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Property profile & analytics
OFF-MARKET
Estimated value
$23,645,000
Manufacturing properties
375 Encinal St, Santa Cruz, CA 95060-2177
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US09-2050827
Property profile
Verified
Property type
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Year built
1963
Construction
TILT-UP CONCRETE
Total area
71,000 SF
Lot
12.54 ac (546,286 SF)
APN
001-171-18
UPID
US09-2050827
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
$21.86M
Comparable Approach
Comparable
$23.12M
Blend (final)
Blend
$23.65M
Owner & transaction history
Joby Aero INC · 3 yrs held
Joby Aero INC
since 2022
Last sale
$25.3M
3 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Medical building
$36.9M
+108.4%
Office building
$30.6M
+72.9%
Auto repair, garage
$28.4M
+60.6%
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
$22,650,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$23,680,000
6.5%
$21,860,000
7%
$20,300,000
Alternative Use
Use
Estimation
INDUSTRIAL (GENERAL)
$17,685,000
Current use
MEDICAL BUILDING
$36,860,000
Change: +108% · Conversion: Difficult
OFFICE BUILDING
$30,570,000
Change: +73% · Conversion: Difficult
AUTO REPAIR, GARAGE
$28,405,000
Change: +61% · Conversion: Easy
Blend value · Realmo final
$23.65M
Range $21.28M – $26.01M · ±10% · vs last sale $25.30M (Nov 30 2022)
Last sale anchor
$25.30M
Nov 30 2022
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
$333 / 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
$179,329
Tax year 2024
Assessed value
$16,255,537
Assessed 2024
Previous assessed
$16,255,537
+0.0% YoY
Effective rate
1.10%
On assessed value
Assessed land
$2,584,220
Assessed improvement
$13,671,317
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
Manufacturing properties
Use group
MANUFACTURING (LIGHT)
Status
Off-Market
Year built
1963
Construction
TILT-UP CONCRETE
Heating
NONE
Stories
1
Total area
71,000 SF
Lot
12.54 ac (546,286 SF)
APN
001-171-18
UPID
US09-2050827
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
INDUSTRIAL (GENERAL) Current
Est. value
$17.7M
MEDICAL BUILDING
Est. value
$36.9M
OFFICE BUILDING
Est. value
$30.6M
AUTO REPAIR, GARAGE
Est. value
$28.4M
INDUSTRIAL (GENERAL) Current
MEDICAL BUILDING
OFFICE BUILDING
AUTO REPAIR, GARAGE
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
1963
Construction
TILT-UP CONCRETE
Heating
NONE
Stories
1
Lot
12.54 ac
Current owner
From public records · entity-resolved
Joby Aero INC
Entity
Free & Clear · 3 yrs held
Mailing address
345 ENCINAL ST, SANTA CRUZ, CA 95060-2132
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 30, 2022
$25,296,000
Joby Aero INC
Frederick Electronics Corporation
Grant Deed
—
Mar 29, 1989
$11,000,000
Frederick,electronics Corporatio
Unknown
Grant Deed
—
—
—
Frederick Electr
—
Deed Of Trust
related
$130,000,000 · Citibank North A
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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