816 Riverside Ave Santa Cruz, CA 95060-4522

This exceptional investment opportunity presents a well-maintained, 5-unit apartment building located at 816 Riverside Ave, Santa Cruz, CA 95060. The property, known as Riverside Commons, boasts a prime location near downtown Santa Cruz, the Santa Cruz Wharf, beaches, and various amenities, making it highly attractive to tenants, particularly students. Built in 1976, this complex comprises two buildings situated on an 8,146 sq ft lot, offering a total of 4,026 net rentable square feet. Each of the five townhouse-style units features a private, fenced patio and one parking space (one covered, one uncovered). Additional amenities include a shared laundry room and owner's storage closet. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $120,211, representing a 4.65% capitalization rate. A pro-forma analysis projects a NOI of $147,979 and a 5.72% cap rate, indicating significant upside potential. The asking price is $2,585,000, or $517,000 per unit. The property's strong performance, desirable location, and potential for increased profitability make it an ideal addition to any investment portfolio. The seller may consider financing options with a 30% down payment. APN: 00530140.