Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1098 38th Ave Santa Cruz, CA 95062-4416

    • Assisted living facilities
    • 26,004 SF
    • 1.98 lot acres
    OFF-MARKET
    Last Sale
    Mar 10, 2023
    $3,000,000
    Value Estimations
    $3,870,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-0494991
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Mitchell Todd D MD / Doctor

    Property Details for 1098 38th Ave

    Year built
    1969
    Construction
    WOOD
    Lot size
    1.98 lot acres
    Property size
    26,004 SF
    Property type
    Assisted living facilities
    Property subtype
    Retirement homes
    APN
    034-172-01
    APU
    3417201

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $3,850,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,916,000
      Market price range: $1.61M - $5.79M

    • Alternative Use

      Use
      Estimation
      HOMES (RETIRED, HANDICAP, REST, CONVALESCENT, NURSING)
      $3,915,000
      Current use
      OFFICE BUILDING
      $5,570,000
      Change: +42% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $5,550,000
      Change: +42% Conversion: Difficult
      MEDICAL BUILDING
      $5,260,000
      Change: +34% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $4,640,000
      Change: +18% Conversion: Difficult
      APARTMENT HOUSE (5+ UNITS)
      $4,430,000
      Change: +13% Conversion: Difficult
      RETAIL STORES
      $3,615,000
      Change: -8% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Santa Cruz
    County
    Santa Cruz
    State
    California
    Longitude
    -121.966
    Latitude
    36.9677
    CBSA code
    42100
    CBSA name
    SANTA CRUZ-WATSONVILLE, CA METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $0.00
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $1,315,000
      4,548 SF

      1106 Darlene Dr

      HOMES (RETIRED, NURSING) • 4,548 SF
      1106 Darlene Dr, Santa Cruz, CA 95062-3504
      View Details
    • Value Estimation
      $2,210,000
      1.99 Acres

      1115 Capitola Rd

      HOMES (RETIRED, NURSING) • 1.99 Acres
      1115 Capitola Rd, Santa Cruz, CA 95062-2844
      View Details
    • Value Estimation
      $325,000
      3,781 SF

      410 Pennsylvania Ave

      HOMES (RETIRED, NURSING) • 3,781 SF
      410 Pennsylvania Ave, Santa Cruz, CA 95062-2434
      View Details
    • Value Estimation
      $240,000
      2,439 SF

      434 Roxas St

      HOMES (RETIRED, NURSING) • 2,439 SF
      434 Roxas St, Santa Cruz, CA 95062-1210
      View Details
    • Value Estimation
      $1,380,000
      22,263 SF

      675 24th Ave

      HOMES (RETIRED, NURSING) • 22,263 SF
      675 24th Ave, Santa Cruz, CA 95062-4205
      View Details
    • Value Estimation
      $1,055,000
      82,075 SF

      610 Frederick St

      HOMES (RETIRED, NURSING) • 82,075 SF
      610 Frederick St, Santa Cruz, CA 95062-2203
      View Details

    Similar Nearby for Sale

    • $1,100,000

      Santa Cruz Commercial Building For Sale

      Commercial building near beach and harbor in Santa Cruz.
      300 7Th Ave, Santa Cruz, CA 95062
      View Details
    • $2,890,000
      2,632 SF

      Pleasure Point Fourplex with Ocean Views

      Classic fourplex near the beach with strong income potential.
      360 36Th Ave, Santa Cruz, CA 95062
      View Details
    • $789,000

      Brommer Street Specialty Property

      Specialty property available for sale on Brommer Street.
      2655 Brommer St, Santa Cruz, CA 95062
      View Details
    • $950,000

      Professional Office and Medical District

      Flexible layout suitable for single or multiple tenants.
      600 Frederick St, Santa Cruz, CA 95062
      View Details
    • $410,000

      Updated Mobile Home in Santa Cruz

      Two-bedroom mobile home in 55+ community near the beach.
      1555 Merrill St, Santa Cruz, CA 95062
      View Details
    • $1,995,000
      2,250 SF

      Santa Cruz Triplex Investment Opportunity

      Well-maintained triplex near downtown Santa Cruz with upside potential.
      136 Market St, Santa Cruz, CA 95062
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      13,200 SF

      Santa Cruz Warehouse - 13,200 SF

      Large Santa Cruz warehouse, ample parking.
      2450 17Th Ave, Santa Cruz, CA 95062
      View Details
    • Contact for pricing
      671 SF

      Retail Space on Soquel Avenue

      Retail space available for lease on Soquel Avenue.
      2112-2128 Soquel Ave, Santa Cruz, CA 95062
      View Details
    • $22 SF/Yr
      1,014 SF

      Retail Space in Santa Cruz

      Retail space available for lease in Santa Cruz, CA.
      333-381 Soquel Ave, Santa Cruz, CA 95062
      View Details
    • $1.50 SF/Yr
      2,100 SF

      Live Oak Commercial Office Space

      2,100 SF office space in residential Live Oak.
      2215 7Th Ave, Santa Cruz, CA 95062
      View Details
    • $1,852 /Mo
      805 SF

      Santa Cruz Office Space Available

      Office space for rent in a desirable Santa Cruz location.
      700-704 Soquel Ave, Santa Cruz, CA 95062
      View Details
    • $2 SF/Yr
      2,538 SF

      Retail Spaces with Yard Area

      Retail spaces available with ample parking and outdoor areas.
      21501 E Cliff Dr, Santa Cruz, CA 95062
      View Details
    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.
    1098 38th Ave
    Santa Cruz, CA 95062-4416
    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

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.