Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Pleasure Point Redevelopment Opportunity Title is generated by Realmo AI

    SANTA CRUZ, Santa Cruz 95062

    View on Map
    Claim this Listing
    For Sale
    $3,500,000

    COMMERCIAL - SANTA CRUZ

    Lot size:
    0.50 Acres
    Added:
    Mar 16, 2026
    Days on Market:
    67
    Last Refresh:
    May 21 at 6:06 pm

    Property Features for SANTA CRUZ

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    C-2
    Fencing
    Partial
    Standard status
    Active
    Lot size
    0.50 Acres

    Utilities

    Water source
    Public

    We can help!

    Listing Contact
    Kasey Hinchman
    Kasey Hinchman

    Listing agent Kasey Hinchman License #01424163

    Listing office David Lyng Real Estate 1041 41st Ave, CA

    Listing date Mar 16, 2026

    MLS# ML82038868

    Copyright © 2026 MLS Listings, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Rare redevelopment opportunity in the Pleasure Point Commercial Corridor within a designated Opportunity Zone.
    • High‑visibility location on Portola Drive in the heart of Pleasure Point.
    • Includes existing medical office building and adjoining vacant lot.
    • Preliminary architectural concepts exist for a 40+\/- unit mixed‑use development.
    • Strong street frontage and generous on‑site parking.
    • Located approximately three blocks from Pleasure Point surf break and minutes from Capitola Village.

    Overview

    This property presents a redevelopment and investment opportunity in the Pleasure Point Commercial Corridor, located within a designated Opportunity Zone. Situated on Portola Drive, this high-visibility property includes a medical office building and an adjoining vacant lot. The single-story building is configured as a chiropractic office with multiple treatment rooms and a flexible layout suitable for medical, wellness, or professional use. The property benefits from strong street frontage and a generous on-site parking lot, providing visibility and accessibility along a prime commercial corridor. Preliminary architectural concepts have explored a 40+/- unit mixed-use development, presenting an opportunity to reposition, redevelop, or land bank in a coastal market where development sites are limited. The property is located approximately three blocks from the Pleasure Point surf break at The Hook and minutes from Capitola Village, within one of Santa Cruz County's coastal communities, surrounded by retail, restaurants, and beach culture. The lot size is 0.495 acres.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Map

    City
    Santa Cruz
    County
    Santa Cruz
    State
    Longitude
    -122.026987
    Latitude
    36.958877

    Nearby Similar for Sale

    • $1,550,000
      5,400 SF

      Santa Cruz Warehouse/Office Facility

      5,400+ SF warehouse/office with fenced yard and parking.
      SANTA CRUZ, 95060
      View Details
    • $2,700,000
      4,823 SF

      Santa Cruz Victorian Office Building

      Victorian office with live/work unit in Santa Cruz.
      SANTA CRUZ, 95060
      View Details
    • $3,600,000
      7,500 SF

      Commercial Property in Santa Cruz

      Multi-tenant commercial building with high visibility and strong income history.
      SANTA CRUZ, 95065
      View Details
    • $2,250,000
      4,991 SF

      Santa Cruz Multifamily Investment Opportunity

      Fourplex with potential to expand, close to amenities and beach.
      SANTA CRUZ, 95062
      View Details
    • $2,700,000
      5,923 SF

      Santa Cruz Multi-Family Opportunity

      Victorian office building with multi-family conversion potential.
      SANTA CRUZ, 95060
      View Details
    • $3,800,000
      4,530 SF

      Santa Cruz Multifamily Investment Opportunity

      Turnkey five-unit property with development potential in Midtown Santa Cruz.
      SANTA CRUZ, 95062
      View Details
    • $3,150,000
      3,520 SF

      Coastal Investment Opportunity in Santa Cruz

      Rare duplex near the ocean with strong rental income potential.
      SANTA CRUZ, 95060
      View Details
    • $899,950

      Santa Cruz Land Opportunity

      Desirable Santa Cruz location suitable for multi-unit or mixed-use development.
      SANTA CRUZ, 95062
      View Details
    • $599,000
      280 SF

      Santa Cruz Mountain Tiny Home

      Flat 1 acre parcel with tiny home and approved plans.
      SANTA CRUZ, 95060
      View Details
    • $3,500,000

      Pleasure Point Redevelopment Opportunity

      Rare investment opportunity in the Pleasure Point Commercial Corridor.
      SANTA CRUZ, 95062
      View Details
    • $6,999,000
      4,754 SF

      Seabright Beach Overlooking Apartment Building

      Four-unit apartment building with ocean views near Seabright State Beach.
      SANTA CRUZ, 95062
      View Details
    • $8,888,888

      Iconic Santa Cruz Commercial Property

      Unique property with historical significance and flexible usage potential.
      SANTA CRUZ, 95062
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - High-visibility property in Pleasure Point Commercial Corridor.
    Where is this mixed-use property located?
    The property is located at SANTA CRUZ Santa Cruz.
    What is the asking price?
    The asking price for this property is $3,500,000.
    What are key features of this property?
    This property features: Rare redevelopment opportunity in the Pleasure Point Commercial Corridor within a designated Opportunity Zone.; High‑visibility location on Portola Drive in the heart of Pleasure Point.; Includes existing medical office building and adjoining vacant lot.
    (831) 239-3708
    We can help!
    Listing Contact
    Kasey Hinchman
    Kasey Hinchman
    Real Estate License ID: 01424163
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    SANTA CRUZ, 95062
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!