Building Details

Year built 1986

Roof type Tile

Listing Agency: Intero Real Estate Services c***@interorealestate.com Show Phone

Listed By: Daniel Gluhaich · License #00963076 Show Phone

Added: Oct 7 Changed: Oct 21 Last Checked: Oct 21 at 12:06PM

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MLS# ML82063857

Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

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Investment Insights

Based on property information with market context.

This medical office property contains 1,800 square feet on a 0.0413-acre parcel. Built in 1986, the building has central air conditioning, natural gas heating, and a tile roof. An accessible approach with a ramp serves the entrance.

The property is at 47 Penny Lane in Watsonville, California. Public water and sewer serve the site, and the zoning is Commercial.

Key Highlights

• 1,800‑square‑foot medical office property
• 0.0413‑acre parcel
• Commercial zoning

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$55,579

Cap Rate

6.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,111,580 $1.1M

Cap Rate 7%

$793,986 $794.0K

Cap Rate 9%

$617,544 $617.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,800 SF

Gross rent

$97.2K $54.00/SF

− Vacancy

−$4.6K −$2.54/SF

EGI

$92.6K $51.46/SF

− OpEx

−$37.1K −$20.58/SF

NOI

$55.6K $30.88/SF

Area

Santa Cruz County, CA

Vacancy

4.70%

Lease Rate

$54.00 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$1,111,580

Cap Rate 7%

$793,986

Cap Rate 9%

$617,544

Alternative Uses

Best Use

Healthcare Medical

$794.0K

$694.7K – $926.3K (±1% cap)

NOI $55,579 @ 7.0% cap · market cap 6.18%

Second Best

Office B

$631.8K

$552.8K – $737.1K (±1% cap)

NOI $44,226 @ 7.0% cap · market cap 4.91%

Theoretical Best

Retail

$1.03M

$900.6K – $1.20M (±1% cap)

NOI $72,047 @ 7.0% cap · market cap 8.01%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Alaa Moustafa, DDS, ... Dental Office Joshua Mitnick, DPM, ... Physician The Foot Doctors of Santa ... Medical Clinic Nicole Surdock, DPM, ... Physician Mark Brenis, DPM Physician

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Restaurant Hotel & Motel Spa & Massage Center

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

1,080

Businesses Nearby

Under-served

Demand for This Use

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

Vacancy Rate% for Office in West region

11% 2019

14.1% 2020

15.5% 2021

17.2% 2022

19.9% 2023

21% 2024

20.8% 2025

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Frequently Asked Questions

What type of property is this?

Medical Office Space - Commercial zoning and public utilities support a medical office use in Watsonville.

Where is this medical office space located?

The property is located at 47 Penny Lane Watsonville, CA.

What is the asking price?

The asking price for this property is $899,950.

What are key features of this property?

This property features: 1,800‑square‑foot medical office property; 0.0413‑acre parcel; Commercial zoning