Property Details
About this Property
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 Listing Information
MLS #
ML81944584
MLS Source
MLSListings, Inc.
Lots & Land Information
Development Status
Approved Building Plan
Existing Structures
Residence
Fencing
CompletePerimeter
Lot Description
Corners Marked, Grade - Level, Grade - Side Slope
Utilities
Gas - On Site, Public Utilities, Public Utilities, Water - Public
Parking, School, and Other Information
High School District
Santa Cruz City High
Sewer
Public Sewer
Water
Public
Zoning
R-M (Multi-Family Residen
Neighborhood: Around This Home
Neighborhood: Local Demographics
247 High St is in Santa Cruz, CA 95060. This Land is currently priced at $1,625,000. This address can also be written as 247 High St, Santa Cruz, CA 95060.
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This listing information is up-to-date as of May 10, 2024. For the most current information, please contact Troy Hinds, (831) 706-6224
