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Property profile & analytics
OFF-MARKET
Estimated value
$2,190,000
Medical Office Space
550 Water St Ste, Santa Cruz, CA 95060-4124
Individually Owned
Absentee Owner
Free & Clear
Property ID
US09-1180363
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1966
Construction
TILT-UP CONCRETE
Total area
2,559 SF
Lot
0.26 ac (11,151 SF)
APN
005-252-32
UPID
US09-1180363
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
-
Hedrick John a DDS Dental Office
-
Brennan Catherine DDS Dental Office
-
Brent J Porter DDS MS Dental Office
-
Christie Family Dentistry Dental Office
-
Christopher Xiao Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$2.05M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$2.19M
Owner & transaction history
Donovan And Lisa Mckeever 2017 Fmtr
Donovan And Lisa Mckeever 2017 Fmtr
since 2025
Last sale
$2.3M
7 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$1.7M
+24.2%
Retail stores
$1.5M
+14.6%
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
$2,075,000
ML approach
$2,050,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,330,000
Current use
COMMERCIAL (GENERAL)
$1,650,000
Change: +24% · Conversion: Easy
RETAIL STORES
$1,525,000
Change: +15% · Conversion: Difficult
Blend value · Realmo final
$2.19M
Range $1.97M – $2.41M · ±10% · vs last sale $2.32M (Oct 21 2022)
Last sale anchor
$2.32M
Oct 21 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
$856 / 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
$3,244
Tax year 2024
Assessed value
$241,390
Assessed 2024
Previous assessed
$241,390
+0.0% YoY
Effective rate
1.34%
On assessed value
Assessed land
$65,995
Assessed improvement
$175,395
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1966
Construction
TILT-UP CONCRETE
Heating
NONE
Stories
1
Units
1
Total area
2,559 SF
Lot
0.26 ac (11,151 SF)
APN
005-252-32
UPID
US09-1180363
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
$1.3M
COMMERCIAL (GENERAL)
Est. value
$1.7M
RETAIL STORES
Est. value
$1.5M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
RETAIL STORES
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
1966
Construction
TILT-UP CONCRETE
Heating
NONE
Stories
1
Units
1
Lot
0.26 ac
Current owner
From public records · entity-resolved
Donovan And Lisa Mckeever 2017 Fmtr
Individual
Free & Clear · 0 yrs held
Mailing address
350 CORAL ST, SANTA CRUZ, CA 95060-2138
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
17 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Aug 11, 2025
$2,075,000
Donovan And Lisa Mckeever 2017 Fmtr
Building K Associates
Grant Deed
—
Nov 19, 2024
$2,265,000
Redwood Ridge LLC
Professional Plaza Associates LLC
Grant Deed
$1,812,000 · Us Bank NA
Nov 1, 2024
$2,192,000
Hidden Lake Properties INC
Professional Plaza Associates LLC
Grant Deed
—
Aug 24, 2023
—
Teresa V Rein
Michael A Rein
Deed
related
—
Jul 7, 2023
$1,000,000
Gmd Vds LLC
Gary L Marietti
Grant Deed
$800,000 · Bank Of America NA
Oct 21, 2022
$2,316,000
Ellis Archer LLC
Bradley B Bogard
Grant Deed
$1,968,213 · Provide INC
Sep 23, 2022
—
Bradley B Bogard
Victor & Nelina Bogard LLC
Quit Claim Deed
related
—
Jul 15, 2020
—
Marc A Seftel
Seftel D M & L J Trust
Quitclaim Deed
related
—
Apr 14, 2020
—
Vrusp LLC
Vrusp LLC
Deed
related
$610,000 · Santa Cruz County Bank
Oct 7, 2019
—
Vbj Investors LLC
—
Deed
related
$2,395,000 · Comerica Bk
Jan 11, 2019
—
Victor & Nelina Bogard LLC
Survivors Bradley B B
Quit Claim Deed
related
—
Dec 21, 2018
—
Vbj Investors LLC
—
Deed
related
$65,000 · Comerica Bank
Jul 12, 2017
—
Of James D B & Cynthia L B D T Trust
Bogard,james D
Quit Claim Deed
related
—
Jul 11, 2017
—
Victor F Bogard JR
Bogard,victor F JR
Quit Claim Deed
related
—
Jun 29, 2017
—
Victor F Bogard JR
Bogard V F & N E Trust
Quit Claim Deed
related
—
May 5, 2003
—
Bogard,tr
Bogard,tr
Quit Claim Deed
related
—
—
—
Ronald J Morris
—
Deed Of Trust
related
$265,500 · Coast Commerce 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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