Updated Residential Income
For Sale
$775,000
58-2435 Felt St, Santa Cruz, CA 95062
Updated two-bedroom home with vaulted ceilings, a stone fireplace, and a deck in Villa Santa Cruz.
Property Size1,829 SF
Price / SF$423.73
Days on Market9
Property Features for 58-2435 Felt St
General Information
Standard status
Active
Size
1,829 SF
Property subtype
Manufactured In Park
Listing Agency:
Property In Santa Cruz
Listed By:
Gregg Camp
(831) 818-7524
Source:
Exprealty
Added: Sep 10
Changed: Sep 15
Last Checked: Sep 16 at 9:11PM
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 Property In Santa Cruz
Investment Insights
Based on property information with market context.
This updated residential income property provides 1,829 square feet with two bedrooms and two bathrooms. The interior centers on a large great room with vaulted ceilings, wide-plank luxury vinyl flooring, and a floor-to-ceiling stone gas fireplace framed by built-in shelving and cabinetry. An open kitchen includes granite countertops, white cabinetry, a gas cooktop, skylight, and breakfast bar seating for two. French doors connect the living area to a deck, while additional bookcases provide built-in storage and display space.
The property is located in the Villa Santa Cruz community at 58-2435 Felt St in Santa Cruz, California. Natural light, the open layout, and the combination of indoor and outdoor living areas define the home’s practical residential configuration.
The property is located in the Villa Santa Cruz community at 58-2435 Felt St in Santa Cruz, California. Natural light, the open layout, and the combination of indoor and outdoor living areas define the home’s practical residential configuration.
Key Highlights
- 1,829‑square‑foot updated home with 2 bedrooms and 2 bathrooms
- Vaulted ceilings and an open great‑room layout
- Floor‑to‑ceiling stone gas fireplace with built‑in shelving and cabinetry
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$47,078
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.07%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$941,560
$941.6K
Cap Rate 7%
$672,543
$672.5K
Cap Rate 9%
$523,089
$523.1K
Market Conditions
NOI Build-Up for 1,829 SF
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.
Gross rent
$87.8K $48.00/SF
− Vacancy
−$2.2K −$1.20/SF
EGI
$85.6K $46.80/SF
− OpEx
−$38.5K −$21.06/SF
NOI
$47.1K $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 rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$941,560
Cap Rate 7%
$672,543
Cap Rate 9%
$523,089
Alternative Uses
Best Use
Apartment 5plus
$672.5K
$588.5K – $784.6K
NOI $47,078 @ 7.0% cap · market cap 6.07%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$1.05M
$915.1K – $1.22M
NOI $73,208 @ 7.0% cap · market cap 9.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
670
Businesses Nearby
Explore this area
Business Placement
Demographics for 95062, CA
36,268
Population
17,055
Households
2.1
Avg Household Size
43
Median Age
51%
College-Educated
93%
High-School Grad
5.1 sq mi
ZIP Area
7,111
Density / Sq Mi
$108,261
Median Household Income
$54,059
Median Earnings
$2,291
Median Rent
$1,064,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom home with vaulted ceilings, a stone fireplace, and a deck in Villa Santa Cruz.
Where is this residential income property located?
The property is located at 58-2435 Felt St Santa Cruz, CA.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: 1,829‑square‑foot updated home with 2 bedrooms and 2 bathrooms; Vaulted ceilings and an open great‑room layout; Floor‑to‑ceiling stone gas fireplace with built‑in shelving and cabinetry
