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Property profile & analytics
OFF-MARKET
Estimated value
$585,000
Apartment buildings
2303 Portola Dr 1, Santa Cruz, CA 95062-4275
Entity Owned
Absentee Owner
~
Est. High Equity
Property ID
US10-2952987
Property profile
Verified
Property type
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Year built
1934
Construction
WOOD
Total area
945 SF
Lot
0.43 ac (18,774 SF)
Zoning code
RM-4
APN
028-062-34
UPID
US10-2952987
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$375k
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$585k
Owner & transaction history
Mailoc LLC
Mailoc LLC
since 2026
7 recorded transactions
Zoning & alternative use
RM-4 · Santa Cruz, CA
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$405,000
6.5%
$375,000
7%
$345,000
Alternative Use
Use
Estimation
APARTMENT HOUSE (5+ UNITS)
$715,000
Current use
COMMERCIAL (GENERAL)
$590,000
Change: -17% · Conversion: Moderate
Blend value · Realmo final
$585k
Range $527k – $644k · ±10%
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
$619 / 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
$35,061
Tax year 2024
Assessed value
$2,695,000
Assessed 2024
Previous assessed
$2,695,000
+0.0% YoY
Effective rate
1.30%
On assessed value
Assessed land
$2,150,000
Assessed improvement
$545,000
Applied tax rate
82.0000
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
Apartment buildings
Use group
APARTMENT HOUSE (5+ UNITS)
Status
Off-Market
Year built
1934
Construction
WOOD
Heating
FLOOR/WALL FURNACE
Stories
1
Units
1
Rooms
5
Bathrooms
1
Total area
945 SF
Lot
0.43 ac (18,774 SF)
Zoning code
RM-4
APN
028-062-34
UPID
US10-2952987
Jurisdiction
SANTA CRUZ
Zoning & alternative use
RM-4 · Santa Cruz, CA
Zoning RM-4 · permitted uses
RM-4 · Santa Cruz, CA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Santa Cruz. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
APARTMENT HOUSE (5+ UNITS) Current
Est. value
$715,000
COMMERCIAL (GENERAL)
Est. value
$590,000
APARTMENT HOUSE (5+ UNITS) Current
COMMERCIAL (GENERAL)
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
1934
Construction
WOOD
Heating
FLOOR/WALL FURNACE
Stories
1
Units
1
Rooms
5
Bathrooms
1
Lot
0.43 ac
Current owner
From public records · entity-resolved
Mailoc LLC
Entity
Mailing address
505 CORCORAN AVE, SANTA CRUZ, CA 95062-4215
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
18 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 9, 2026
—
Mailoc LLC
Judy Maitland Locke
Grant Deed
$1,600,000 · Bay FCU
Aug 2, 2023
$2,695,000
Judy Maitland Locke
Noosa LLC
Grant Deed
$185,000 · Hawk Hill Capital LLC
Jun 23, 2017
$1,900,000
Noosa LLC
2303 Portola LLC
Grant Deed
—
Nov 25, 2008
—
2303 Portola LLC
Richards,donald C
Quit Claim Deed
related
—
Nov 20, 2006
—
2303 Portola LLC
Key,stevan
Grant Deed
—
Feb 23, 2006
—
Stevan Key
Mason,ronald P
Grant Deed
—
Sep 23, 2004
$1,500,000
Ronald P Mason
Charman Linda Trust
Grant Deed
$999,000 · Paul Financial LLC
Jan 31, 2003
—
Phillips,tr
Phillips,daniel I & Judith L
Quit Claim Deed
related
—
Jan 28, 2003
—
Daniel I Phillips
Phillips,tr
Quit Claim Deed
related
—
Nov 22, 2002
—
Phillips,tr
Schatan,tr
Grant Deed
related
—
Jul 2, 2001
—
Linzer/schatan Trust
Linzer,richard G & Barbara S
Quit Claim Deed
related
—
Jun 13, 2001
—
Richard Linzer
Linzer,richard & Barbara
Quit Claim Deed
related
—
Sep 16, 1999
—
Schatan Trust
Schatan,ruth
Quit Claim Deed
related
—
Oct 29, 1993
$60,500
Richard Brumm
Taylor,joe L & J
Grant Deed
related
$30,000 · Seller
—
—
Ronald P Mason
—
Deed Of Trust
related
$10,000 · Linda Emberson
—
—
Richard Linzer
—
Deed Of Trust
related
$80,754 · Schatan Trust
—
—
Stevan Key
—
Deed Of Trust
related
$1,000,000 · Atlas Mortgage Lending LLC
—
—
Richard Brumm
—
Deed Of Trust
related
$332,500 · American Savings Bank
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.
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