8-Unit Renovated Apartment
344/348 Pennsylvania Drive, Watsonville, CA 95076
For Sale
$4,300,000
All eight residences are occupied, with seven two-bedroom layouts and one three-bedroom home.
Property Size6,048 SF
Price / SF$710.98
Days on Market144
Property Features for 344/348 Pennsylvania Drive
General Information
Standard status
Size
Property subtype
Occupancy
Units
Unit Mix
Multifamily Units
Additional Details
Cap Rate
Tenant in Place
Building Details
Year Built
Year Renovated
Listing Agency:
Bailey Properties
(831) 426-4100
Listed By:
Jo Ellen Smith · License CA #01341240
(831) 247-9600
Source:
Exitrealty
Added: Jun 20
Changed: Nov 9
Last Checked: Nov 10 at 7:17AM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This eight-unit apartment property in Watsonville includes seven two-bedroom residences and one three-bedroom residence. All units are occupied, and major capital improvements were completed in 2024. The property has an estimated 6.81% cap rate.
Within five miles, the area includes approximately 76,000 residents and 20,500 households. Average household size in the surrounding trade area ranges from 3.5 to 3.6 people, compared with 2.58 across Santa Cruz County. Watsonville has a 55.2% renter-occupied housing rate.
Within five miles, the area includes approximately 76,000 residents and 20,500 households. Average household size in the surrounding trade area ranges from 3.5 to 3.6 people, compared with 2.58 across Santa Cruz County. Watsonville has a 55.2% renter-occupied housing rate.
Key Highlights
- Eight occupied apartments: seven two‑bedroom residences and one three‑bedroom residence
- Major capital improvements completed in 2024
- Estimated 6.81% cap rate
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$155,676
Cap Rate
3.62%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,113,520
$3.1M
Cap Rate 7%
$2,223,943
$2.2M
Cap Rate 9%
$1,729,733
$1.7M
Market Conditions
NOI Build-Up for 6,048 SF
Gross rent
$290.3K $48.00/SF
− Vacancy
−$7.3K −$1.20/SF
EGI
$283.0K $46.80/SF
− OpEx
−$127.4K −$21.06/SF
NOI
$155.7K $25.74/SF
Area
Santa Cruz County, CA
Vacancy
2.50%
Lease Rate
$48.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,113,520
Cap Rate 7%
$2,223,943
Cap Rate 9%
$1,729,733
Alternative Uses
Best Use
Apartment 5plus
$2.22M
$1.95M – $2.59M
NOI $155,676 @ 7.0% cap · market cap 3.62%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$3.46M
$3.03M – $4.03M
NOI $242,077 @ 7.0% cap · market cap 5.63%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Lease Details
8
Residential units
100%
Occupancy
Location Intelligence
Trade Area within ½ mile
1,044
Businesses Nearby
Explore this area
Business Placement
Demographics for 95076, CA
84,433
Population
26,488
Households
3.2
Avg Household Size
35
Median Age
19%
College-Educated
72%
High-School Grad
135.1 sq mi
ZIP Area
625
Density / Sq Mi
$86,685
Median Household Income
$36,077
Median Earnings
$1,851
Median Rent
$767,200
Median Home Value
Market
Properties on Market for Apartment buildings in Santa Cruz County
Vacancy Rate% for Multifamily in West region
Frequently Asked Questions
What type of property is this?
Apartment building - All eight residences are occupied, with seven two-bedroom layouts and one three-bedroom home.
Where is this apartment building located?
The property is located at 344/348 Pennsylvania Drive Watsonville, CA.
What is the asking price?
The asking price for this property is $4,300,000.
What are key features of this property?
This property features: Eight occupied apartments: seven two‑bedroom residences and one three‑bedroom residence; Major capital improvements completed in 2024; Estimated 6.81% cap rate
