1450 Merrill St - Apartments FOR SALE


Santa Cruz, CA 95062- Eastside
$3,250,000 USD
831-247-2647
1450 Merrill St, Santa Cruz, CA for Sale
$3,250,000 USD
Apartments - FOR SALE
1/21
null | Request Cap Rate

1450 Merrill St
Santa Cruz, CA 95062
Eastside


HIGHLIGHTS

  • Nine units near the beach in Santa Cruz County
  • Historically low vacancy rate
  • Recent improvements
  • Quiet, well-maintained property

OVERVIEW

1450 Merrill St, known as “Seadowns”, is a three-building, nine-unit property that has been owned by the seller for 26 years. It is in close proximity to area beaches, East Cliff Drive, Pleasure Point, the Santa Cruz Small Craft Harbor, Sunday Live Oak farmer's market, Simpkins Swim Center and many local restaurants. The property contains ample outdoor space, providing a peaceful living experience for the renters. The property provides excellent walkability and bikeability. It also has 11 parking spaces, including 5 covered carport spaces. The coin-operated laundry is rented by the owner. The unit mix includes six 1-bedroom, 1-bath units (1-6) in the two-story building. Each of these six units has access to the outdoor space behind the building and has additional locked storage in the carport. Near the front of the property is a 2-bedroom, 1-bath unit (A) with a large fenced front yard, a 1 bedroom, 1-bath unit (B) with a fenced back yard and covered patio, and a stand-alone 2-bedroom, 1-bath unit (C). The owner has completed recent improvements including a new sewer lateral, new roof on the carport and laundry area, and fumigation for termites. Between turnovers, the Landlord has also painted the units, and updated appliances and fixtures, and installed new carpets.

FOR SALE DETAILS

PRICE

$3,250,000 USD

PRICE/SF

$763 USD /SF

# OF UNITS

9

PRICE/UNIT

$361,111

CAP RATE

Request Cap Rate

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1956

PARKING SPACES

11

LAND DETAILS

LAND ACRES

0.29 AC

LAND SF

12,632 SF

ZONING

RM-2.5

APN/PARCEL ID

027-273-02-000

ASK ABOUT THIS PROPERTY

Chris ShoemakerShoemaker Commercial Real EstateMore Info
831-247-2647

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Chris ShoemakerShoemaker Commercial Real EstateMore Info
831-247-2647

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.