231 Felix St Santa Cruz, CA 95060
- Commercial real estate
- 11,168 SF
Current Use by Public Records
- Commercial real estate
Property Details for 231 Felix St
- Year built
- 1964
- Property size
- 11,168 SF
- Property type
- Commercial real estate
- APN
- 004-022-20, 004-022-19, 004-022-08, 004-022-09
Description
This exceptional investment opportunity presents a portfolio of four adjacent parcels in Santa Cruz, CA, totaling 16 townhome-style units. Each parcel features a fourplex building, constructed in 1964, offering a unique blend of versatility and income potential. The property boasts 11,168 square feet of net rentable space, currently operating at 100% occupancy, generating a current NOI of $273,880 and a 4.56% cap rate. A pro-forma NOI of $352,916 projects a 5.88% cap rate, reflecting significant upside potential. The property is zoned R-L and includes 16 parking spaces. Located just steps from downtown Santa Cruz and Mission Street's vibrant shops and restaurants, and within a mile of UC Santa Cruz, this portfolio benefits from exceptionally high rental demand. The individual parcels offer flexibility for investors seeking to sell separately or hold for long-term rental income. Each unit is a one-bedroom townhome-style apartment. The asking price is $6,000,000, or $375,000 per unit. The property's APN numbers are 004-022-20, 004-022-19, 004-022-08, and 004-022-09. This is a rare opportunity to acquire a well-located, high-performing multifamily portfolio with substantial upside potential.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Santa Cruz
- County
- Santa Cruz
- State
- California
- Longitude
- -122.0326162
- Latitude
- 36.9676773
