Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    370 Ocean St Santa Cruz, CA 95060-7210
    Back to Search
    Property profile & analytics

    370 Ocean St, Santa Cruz, CA 95060-7210

    View on Map
    • Motels
    • 17,740 SF
    • 0.66 lot acres
    Off-Market
    Last Sale Aug 31, 2023
    $4,500,000
    Property ID
    US09-0014573
    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.
    Value Estimations
    $5,875,000
    Show details
    Cap Rate Potential
    5.1%
    Motels
    Location Intelligence

    Current Use by Public Records

    • Motel Santa Cruz / Hotel & Motel
    • Inn Cal / Hotel & Motel

    Property Details for 370 Ocean St

    Year built
    1984
    Construction
    WOOD
    Lot size
    0.66 lot acres
    Property type
    Motels
    APN
    010-551-01
    APU
    1055101

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Aug 31, 2023 — Manuben Patel Manuben Patel Intrafamily Transfer · related $3.5M · Santa Cruz County Bank
    Sep 15, 2021 — Manuben Patel Manuben Patel Intrafamily Transfer · related —
    Aug 11, 2017 — Manuben Patel — Deed · related $3.8M · Pacific Premier Bank
    Mar 30, 2017 — Manuben Patel — Deed · related $3.7M · Secured Income Fund II LLC Secured Income Fund II LLC
    Sep 17, 2003 $4,500,000 Patel,manuben Thompson,carl W & Francine A Trustees Deed $1.5M · Home Bank Of California
    — — Manuben Patel — Deed Of Trust · related $3.7M · Secured Income Fund II LLC Secured Income Fund II LLC
    — — Manuben Patel — Deed Of Trust · related $1.5M · Heritage Bank Of Commerce
    — — Manuben Patel — Deed Of Trust · related $300k · James A Kurkjian
    — — Manuben Patel — Deed Of Trust · related $50k · Navin B Patel
    — — Manuben Patel — Deed Of Trust · related $865k · Kevin P Whalen
    — — Carl W Thompson — Deed Of Trust · related $1.1M · Southern California Fed'l S&l

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $7,385,000
      ML approach
      $7,225,000

    • CAP approach

      CAP Return
      Estimation
      6%
      $6,250,000
      6.5%
      $5,770,000
      7%
      $5,355,000

    • Alternative Use

      Use
      Estimation
      COMMERCIAL (GENERAL)
      $6,775,000
      MEDICAL BUILDING
      $5,265,000
      APARTMENT HOUSE (5+ UNITS)
      $3,705,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Santa Cruz
    County
    Santa Cruz
    State
    California
    Longitude
    -122.018
    Latitude
    36.9731
    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
    $68,864
    $2,090,880
    $4,094,516
    $6,185,396
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $625,000
      9,493 SF

      500 Riverside Ave

      MOTEL
      500 Riverside Ave, Santa Cruz, CA 95060-5124
      View Details
    • Value Estimation by Request
      7,665 SF

      522 Ocean St

      MOTEL
      522 Ocean St, Santa Cruz, CA 95060-6602
      View Details
    • Value Estimation
      $540,000
      5,144 SF

      1015 Ocean St

      MOTEL
      1015 Ocean St, Santa Cruz, CA 95060-2816
      View Details
    • Value Estimation
      $895,000
      17,424 SF

      1101 Ocean St

      MOTEL
      1101 Ocean St, Santa Cruz, CA 95060-2818
      View Details
    • Value Estimation
      $1,075,000
      21,333 SF

      555 Hwy 17

      MOTEL
      555 Hwy 17, Santa Cruz, CA 95060-1812
      View Details
    • Value Estimation by Request
      5,413 SF

      337 Riverside Ave

      MOTEL
      337 Riverside Ave, Santa Cruz, CA 95060-5523
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Hilton Scotts Valley Opportunity

      178-key Hilton in Santa Cruz, unencumbered by management.
      6001 La Madrona Dr, Santa Cruz, CA 95060
      View Details
    • Contact for pricing

      Recently Renovated Hotel Near Boardwalk

      80-room hotel near Santa Cruz Beach Boardwalk.
      600 Riverside Ave, Santa Cruz, CA 95060
      View Details
    • $329,000
      Pending

      Land For Sale Santa Cruz

      Land available in Santa Cruz County.
      80 Conifer Ln, Santa Cruz, CA 95060
      View Details
    • $1,945,000

      Fourplex Steps from the Beach

      This fourplex in Santa Cruz offers income potential with a beach-close location just steps away.
      708 Riverside Ave, Santa Cruz, CA 95060
      View Details
    • $599,000
      1.08 Acres

      Flat Residential Land with Approved Plans

      Flat lot with private well, septic, and approved plans to rebuild a home on a residential acre parcel.
      15 Braemoor Dr, Santa Cruz, CA 95060
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      2,668 SF

      Santa Cruz Office Space Available

      Office space available for rent in Santa Cruz, CA.
      133 Mission St, Santa Cruz, CA 95060
      View Details
    • Contact for pricing
      9,251 SF

      Westside Santa Cruz Flex Space

      9,251 SF flex space in thriving Westside Santa Cruz.
      2161 Delaware Ave, Santa Cruz, CA 95060
      View Details
    • Contact for pricing
      1,920 SF

      Santa Cruz Retail Spaces Available

      Retail spaces available in premier Santa Cruz shopping center.
      849 Almar Ave, Santa Cruz, CA 95060
      View Details
    • Contact for pricing
      2,682 SF

      Retail Space in Mixed-Use Property

      Retail space available in mixed-use property with residential units.
      150 Chestnut St, Santa Cruz, CA 95060
      View Details
    • Contact for pricing
      965 SF

      Retail Space in New Complex

      Retail storefronts in a high-traffic, walkable Santa Cruz location.
      350 Ocean St, Santa Cruz, CA 95060
      View Details
    • Contact for pricing
      11,077 SF

      Prime Retail Space in Santa Cruz

      Historic building with ample parking in a central location.
      1132-1134 Pacific Ave, Santa Cruz, CA 95060
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    370 Ocean St
    Santa Cruz, CA 95060-7210
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    370 Ocean St, Santa Cruz, CA, 95060
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!