5.1 Cap Rate: Two rental properties total 14 units. This listing and its income/expenses include 319 Jessies St; a 3 bed, 2 bath 1,475 sq. ft. attached 2 car garage located directly behind 328 Ocean St. Offered with a proven track record of performance,100% occupied for the past 25 years. These combined 14-units deliver an excellent 25 year rental history with potential upside through reasonable rent increases.
The apartments span two parcels totaling 13,808.52 sq. ft. and include 17 marked parking spaces. Ideally located on a major bus line and just minutes to the Santa Cruz Beach Boardwalk, Municipal Wharf, and downtown Santa Cruz. Convenient access with approximately one mile to Hwy 17 and Hwy 1 (PCH).
Additional value may exist through future redevelopment potential, with the possibility to increase height and unit count (buyer to verify).
Parcel 1: APN 010-551-29 - 7,797.24 sq. ft.
Parcel 2: APN 010-551-30 - 6,011 sq. ft.
Both parcels do have strong future increased unit density development allowed by city (buyer to confirm w/ their plans)
both properties can be purchase separately. Currently all tenants are on month to month rental agreements.