214 S Branciforte AVE new Save Request In-Person Tour Request Virtual Tour
Santa Cruz,CA 95062
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82021786
HOA Y/N No
Year Built 1974
Annual Tax Amount $34,765
Lot Size 10,105 Sqft
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
Area 699 - Not Defined
Zoning Multifamily
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Carport Spaces 10
Roof Type Flat
Total Parking Spaces 2
Schools
School District Other
Others
Tax ID 01013212000
Special Listing Condition Standard