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Property profile & analytics
OFF-MARKET
Estimated value
$1,565,000
Medical Office Space
50 Penny Ln, Watsonville, CA 95076-3079
Individually Owned
3-yr Hold
~
Est. High Equity
Property ID
US09-1100474
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1985
Construction
WOOD
Total area
4,359 SF
Lot
0.3 ac (13,242 SF)
APN
015-171-08
UPID
US09-1100474
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
Current use
Occupant on record · Public records
-
Singer Charles L AC G Medical Clinic Alternative Medicine Practice
-
Alpana Gowda, MD - Stanford Children's Health Pediatrician Medical Clinic
-
Tim Sinnott Counseling & Consulting Consultant Psychotherapist
-
Demonner Cheryl S Employment Agency
-
Eddie & Sons Roof Systems Roofing Company General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.57M
CAP Approach
CAP
$2.07M
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.57M
Owner & transaction history
Michael Ellison · 3 yrs held
Michael Ellison
since 2023
Last sale
$1.3M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.3M
+3.2%
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 Watsonville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Watsonville 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
$1,590,000
ML approach
$1,565,000
CAP Approach
CAP Return
Estimation
6%
$2,245,000
6.5%
$2,070,000
7%
$1,925,000
Alternative Use
Use
Estimation
MEDICAL BUILDING
$2,265,000
Current use
RETAIL STORES
$2,335,000
Change: +3% · Conversion: Difficult
OFFICE BUILDING
$1,850,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$1.57M
Range $1.41M – $1.72M · ±10% · vs last sale $1.30M (Mar 13 2023)
Last sale anchor
$1.30M
Mar 13 2023
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
$359 / 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
$15,562
Tax year 2024
Assessed value
$1,326,000
Assessed 2024
Previous assessed
$1,326,000
+0.0% YoY
Effective rate
1.17%
On assessed value
Assessed land
$867,000
Assessed improvement
$459,000
Applied tax rate
2.0000
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1985
Construction
WOOD
Heating
CENTRAL
Cooling
CENTRAL
Stories
1
Units
1
Total area
4,359 SF
Lot
0.3 ac (13,242 SF)
APN
015-171-08
UPID
US09-1100474
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
MEDICAL BUILDING Current
Est. value
$2.3M
RETAIL STORES
Est. value
$2.3M
OFFICE BUILDING
Est. value
$1.9M
MEDICAL BUILDING Current
RETAIL STORES
OFFICE BUILDING
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
1985
Construction
WOOD
Heating
CENTRAL
Cooling
Yes
Stories
1
Units
1
Lot
0.3 ac
Current owner
From public records · entity-resolved
Michael Ellison
Individual
Mailing address
PO BOX 1371, FELTON, CA 95018-1371
Ownership since
2023
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
Apr 16, 2026
—
Ellison Michael
—
Deed
related
$825,000
Dec 27, 2023
—
Michael Ellison
—
Deed
related
$75,000 · Erin Eillison
Mar 13, 2023
$1,300,000
Michael Ellison
Lorenzo Marquez
Grant Deed
$1,170,000 · Lorenzo Marquez
Mar 13, 2023
—
Michael Ellison
Elizabeth Snyder Ellison
Intrafamily Transfer
related
—
Apr 13, 2022
$1,008,000
Lorenzo Marquez
Jose Felix Huerta
Grant Deed
—
Jan 27, 2017
—
Jose F Huerta
Huerta,jose F
Quit Claim Deed
related
$758,000 · Lorenzo Marquez
Oct 23, 2009
$1,100,000
Jose F Huerta
Talty,janine M
Grant Deed
$880,000 · Santa Cruz County Bank
Oct 23, 2009
—
Janine M Talty
Chibras,jose A
Grant Deed
related
—
Dec 29, 2000
$775,000
Jose A Chibras
Rmm Real Estate Investment Pts
Grant Deed
—
Mar 10, 1999
—
Rmm Real Estate Investment LP
Morris,robert D & Maureen
Quit Claim Deed
related
—
Mar 29, 1996
$500,000
Robert D Morris
Krasm,kathy R
Grant Deed
—
—
—
Jose A Chibras
—
Deed Of Trust
related
$536,250 · Wells Fargo Bank
—
—
Kathy R Kram
—
Deed Of Trust
related
$30,000 · Individual
—
—
Kathy R Kram
—
Deed Of Trust
related
$30,000 · Individual
—
—
Kathy R Kram
—
Deed Of Trust
related
$45,000 · Individual
—
—
Kathy R Kram
—
Deed Of Trust
related
$100,000 · Coast Commercial Bank
—
—
Kathy R Kram
—
Deed Of Trust
related
$130,000 · Coast Commercial Bank
—
—
Kathy R Kram
—
Deed Of Trust
related
$374,000 · Sumitomo 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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