Mobile Home with Vaulted
For Sale
$375,000
9-1040 38th Ave, Santa Cruz, CA 95062
Light-filled home offers vaulted ceilings, dual pane windows, an oversized kitchen, and an interior laundry area.
Property Size896 SF
Price / SF$418.53
Days on Market65
Property Features for 9-1040 38th Ave
General Information
Standard status
Active
Size
896 SF
Property subtype
Manufactured In Park
Listing Agency:
Coldwell Banker Realty
(831) 469-8000
Listed By:
Pamela Samuelson · License #01308810
(831) 247-1522
Source:
Exprealty
Added: Jul 10
Changed: Aug 31
Last Checked: Sep 11 at 1:15PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This light and bright mobile home in the Shangri La community features creamy white walls, dual pane windows, and vaulted ceilings that help create an open, airy feel. The oversized kitchen includes ample storage and a skylight for added natural light, and the bathroom has a newer stall shower. For convenience, there is an inside laundry area (washer/dryer not included in the sale), along with large closets for storage. A custom shed with tall ceilings and a window supports additional storage, and there is also an area to garden.
The property is described as being within a quick bike ride to the beach and Capitola Village, with nearby conveniences including grocery stores, movie theatres, banks, stores, and close to the Hospital.
Overall, it presents a comfortable, well-kept residential setup within the Shangri La community.
The property is described as being within a quick bike ride to the beach and Capitola Village, with nearby conveniences including grocery stores, movie theatres, banks, stores, and close to the Hospital.
Overall, it presents a comfortable, well-kept residential setup within the Shangri La community.
Key Highlights
- Light‑filled home with dual pane windows for natural light and energy efficiency
- Vaulted ceilings create an open, spacious feel
- Oversized kitchen with ample storage and a skylight
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
$23,063
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
6.15%
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%
$461,260
$461.3K
Cap Rate 7%
$329,471
$329.5K
Cap Rate 9%
$256,256
$256.3K
Market Conditions
NOI Build-Up for 896 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
$43.0K $48.00/SF
− Vacancy
−$1.1K −$1.20/SF
EGI
$41.9K $46.80/SF
− OpEx
−$18.9K −$21.06/SF
NOI
$23.1K $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%
$461,260
Cap Rate 7%
$329,471
Cap Rate 9%
$256,256
Alternative Uses
Best Use
Apartment 5plus
$329.5K
$288.3K – $384.4K
NOI $23,063 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$512.3K
$448.3K – $597.7K
NOI $35,863 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
637
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
Market
Vacancy Rate% for Multifamily in West region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mobile home & RV park - Light-filled home offers vaulted ceilings, dual pane windows, an oversized kitchen, and an interior laundry area.
Where is this mobile home & rv park located?
The property is located at 9-1040 38th Ave Santa Cruz, CA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Light‑filled home with dual pane windows for natural light and energy efficiency; Vaulted ceilings create an open, spacious feel; Oversized kitchen with ample storage and a skylight
