247 High Street Santa Cruz, CA 95060
Listing Courtesy of: MLSlistings Inc. / David Lyng Real Estate / Troy Hinds - Contact:  831-706-6224

  247 High Street Santa Cruz, CA 95060

Pending (159 Days)
$1,549,000
2
BED
1
BATH
905
SQFT

Description

Approved Development for Seven (7) Unit Luxury Apartment Building. Fully-entitled project consists of five (5) 2BR/2BA + Offices and two (2) 1BR/1BA units including an 1-BR Affordable Unit for a total 12 Bedrooms (17 Rooms/Occupants) and 12 Bathrooms in a stunningly beautiful, all-electric, luxury multifamily design complete with EV charges, security gates, community patio and BBQ area, pet washing station, and secured individual tenant storage lockers for surfboard, bikes, etc. The design is modeled after an adjacent building previously owned by the Seller located at 251 High St which had an 8.7% Avg Annual Rental Rate Growth and an actual Vacancy Factor of less than 0.5% (2015 - 2022) which was recently sold for $6,650,000 or $665,000/Unit and $475,000/Room with a 3.88% Cap Rate and 18.63 GRM. The location is ideally situated on UCSC Bus Line, and close proximity to Downtown Santa Cruz, Google Analytics, and Joby Aviation - all of which are the target demographic of future tenants.

MLS #:
ML81944586
Lot Size
6,938 SQFT
Type
Single-Family Home
Year Built
1920
Views
Ridge, Greenbelt, City Lights, Bay
School District
840
County
Santa Cruz County

Listed By

Troy Hinds, DRE #DRE 01803325, David Lyng Real Estate, Contact: 831-706-6224
Source
MLSlistings Inc.
Last checked May 27 2024 at 5:48 PM GMT+0000
Bathroom Details
  • Full Bathroom: 1
Lot Information
  • Grade - Side Slope
  • Grade - Level
  • Corners Marked
Property Features
  • Fireplace: Insert
  • Fireplace: Gas Burning
  • Foundation: Post and Pier
Heating and Cooling
  • Wall Furnace
  • Gas
  • None
Exterior Features
  • Roof: Composition
Utility Information
  • Utilities: Water - Water on Site, Water - Public, Public Utilities
  • Sewer: Sewer Connected, Sewer - Public
Garage
  • Gate / Door Opener
  • Covered Parking
  • Attached Garage
Living Area
  • 905 sqft
Additional Listing Info
  • Buyer Brokerage Commission: 2.50
Location
   
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