Six-Unit Apartment Property with
For Sale
$2,900,000
6444 Highway 9, Felton, CA 95018
Multifamily property with standalone cottages, a larger residence, covered parking, and riverfront beach access.
Property Size4,101 SF
Lot Size0.66 Acres
Price / SF$707.14
Days on Market168
Property Features for 6444 Highway 9
General Information
Standard status
Active
Size
4,101 SF
Total Parking Spaces
15
Lot size
0.66 Acres
Property subtype
5+ Units / Five or More Units
Units
Unit Mix
5 x cottage, 1 x 5BR main residence
Multifamily Units
6
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$21,250
Amenities
private beach
covered parking
7
Building Details
Year Built
1953
Buildings
6
Listing Agency:
Bailey Properties
(831) 421-2424
Listed By:
Oscar Gutierrez · License #01446932
(831) 421-2424
Source:
Compass
Added: Mar 18
Changed: Aug 30
Last Checked: Aug 31 at 10:09PM
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 Bailey Properties
Investment Insights
Based on property information with market context.
This six-unit apartment property spans two parcels totaling 28,706 square feet and includes 4,101 square feet of improvements. Five detached cottages each provide a combined living and sleeping area, bathroom, and storage. The sixth residence contains five bedrooms and offers a substantially larger floor plan than the cottages. The property was built in 1953.
Residents have private beach access along the San Lorenzo River. Covered parking accommodates oversized vehicles, and the property is located near Highway 9 with access toward Santa Cruz and nearby beaches. The two parcels are identified as APN 065-24-08 for the main residence and APN 065-024-07 for the cottages.
Residents have private beach access along the San Lorenzo River. Covered parking accommodates oversized vehicles, and the property is located near Highway 9 with access toward Santa Cruz and nearby beaches. The two parcels are identified as APN 065-24-08 for the main residence and APN 065-024-07 for the cottages.
Key Highlights
- Six‑unit multifamily property across two parcels totaling 28,706 square feet
- Five standalone cottages, each with living/sleeping space, bathroom, and storage
- Main residence includes five bedrooms
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
$105,560
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
3.64%
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%
$2,111,200
$2.1M
Cap Rate 7%
$1,508,000
$1.5M
Cap Rate 9%
$1,172,889
$1.2M
Market Conditions
NOI Build-Up for 4,101 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
$196.8K $48.00/SF
− Vacancy
−$4.9K −$1.20/SF
EGI
$191.9K $46.80/SF
− OpEx
−$86.4K −$21.06/SF
NOI
$105.6K $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%
$2,111,200
Cap Rate 7%
$1,508,000
Cap Rate 9%
$1,172,889
Alternative Uses
Best Use
Apartment 5plus
$1.51M
$1.32M – $1.76M
NOI $105,560 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$2.34M
$2.05M – $2.74M
NOI $164,147 @ 7.0% cap · market cap 5.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Explore this area
Business Placement
Demographics for 95018, CA
8,003
Population
3,029
Households
2.6
Avg Household Size
45
Median Age
57%
College-Educated
97%
High-School Grad
17.4 sq mi
ZIP Area
460
Density / Sq Mi
$119,130
Median Household Income
$64,632
Median Earnings
$2,259
Median Rent
$778,100
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?
Apartment building - Multifamily property with standalone cottages, a larger residence, covered parking, and riverfront beach access.
Where is this apartment building located?
The property is located at 6444 Highway 9 Felton, CA.
What is the asking price?
The asking price for this property is $2,900,000.
What are key features of this property?
This property features: Six‑unit multifamily property across two parcels totaling 28,706 square feet; Five standalone cottages, each with living/sleeping space, bathroom, and storage; Main residence includes five bedrooms
