Victorian Office
For Sale
$2,535,000
603 Mission ST, Santa Cruz, CA 95060
Residential Income (2-4 units), SANTA CRUZ, CA
Property Size5,923 SF
Lot Size0.42 Acres
Price / SF$427.99
Days on Market47
Property Features for 603 Mission ST
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Commercial
Parking
17
Parking features
Covered
Security features
Security Alarm
Subdivision
West Santa Cruz
Standard status
Active
Size
5,923 SF
Lot size
0.42 Acres
Utilities
Water source
Public
Amenities
private offices
meeting rooms
breakrooms
Building Details
Year built
1889
Flooring type
Hardwood, Carpet
Roof type
Composition, Shingle
Listing Agency:
Anderson Christie, Inc.
(831) 515-8421
Listed By:
Marvin Christie · License #01894395
(831) 406-1031
Added: Jul 11
Changed: Aug 20
Last Checked: Aug 26 at 2:06AM
MLS# ML81988389
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.
Investment Insights
Based on property information with market context.
Built in 1889, this Victorian property is currently configured for office use and includes six private offices, multiple meeting rooms, and breakrooms. Hardwood and carpet flooring, covered parking, a composition and shingle roof, and public water service are among the documented improvements. The property is identified as 5,923 square feet, with Commercial zoning.
A separate structure includes a legal residential unit on its second floor above private office space, creating a combined office and residential configuration. The offering includes three parcels totaling over 18,000 square feet. The property sits on a highly visible corner along one of Santa Cruz’s well-traveled roads, within walking distance of downtown restaurants and shops.
A separate structure includes a legal residential unit on its second floor above private office space, creating a combined office and residential configuration. The offering includes three parcels totaling over 18,000 square feet. The property sits on a highly visible corner along one of Santa Cruz’s well-traveled roads, within walking distance of downtown restaurants and shops.
Key Highlights
- 5,923 square feet identified for the property
- Built in 1889 with Victorian architectural character
- Six private offices plus meeting rooms and breakrooms
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
$211,673
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
8.35%
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%
$4,233,460
$4.2M
Cap Rate 7%
$3,023,900
$3.0M
Cap Rate 9%
$2,351,922
$2.4M
Market Conditions
NOI Build-Up for 5,923 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
$355.4K $60.00/SF
− Vacancy
−$16.7K −$2.82/SF
EGI
$338.7K $57.18/SF
− OpEx
−$127.0K −$21.44/SF
NOI
$211.7K $35.74/SF
Area
Santa Cruz County, CA
Vacancy
4.70%
Lease Rate
$60.00 /SF/Yr
Expense Ratio
37.50%
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%
$4,233,460
Cap Rate 7%
$3,023,900
Cap Rate 9%
$2,351,922
Alternative Uses
Best Use
Mixed Use
$3.02M
$2.65M – $3.53M
NOI $211,673 @ 7.0% cap · market cap 8.35%
Second Best
Office B
$2.08M
$1.82M – $2.43M
NOI $145,528 @ 7.0% cap · market cap 5.74%
Theoretical Best
Retail
$3.39M
$2.96M – $3.95M
NOI $237,074 @ 7.0% cap · market cap 9.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
3,288
Businesses Nearby
Explore this area
Business Placement
Demographics for 95060, CA
47,931
Population
20,181
Households
2.4
Avg Household Size
39
Median Age
55%
College-Educated
94%
High-School Grad
54.5 sq mi
ZIP Area
879
Density / Sq Mi
$106,040
Median Household Income
$46,231
Median Earnings
$2,356
Median Rent
$1,189,300
Median Home Value
Market
Vacancy Rate% for Office in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Historic commercial property with private offices, meeting areas, and a separate residential unit above office space.
Where is this office building located?
The property is located at 603 Mission ST Santa Cruz, CA.
What is the asking price?
The asking price for this property is $2,535,000.
What are key features of this property?
This property features: 5,923 square feet identified for the property; Built in 1889 with Victorian architectural character; Six private offices plus meeting rooms and breakrooms
