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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    120 Morrissey Blvd Santa Cruz, CA 95062-1541

    • Grocery and convenience stores
    • 16,150 SF
    • 1.68 lot acres
    OFF-MARKET
    Value Estimations
    $4,225,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US09-1935592
    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

    • Grocery Outlet Bargain Market Santa Cruz / Grocery Store / Discount Supermarket

    Property Details for 120 Morrissey Blvd

    Year built
    1960
    Construction
    TILT-UP CONCRETE
    Lot size
    1.68 lot acres
    Property size
    16,150 SF
    Property type
    Grocery and convenience stores
    APN
    009-361-20
    APU
    936120

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $5,010,000
      Market price range: $2.52M - $14.1M

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Cruz
    County
    Santa Cruz
    State
    California
    Longitude
    -122.006
    Latitude
    36.9819
    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
    2024
    $27,805
    $1,065,304
    $1,404,025
    $2,469,329
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $2,545,000
      11,952 SF

      622 Soquel Ave

      CONVENIENCE STORE • 11,952 SF
      622 Soquel Ave, Santa Cruz, CA 95062-2311
      View Details
    • Value Estimation
      $945,000
      2,098 SF

      21400 Clf Dr

      GROCERY, SUPERMARKET • 2,098 SF
      21400 Clf Dr, Santa Cruz, CA 95062-4841
      View Details
    • Value Estimation
      $905,000
      10,600 SF

      1305 Water St

      GROCERY, SUPERMARKET • 10,600 SF
      1305 Water St, Santa Cruz, CA 95062-1517
      View Details
    • Value Estimation
      $770,000
      2,400 SF

      334 7th Ave

      GROCERY, SUPERMARKET • 2,400 SF
      334 7th Ave, Santa Cruz, CA 95062-4609
      View Details
    • Value Estimation
      $24,995,000
      66,513 SF

      2720 41st Ave

      GROCERY, SUPERMARKET • 66,513 SF
      2720 41st Ave, Santa Cruz, CA 95062
      View Details
    • Value Estimation
      $6,780,000
      23,200 SF

      911 Soquel Ave

      GROCERY, SUPERMARKET • 23,200 SF
      911 Soquel Ave, Santa Cruz, CA 95062-2122
      View Details

    Similar Nearby for Sale

    • $10,800,000
      28,392 SF

      Iconic Seabright Plaza Shopping Center

      Neighborhood shopping center in Santa Cruz's East Side Business District.
      1214-1224 Soquel Ave, Santa Cruz, CA 95062
      View Details
    • $1,050,000
      0.19 Acres

      Santa Cruz Residential Development Opportunity

      0.19-acre parcel eligible for multi-unit or mixed-use development.
      719 Darwin 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
    • $1,975,000
      1,630 SF

      Rare Multifamily Development Opportunity

      Three fixer-upper homes on a high-density multifamily development site.
      1430 Merrill St, Santa Cruz, CA 95062
      View Details
    • New
      $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
    • New
      $8,500,000
      4,754 SF

      Seabright Oceanfront Fourplex Opportunity

      Oceanfront four-unit property in Santa Cruz's desirable Seabright neighborhood.
      1703 East Cliff Dr, Santa Cruz, CA 95062
      View Details

    Similar Nearby for Lease

    • $29 SF/Yr
      1,350 SF

      Retail Space on Soquel Avenue

      Retail space with high visibility on a busy corner.
      1822 Soquel 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
    • $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
    • $24 SF/Yr
      18,809 SF

      Santa Cruz Restaurant - Lease Opportunity

      Historic Santa Cruz Restaurant Space Available
      555 Soquel Ave, Santa Cruz, CA 95062
      View Details
    • $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

    Property Visit Statistics

    • Visits by month
      45.1k
    • Visitors by month
      26.5k
    • Avg Time on site
      27 min
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    120 Morrissey Blvd
    Santa Cruz, CA 95062-1541
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    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
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