Renovated Triplex with Private
For Sale
$1,599,000
915 Cayuga Street, Santa Cruz, CA 95062
Three-unit property with updated interiors, outdoor areas, and a two-bedroom unit with attached garage and laundry.
Property Size1,884 SF
Price / SF$848.73
Days on Market10
Property Features for 915 Cayuga Street
General Information
Standard status
Active
Size
1,884 SF
Property subtype
Multi Family
Units
Unit Mix
1 x 2BR, 2 x 1BR
Multifamily Units
3
Amenities
private yards
Building Details
Year Built
1964
Buildings
1
Listing Agency:
David Lyng Real Estate
(831) 818-3878
Listed By:
The Mower Group · License #70010120
(831) 818-3878
Source:
Exitrealty
Added: Aug 23
Changed: Aug 31
Last Checked: Aug 31 at 5:20PM
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 David Lyng Real Estate
Investment Insights
Based on property information with market context.
This renovated triplex contains 1,884 square feet across three residential units. Unit A provides two bedrooms, an attached garage, and laundry, while Units B and C each have one bedroom and share a carport. Every unit includes a private yard or other outdoor area. Recent work includes interior and exterior paint, new windows, quartz countertops, updated flooring, selected new appliances, and refreshed light and plumbing fixtures. Electrical improvements include updated wiring in some areas and new sub-panels. HVAC service was completed for Units A and B, and Unit C received a new furnace. Section 1 termite and sewer lateral clearances are also in place.
The property is located at 915 Cayuga Street in Santa Cruz's Seabright area. Nearby destinations include Tramonti, The Crow's Nest, Cafe Palomar, The Buttery, The Crepe Place, and Whole Foods. Seabright Beach, Ocean View Park, Shoppers Corner, the Boardwalk, the Rio Theatre, and the Santa Cruz Downtown Mall are also within the surrounding area. Built in 1964, the property combines a three-unit layout with substantial recent updates and varied parking accommodations.
The property is located at 915 Cayuga Street in Santa Cruz's Seabright area. Nearby destinations include Tramonti, The Crow's Nest, Cafe Palomar, The Buttery, The Crepe Place, and Whole Foods. Seabright Beach, Ocean View Park, Shoppers Corner, the Boardwalk, the Rio Theatre, and the Santa Cruz Downtown Mall are also within the surrounding area. Built in 1964, the property combines a three-unit layout with substantial recent updates and varied parking accommodations.
Key Highlights
- Three‑unit triplex totaling 1,884 square feet
- Unit mix includes one 2‑bedroom unit and two 1‑bedroom units
- Private yards or outdoor spaces for all three units
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
$52,526
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
3.28%
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%
$1,050,520
$1.1M
Cap Rate 7%
$750,371
$750.4K
Cap Rate 9%
$583,622
$583.6K
Market Conditions
NOI Build-Up for 1,884 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
$76.9K $40.80/SF
− Vacancy
−$1.8K −$0.97/SF
EGI
$75.0K $39.83/SF
− OpEx
−$22.5K −$11.95/SF
NOI
$52.5K $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%
$1,050,520
Cap Rate 7%
$750,371
Cap Rate 9%
$583,622
Alternative Uses
Best Use
Multifamily LT 5
$750.4K
$656.6K – $875.4K
NOI $52,526 @ 7.0% cap · market cap 3.28%
Second Best
Apartment 5plus
$692.8K
$606.2K – $808.2K
NOI $48,494 @ 7.0% cap · market cap 3.03%
Theoretical Best
Retail
$1.08M
$942.6K – $1.26M
NOI $75,409 @ 7.0% cap · market cap 4.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
2,118
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?
Triplex - Three-unit property with updated interiors, outdoor areas, and a two-bedroom unit with attached garage and laundry.
Where is this triplex located?
The property is located at 915 Cayuga Street Santa Cruz, 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: Three‑unit triplex totaling 1,884 square feet; Unit mix includes one 2‑bedroom unit and two 1‑bedroom units; Private yards or outdoor spaces for all three units
