UCSC Rental Investment
For Sale
$3,725,000
817 California Street, Santa Cruz, CA 95060
Four 4-bed/2-bath units near UCSC with strong income.
Property Size4,828 SF
Price / SF$771.54
Days on Market184
Property Features for 817 California Street
General Information
Standard status
Active
Size
4,828 SF
Total Parking Spaces
10
Property subtype
RESIDENTIAL INCOME / OTHER
Taxes and HOA fees
Annual Taxes
$49,687
Amenities
Off-Street Parking
http://www.817california.com
Building Details
Year Built
1973
Buildings
1
Listing Agency:
Compass
Listed By:
Sam Bird-Robinson · License #01901727
(831) 515-6060
Source:
Compass
Added: Mar 11
Changed: Sep 8
Last Checked: Sep 9 at 7:35PM
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 Compass
Investment Insights
Based on property information with market context.
This professionally managed rental property near UCSC presents an investment opportunity. The property includes four units, each featuring 4 bedrooms and 2 bathrooms within 1,207 square feet. The total building area is 4,828 square feet, comprising 16 bedrooms and 8 bathrooms. The property benefits from an established rental history and a low vacancy rate. The total operating income is nearly $275,000 per year, with a net operating income (NOI) of $191,000 per year. On-site laundry, off-street parking, and four separate water and gas meters are included. The location provides access to campus and Downtown Santa Cruz via the UCSC bus line corridor. The bike score is 94, indicating it is a biker's paradise. The walk score is 83, indicating it is very walkable, and the transit score is 35, indicating some transit options are available. All units are 4 bed / 2 bath.
Key Highlights
- High Net Operating Income (NOI) of $191K/year.
- Total Operating Income of nearly $275K/year.
- Four 4‑Bed/2‑Bath units totaling 16 bedrooms and 8 bathrooms.
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
$134,606
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
3.61%
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%
$2,692,120
$2.7M
Cap Rate 7%
$1,922,943
$1.9M
Cap Rate 9%
$1,495,622
$1.5M
Market Conditions
NOI Build-Up for 4,828 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
$197.0K $40.80/SF
− Vacancy
−$4.7K −$0.97/SF
EGI
$192.3K $39.83/SF
− OpEx
−$57.7K −$11.95/SF
NOI
$134.6K $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%
$2,692,120
Cap Rate 7%
$1,922,943
Cap Rate 9%
$1,495,622
Alternative Uses
Best Use
Multifamily LT 5
$1.92M
$1.68M – $2.24M
NOI $134,606 @ 7.0% cap · market cap 3.61%
Second Best
Apartment 5plus
$1.78M
$1.55M – $2.07M
NOI $124,273 @ 7.0% cap · market cap 3.34%
Theoretical Best
Retail
$2.76M
$2.42M – $3.22M
NOI $193,246 @ 7.0% cap · market cap 5.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,123
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in West region
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Frequently Asked Questions
What type of property is this?
Quadplex - Four 4-bed/2-bath units near UCSC with strong income.
Where is this quadplex located?
The property is located at 817 California Street Santa Cruz, CA.
What is the asking price?
The asking price for this property is $3,725,000.
What are key features of this property?
This property features: High Net Operating Income (NOI) of $191K/year.; Total Operating Income of nearly $275K/year.; Four 4‑Bed/2‑Bath units totaling 16 bedrooms and 8 bathrooms.
