Turn-Key Duplex with Private
505 - 507 Hanover St Santa Cruz, CA 95062
New
For Sale
$1,599,800
Two updated 2-bedroom homes sit on one large lot, each with its own address, private access, and enclosed front yard.
Property Size1,840 SF
Price / SF$869.46
Days on Market4
Property Features for 505 - 507 Hanover St
General Information
Standard status
Active
Size
1,840 SF
Property subtype
Multi Family Home
Building Details
Year Built
1976
Listing Agency:
Kw Thrive Santa Cruz
(831) 588-5145
Listed By:
Brandi Jones · License #01385191
(831) 588-5145
Source:
Dualprideproperties
Added: Jul 26
Changed: Jul 27
Last Checked: Jul 29 at 12:46PM
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.
This for-sale duplex features two turn-key homes on one large lot, with each unit having its own address and private access. Both units are updated 2-bedroom, 1-bath residences with rebuilt baths, polished finishes, and LifeProof LVP flooring. Improvements include new doors and fixtures, as well as ventilation fans.
Unit 505 includes a ground-up kitchen remodel with quartz counters, dove gray cabinetry, subway tile to the ceiling, soft-close drawers, recessed lighting on dimmers, a built-in microwave, dishwasher, and a gas range with an electric-ready option. The exterior includes Craftsman-style front doors, new garage doors, private outdoor spaces, a coastal rock garden, low-maintenance turf, and irrigation.
Unit 505 also benefits from an enclosed front yard with gated entry, along with approximately 2,000 square feet of extra lot area that could support an ADU, workshop, or larger garden use, subject to applicable requirements. One unit is owner occupied and the other is tenant occupied at $3,500 per month.
Unit 505 includes a ground-up kitchen remodel with quartz counters, dove gray cabinetry, subway tile to the ceiling, soft-close drawers, recessed lighting on dimmers, a built-in microwave, dishwasher, and a gas range with an electric-ready option. The exterior includes Craftsman-style front doors, new garage doors, private outdoor spaces, a coastal rock garden, low-maintenance turf, and irrigation.
Unit 505 also benefits from an enclosed front yard with gated entry, along with approximately 2,000 square feet of extra lot area that could support an ADU, workshop, or larger garden use, subject to applicable requirements. One unit is owner occupied and the other is tenant occupied at $3,500 per month.
Key Highlights
- Two updated 2‑bedroom, 1‑bath homes on one large lot, each with its own address and private access
- 1976 construction; both units have rebuilt baths and updated finishes including commercial‑grade LifeProof LVP flooring
- Each unit includes rebuilt baths, new doors, fixtures, and ventilation fans; Unit 505 has a ground‑up kitchen remodel
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 3.21%
Second Best
Apartment 5plus
$676.6K
$592.0K – $789.4K
NOI $47,362 @ 7.0% cap · market cap 2.96%
Theoretical Best
Retail
$1.05M
$920.6K – $1.23M
NOI $73,648 @ 7.0% cap · market cap 4.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Duplex - Two updated 2-bedroom homes sit on one large lot, each with its own address, private access, and enclosed front yard.
Where is this duplex located?
The property is located at 505 - 507 Hanover St Santa Cruz, CA.
What is the asking price?
The asking price for this property is $1,599,800.
What are key features of this property?
This property features: Two updated 2‑bedroom, 1‑bath homes on one large lot, each with its own address and private access; 1976 construction; both units have rebuilt baths and updated finishes including commercial‑grade LifeProof LVP flooring; Each unit includes rebuilt baths, new doors, fixtures, and ventilation fans; Unit 505 has a ground‑up kitchen remodel
