Entity Owned Property summary
AI-generated overview
23 Ford Street in Watsonville is a 7-unit residential property composed of a five-unit main building with two additional units at the rear. Over the past five years, updates were made to the main building, and three units have had interior improvements including new flooring and bathroom upgrades within the past year. The rear portion includes two newly constructed approximately 750 SF 2-bedroom/2-bath units with all-electric systems, solar panels, and heat pump heating; permits were issued in 2024. The property is located just off Main Street, with walkable access to downtown services, schools, and public transportation. The site provides on-site parking, includes upgraded water and sewer systems, and features mature landscaping with a large heritage tree and fruit trees that have been maintained.
Property profile
Verified
Property type
Other apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1880
Construction
WOOD
Total area
3,130 SF
Lot
0.28 ac (12,284 SF)
APN
018-142-03
UPID
US09-2018139
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Location
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.57M
CAP Approach
CAP
$1.24M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.43M
Owner & transaction history
since 2020
Last sale
$1.4M
5 recorded transactions
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
Value estimation
Instant AI valuation built from comps, income signals, and proprietary benchmarks. A defensible range, not a single guess.
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Full NOI reconstruction, selected comps, alternative-use scenarios, data audit and PDF export.
All 3 comparables with addresses
2 alternative uses screened
Sensitivity value band
Source audit · 6 inputs
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Summary
1
Valuation conclusion
Included free
Estimated market value
$1.43M
Value range
$1.28M – $1.57M
±10% around blend
Estimated value / SF
$455 / SF
Confidence
Low
3 county-verified comps
Property data
75
Market benchmarks
100
Comparable evidence
30
$1.28M
blend $1.43M
$1.57M
Market-derived valuation under stabilized market assumptions. Desktop analysis. No physical inspection performed.
2
Subject property
Included free
GBA
3,130 SF
Lot area
0.28 ac
Year built
1880
APN
018-142-03
Assessed value
$1,908,184
Annual tax
$22,284
3
Income approach: direct capitalization
Partial preview
Income approach indication
$1.24M
Direct capitalization · @ 6.5% CAP return
@ 6% CAP return
$1.35M
@ 6.5% CAP return
$1.24M
@ 7% CAP return
$1.15M
4
Sales comparison
Partial preview
Sales approach indication
$1.30M
Weighted, 3 comps · low confidence
Evidence
3 found · 3 selected
County-verified recorded sales
Comparable
Sale dateSale price$ / SF
12.8 mi away · 3,830 SF
18.4 mi away · 2,479 SF
5
Sensitivity & risk
Partial preview
Downside
−10%
Base
$1.43M
Upside
+10%
Bounds of the ±10% band vs the blend — never simulated scenarios.
6
Current market position
Included free
Benchmark
Observed band ($/SF)AverageSubject delta
ZIP 22 sales
$721
-37%
Submarket 22 sales
$721
-37%
County 136 sales
$718
-37%
Band = middle half (Q1–Q3) of recorded sale $/SF for this use type per geography; the diamond marks the subject at $455/SF. Delta below average reads as headroom. Source: Realmo CRE sales derivatives (county records).
7
Data & methodology
Included free
Building area
County record
Property tax
County record
Assessed value
County record
Zoning designation
Not available
Operating expenses
Modeled
Market rent
Not available
Not analyzed due to unavailable source data: actual rent roll, tenant leases, physical condition and capital
requirements are outside a desktop analysis.
Cost Approach excluded: income and sales evidence cover the value conclusion.
Automated valuation analysis, not a licensed appraisal. Figures are derived from public
records and proprietary models. Desktop analysis: no physical inspection, tenant leases or reported
property income. Verify with a licensed appraiser before transacting.
Cap rate
Cap rate calculated from real income and expense signals, benchmarked against sales of similar assets nearby.
Unlock the complete Cap Rate workflow
Full market tables, editable assumptions, comparable evidence, saved work and exports.
9-scenario matrix
Comparable evidence · 3 sales
Market rates by use type
PDF export
Professional Plan · 30 reports
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Overview
Implied cap rate
5.70%
Implied, in-place cap rate for this other apartment buildings
Estimated NOI ÷ last recorded sale. Refine with your own numbers in the full report.
Lower yield / higher price
Higher yield / lower price
5.0%
This property · 5.70%
9.0%
NOI (est.)
$95k *
Last sale · Jul 2020
$1.36M
* derived from a real price signal at a 7% cap
Price sensitivity
The rate is the decision lever; valuation is the consequence.
Test a cap rate
Implied value$1.68M
Move the market yield to see immediate price impact.
Value / SF
$535
Vs. selected
Base
Derivation
NOI ÷ cap
Arithmetic over the derived NOI * — not market scenario modeling.
NOI × cap matrix
Preview
Preview of 9 modeled outcomes.
NOI
5.20%5.70%6.20%
$86k
$1.65M
$1.51M
$1.39M
$95k
$1.84M
$1.68M
$1.54M
$105k
$2.02M
$1.84M
$1.69M
NOI sensitivity ±10% across the selected-rate band (±0.5 pp) — derivation of the NOI above.
Comparable evidence
Partial preview
Recorded sales nearby
3 found
Low confidence · county-verified
Closest comparable
$1.58M
12.8 mi · Nov 2025 · $407/SF
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$22,284
Tax year 2024
Assessed value
$1,908,184
Assessed 2024
Previous assessed
$1,908,184
+0.0% YoY
Effective rate
1.17%
On assessed value
Assessed land
$857,762
Assessed improvement
$1,050,422
Applied tax rate
2.0000
Automated cap rate analysis. Based on public records, market benchmarks and proprietary
models. Verify with a licensed professional before transacting.
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Other apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1880
Construction
WOOD
Heating
YES
Units
5
Rooms
16
Bathrooms
5
Total area
3,130 SF
Lot
0.28 ac (12,284 SF)
APN
018-142-03
UPID
US09-2018139
Jurisdiction
SANTA CRUZ
Zoning & alternative use
Zoning · permitted uses
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release.
Alternative use value scenarios
Repositioning upside vs current use
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Building & site characteristics
From public records
Year built
1880
Construction
WOOD
Heating
YES
Units
5
Rooms
16
Bathrooms
5
Lot
0.28 ac
Zoning
The recorded zoning designation, what the district officially allows, and the municipal source it comes from.
No zoning code is on file for this parcel. Zoning coverage grows with every catalog release — check back, or open Location Intelligence for use analysis of this corner.
Ownership Intelligence
Find the owner behind the property.
Unlock the evidence behind ownership: portfolio, transactions, debt and signals that help you decide who to contact next.
What opens after registration
Ownership report
Owner identityResolved entity and name variants
Portfolio holdingsLinked properties and estimated value
Deal signalsSell-side activity worth following
Debt & historyRecorded loans and transaction history
Private report access
See the ownership record for this address.
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Owner of record and activity signals are derived from public records and modeled classifications.
They do not confirm beneficial ownership or intent to transact.
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