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Listed by Alex Budka • Redwood Property Company
$ 3,195,000
Est. payment | /mo
5,285 SqFt
$ 3,195,000
Est. payment | /mo
5,285 SqFt
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 5,285 sqft
Price per Sqft $604
MLS Listing ID ML82021786
HOA Y/N No
Year Built 1974
Lot Size 10,106 Sqft
Property Sub-Type Other
Source Datashare MLSListings
Property Description
Extensively and tastefully renovated turnkey investment opportunity with upside in rent income and ADU development potential. The property operates at a 5.21% in-place cap rate, with upside of achieving a 7.3% cap rate. Ideally located in the sought-after Seabright neighborhood, the Branciforte Apartments are just a 10-minute walk from Seabright Beach, the Boardwalk, Whole Foods, and the Seabright Retail Corridor. Surrounded by single family homes that can sell for over $2M, the property is tucked away in a very safe, quiet and quaint corner of the neighborhood. This boutique apartment community offers luxurious finishes, in-unit laundry, open floorplans, tandem covered parking with a 2:1 parking space ratio, backyards/balconies in select units and a peaceful outdoor space where tenants can grill, socialize and relax. In addition, the 9 x 10 storage units provide residents with ample space for bikes, surfboards, beach gear, and more. With tenants paying all utilities, ownership is sheltered from skyrocketing utility prices that have jumped as much as 70% in the last 5 years. At the same time, tenants' electricity bills will be significantly, if not entirely, offset by the property's rooftop solar panels. ADU plans ready for building department submittal.
Location
State CA
County Santa Cruz
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Handicap Access Other
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