8-Unit Renovated Apartment
344 Pennsylvania Drive, Watsonville, CA 95076
For Sale
New
$4,300,000
The unit mix includes private yards for ground-floor residences and balconies on upper-level homes.
Property Size6,048 SF
Price / SF$710.98
Days on Market2
Property Features for 344 Pennsylvania Drive
General Information
Standard status
Size
Zoning
Units
Unit Mix
Multifamily Units
Additional Details
Highway Access
Taxes and HOA fees
Annual Taxes
Amenities
true
Assessor
Public
13112
11
0.301
Other
6048
2
Building Details
Building Size
Year Built
Year Renovated
Listing Agency:
Bailey Properties
(831) 247-9600
Listed By:
Jo Ellen Smith · License CA #01341240
(831) 426-4100
Source:
Stiglerhomes
Added: Nov 9
Last Checked: Nov 10 at 3:59AM
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
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Investment Insights
Based on property information with market context.
This 8-unit apartment property contains 6,048 square feet, with seven 2-bedroom, 1-bath units and one 3-bedroom, 2-bath unit. Renovated in 2024, the interiors were rebuilt from the studs outward, with new drywall, plumbing, electrical systems, and roofs. Kitchens feature gas cooktops, quartz countertops, and new cabinetry; bathrooms have tubs and overhead showers. Luxury plank flooring, hallway storage cabinets, and large bedroom closets are also included. Ground-floor residences have private backyards, while upper-level units have balconies. The property was built in 1965 and is zoned RM3.
The property is in Watsonville, near Target, Home Depot, shopping, dining, and an elementary school at the corner. It also has access to downtown Watsonville and Highway 17. Tenants pay all utilities, and the units are stated to be at current market rates.
The property is in Watsonville, near Target, Home Depot, shopping, dining, and an elementary school at the corner. It also has access to downtown Watsonville and Highway 17. Tenants pay all utilities, and the units are stated to be at current market rates.
Key Highlights
- 8 units: seven 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence
- 6,048‑square‑foot apartment property
- Renovated in 2024, including new plumbing, electrical systems, and roofs
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.
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Lease Details
8
Residential units
Yes
Highway access
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
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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 - The unit mix includes private yards for ground-floor residences and balconies on upper-level homes.
Where is this apartment building located?
The property is located at 344 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: 8 units: seven 2‑bedroom, 1‑bath residences and one 3‑bedroom, 2‑bath residence; 6,048‑square‑foot apartment property; Renovated in 2024, including new plumbing, electrical systems, and roofs
