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
MLS Source
MLSListings, Inc.
Buyer's Brokerage Compensation*
2.50%
Dining Room
Formal Dining Room
Family Room
No Family Room
Fireplace
Gas Burning, Insert
Cooling
None
Heating
Gas, Wall Furnace
Roof
Composition
Foundation
Pillar/Post/Pier
Garage/Parking
Attached Garage, Covered Parking, Gate/Door Opener, Garage: 0 Car(s)
High School District
Santa Cruz City High
Sewer
Public Sewer
Water
Public
Zoning
R-M (Multi-Family Residen
247 High St is a Single Family Residence in Santa Cruz, CA 95060. This 905 square foot property sits on a 6,938 Sq Ft Lot and features 2 bedrooms & 1 full bathrooms. It is currently priced at $1,549,000 and was built in 1920.
This address can also be written as 247 High St, Santa Cruz, CA 95060.©2024 MLSListings Inc. All rights reserved. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. Information provided is for personal, non-commercial use by the viewer and may not be redistributed without explicit authorization from MLSListings Inc.
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This listing information is up-to-date as of April 10, 2024. For the most current information, please contact Troy Hinds, (831) 706-6224