Back to Search
Property profile & analytics
OFF-MARKET
Estimated value
$935,000
Office buildings
223 Riv St Santa Cruz, CA 95060-2789
Entity Owned
5-yr Hold
Absentee Owner
~
Est. High Equity
Property ID
US10-1897886
Property summary
AI-generated overview
This exceptional office space, located at 223 River St, Santa Cruz, CA 95060, offers 2,000+ square feet of usable area in a single-tenant building. Situated on a high-traffic corner near N Pacific Ave, this property boasts a convenient location with easy access to downtown Santa Cruz, the Westside, and major highways. Built in 1976, the two-story building (4,000 total square feet) is zoned CC (Santa Cruz County APN: 006-511-02-000) and features ample natural light, enhancing the professional atmosphere. The space includes private restrooms and a convenient breakroom for employee use. On-site parking is available, eliminating the need for off-street parking searches. The landlord is open to dividing the space, offering flexibility for potential tenants. Rent concessions are available for long-term lease agreements. This traditional office space also offers executive office suite potential, making it an ideal location for a variety of businesses. The property's unique features and prime location make it a highly desirable opportunity in the competitive Santa Cruz commercial real estate market. This is a rare opportunity to secure a well-maintained, functional office space in a thriving area. Contact us today to schedule a viewing.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1976
Construction
TILT-UP CONCRETE
Total area
4,000 SF
Lot
0.28 ac (12,023 SF)
APN
006-511-02
UPID
US10-1897886
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Curves Gym & Fitness Center
-
Caballero & Gettleman Law Office, Inc: Elizabeth Caballero Law Firm
-
Health Care Massage Center Alternative Medicine Practice Spa & Massage Center
-
Cypress Construction Services Construction Company General Contractor
-
PitchHub Film Production Television Studio
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$975k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$626k
Blend (final)
Blend
$935k
Owner & transaction history
223 River Street LLC · 5 yrs held
223 River Street LLC
since 2020
Last sale
$925,000
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Santa Cruz submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Santa Cruz submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$915,000
ML approach
$975,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$1,390,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$935k
Range $842k – $1.03M · ±10% · vs last sale $925k (Jul 31 2020)
Last sale anchor
$925k
Jul 31 2020
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$234 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$11,602
Tax year 2024
Assessed value
$981,618
Assessed 2024
Previous assessed
$981,618
+0.0% YoY
Effective rate
1.18%
On assessed value
Assessed land
$514,686
Assessed improvement
$466,932
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1976
Construction
TILT-UP CONCRETE
Heating
NONE
Total area
4,000 SF
Lot
0.28 ac (12,023 SF)
APN
006-511-02
UPID
US10-1897886
Jurisdiction
SANTA CRUZ
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE
Est. value
$1.4M
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1976
Construction
TILT-UP CONCRETE
Heating
NONE
Lot
0.28 ac
Current owner
From public records · entity-resolved
223 River Street LLC
Entity
Mailing address
2035 N PACIFIC AVE, SANTA CRUZ, CA 95060-2703
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jul 31, 2020
$925,000
223 River Street LLC
Chan-kai Family Trust
Grant Deed
$775,000 · Chan-kai Family Trust (pt)
Jan 31, 2001
—
Chan-kai Trust
Chan-kai,marc W
Quit Claim Deed
related
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 223 Riv St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
