Updated Duplex with Private
New
For Sale
$1,599,000
616 Oak Drive, Capitola, CA 95010
Two updated residences feature private outdoor space, individual laundry rooms, and shared parking with storage.
Property Size2,400 SF
Lot Size0.10 Acres
Price / SF$666.25
Days on Market5
Property Features for 616 Oak Drive
General Information
Standard status
Active
Size
2,400 SF
Lot size
0.10 Acres
Property subtype
Multi Family
Units
Unit Mix
2 x 2BR/2BA
Multifamily Units
2
Amenities
private balconies
fenced yard/garden area
shared courtyard
shared carport with storage
individual laundry rooms
Building Details
Year Built
1966
Listing Agency:
Christie's International Real Estate Sereno
(831) 588-8485
Listed By:
Brezsny Associates · License #70010105
(831) 588-8485
Source:
Exitrealty
Added: Aug 2
Changed: Aug 5
Last Checked: Aug 6 at 3:35AM
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 Christie's International Real Estate Sereno
Investment Insights
Based on property information with market context.
This 2,400-square-foot duplex contains two 2BR/2BA units, each measuring approximately 1,200 square feet. Built in 1966, the property has received updates including fresh interior paint, laminate or carpet flooring, kitchen and bathroom finishes, quartz countertops, and contemporary lighting. Each residence includes a private balcony and an individual laundry room. Shared improvements include a fenced yard and garden area, a courtyard, and a carport with storage on the 4,356-square-foot lot.
The property is a 10-minute walk from Capitola Beach and Capitola Village, with restaurants and shops including Margaritaville, Zelda's on the beach, Britannia Arms, and Paradise Beach Grille. Gayle's Bakery, Capitola Produce, and nearby coffee shops are a 3-minute walk away. Nob Hill Grocery, the Capitola Wharf, and Shadowbrook are also minutes from the property.
The property is a 10-minute walk from Capitola Beach and Capitola Village, with restaurants and shops including Margaritaville, Zelda's on the beach, Britannia Arms, and Paradise Beach Grille. Gayle's Bakery, Capitola Produce, and nearby coffee shops are a 3-minute walk away. Nob Hill Grocery, the Capitola Wharf, and Shadowbrook are also minutes from the property.
Key Highlights
- Two 2BR/2BA units, each approximately 1,200 sf
- 2,400‑square‑foot duplex on a 4,356‑square‑foot lot
- Updated kitchens and bathrooms with quartz counters
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
$66,913
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
4.18%
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%
$1,338,260
$1.3M
Cap Rate 7%
$955,900
$955.9K
Cap Rate 9%
$743,478
$743.5K
Market Conditions
NOI Build-Up for 2,400 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
$97.9K $40.80/SF
− Vacancy
−$2.3K −$0.97/SF
EGI
$95.6K $39.83/SF
− OpEx
−$28.7K −$11.95/SF
NOI
$66.9K $27.88/SF
Area
Santa Cruz County, CA
Vacancy
2.38%
Lease Rate
$40.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,338,260
Cap Rate 7%
$955,900
Cap Rate 9%
$743,478
Alternative Uses
Best Use
Multifamily LT 5
$955.9K
$836.4K – $1.12M
NOI $66,913 @ 7.0% cap · market cap 4.18%
Second Best
Apartment 5plus
$882.5K
$772.2K – $1.03M
NOI $61,776 @ 7.0% cap · market cap 3.86%
Theoretical Best
Retail
$1.37M
$1.20M – $1.60M
NOI $96,062 @ 7.0% cap · market cap 6.01%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,720
Businesses Nearby
Explore this area
Business Placement
Demographics for 95010, CA
9,080
Population
4,741
Households
1.9
Avg Household Size
47
Median Age
46%
College-Educated
91%
High-School Grad
1.4 sq mi
ZIP Area
6,486
Density / Sq Mi
$96,701
Median Household Income
$53,704
Median Earnings
$2,370
Median Rent
$781,900
Median Home Value
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two updated residences feature private outdoor space, individual laundry rooms, and shared parking with storage.
Where is this duplex located?
The property is located at 616 Oak Drive Capitola, CA.
What is the asking price?
The asking price for this property is $1,599,000.
What are key features of this property?
This property features: Two 2BR/2BA units, each approximately 1,200 sf; 2,400‑square‑foot duplex on a 4,356‑square‑foot lot; Updated kitchens and bathrooms with quartz counters
