 010-551-29) and Parcel 2 (APN 010-551-30). The remarks also indicate possible additional value through future redevelopment, including the potential to increase height and unit count, subject to buyer verification.
Key Highlights
- 13‑unit apartment property built in 1977, 100% occupied for the past 25 years
- Spans two parcels totaling 13,808.52 SF: APN 010‑551‑29 (7,797.24 SF) and APN 010‑551‑30 (6,011 SF)
- Includes 17 marked parking spaces
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 | $290.3k | $48.00 |
| − Vacancy | −$7.3k | −$1.20 |
| EGI | $283.0k | $46.80 |
| − OpEx | −$127.3k | −$21.06 |
| NOI | $155.6k | $25.74 |
6,047 SF · lease $48.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$2.22M
$1.95M – $2.59M
NOI $155,650 @ 7.0% cap · market cap 5.19%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$3.46M
$3.03M – $4.03M
NOI $242,037 @ 7.0% cap · market cap 8.07%
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 - 13-unit apartment property with 17 marked parking spaces across two parcels.
Where is this apartment building located?
The property is located at 328 Ocean Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $3,000,000.
What are key features of this property?
This property features: 13‑unit apartment property built in 1977, 100% occupied for the past 25 years; Spans two parcels totaling 13,808.52 SF: APN 010‑551‑29 (7,797.24 SF) and APN 010‑551‑30 (6,011 SF); Includes 17 marked parking spaces
