Renovated Duplex with Two 2-Bed
505 - 507 Hanover Street Santa Cruz, CA 95062
505 - 507 Hanover Street, Santa Cruz, CA, 95062
$1,799,000
For Sale
$1,799,000
Two renovated 2-bedroom, 1-bath units share a wall, with one side owner-occupied and the other tenant-occupied.
Property Size1,840 SF
Price / SF$977.72
Days on Market41
Property Features for 505 - 507 Hanover Street
General Information
- Standard status
- Active
- Size
- 1,840 SF
- Property subtype
- Multi Family
Building Details
- Year Built
- 1976
Listing agency
KW Thrive Santa Cruz
(831) 588-5145
Listed by
Brandi Jones · License #01385191
(831) 588-5145
Source
Exitrealty
Added: Jun 12 Updated: Jul 22 at 2:24AM Checked: Jul 22 at 2:24AM
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 KW Thrive Santa Cruz
Investment Insights
Based on property information with market context.
505 and 507 Hanover Street offer two 2-bedroom, 1-bath residences that share a wall and use the same floor plan. Both sides have been renovated, including upgrades to underlying plumbing and mechanical systems. The property has been copper re-plumbed, fitted with new central heating, and includes tankless water heaters and dual-pane windows.
The work extends into the interiors: the kitchen in 505 was rebuilt with updated cabinetry, quartz countertops, subway tile to the ceiling, soft-close drawers, and recessed lighting with dimmers. Both bathrooms were taken down to the studs, and the home features LifeProof LVP flooring, along with new doors, fixtures, and baseboards. The layout supports a shared-wall duplex configuration while maintaining two distinct unit spaces.
The lot includes extra space that may accommodate an ADU, workshop, or garden, subject to buyer due diligence. One side is owner-occupied and the other is tenant-occupied. Buyers should conduct their own due diligence.
The work extends into the interiors: the kitchen in 505 was rebuilt with updated cabinetry, quartz countertops, subway tile to the ceiling, soft-close drawers, and recessed lighting with dimmers. Both bathrooms were taken down to the studs, and the home features LifeProof LVP flooring, along with new doors, fixtures, and baseboards. The layout supports a shared-wall duplex configuration while maintaining two distinct unit spaces.
The lot includes extra space that may accommodate an ADU, workshop, or garden, subject to buyer due diligence. One side is owner-occupied and the other is tenant-occupied. Buyers should conduct their own due diligence.
Key Highlights
- Duplex with two 2‑bedroom, 1‑bath units (505 and 507) sharing a wall and matching floor plans
- One unit owner‑occupied and the other tenant‑occupied at $3,500/month rent
- Major infrastructure updates include copper re‑plumb, new central heating, and tankless water heaters
Local Financial Insights For Multifamily LT 5
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 | $75.1k | $40.80 |
| − Vacancy | −$1.8k | −$0.97 |
| EGI | $73.3k | $39.83 |
| − OpEx | −$22.0k | −$11.95 |
| NOI | $51.3k | $27.88 |
1,840 SF · lease $40.80/SF/yr · vacancy 2.38% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$732.9K
$641.3K – $855.0K
NOI $51,300 @ 7.0% cap · market cap 2.85%
Second Best
Apartment 5plus
$676.6K
$592.0K – $789.4K
NOI $47,362 @ 7.0% cap · market cap 2.63%
Theoretical Best
Retail
$1.05M
$920.6K – $1.23M
NOI $73,648 @ 7.0% cap · market cap 4.09%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Two renovated 2-bedroom, 1-bath units share a wall, with one side owner-occupied and the other tenant-occupied.
Where is this duplex located?
The property is located at 505 - 507 Hanover Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,799,000.
What are key features of this property?
This property features: Duplex with two 2‑bedroom, 1‑bath units (505 and 507) sharing a wall and matching floor plans; One unit owner‑occupied and the other tenant‑occupied at $3,500/month rent; Major infrastructure updates include copper re‑plumb, new central heating, and tankless water heaters
