21661 E Cliff Dr - Apartments FOR SALE


Santa Cruz, CA 95062- Eastside
$11,470,000 USD
408-375-2713
21661 E Cliff Dr, Santa Cruz, CA for Sale
$11,470,000 USD
Apartments - FOR SALE
1/8
null | 5.9% Cap Rate

21661 E Cliff Dr
Santa Cruz, CA 95062
Eastside


HIGHLIGHTS

  • Ideal Santa Cruz beach and downtown location
  • Property Rent quickly and fully occupied
  • Upside in rents, historically high occupancy rate
  • 31 functioning units combination of 2 Beds, 1 Bed and Studios, all 1 Bath

OVERVIEW

This garden-style complex features 31 units across 8 buildings, with a mix of 1- and 2-bedroom,1-bath units, and studios. The property offers excellent walkability and bike ability, situated in close proximity to area beaches, East Cliff Drive, Santa Cruz Harbor, and Pleasure Point. The owners have recently completed renovations, including repair work, roofing, landscaping, and flooring between turnovers. This presents an ideal opportunity for an owner/user or an investor to acquire a well-located apartment property with income upside potential through unit renovations and allowable rent increases. The property is a short distance from the Santa Cruz Beach Boardwalk, Santa Cruz Wharf, and the renowned Cowells Beach surf spot. It also includes coin-operated laundry on-site and offers great upside potential with the new downtown Santa Cruz renovation and redevelopment projects currently underway.

FOR SALE DETAILS

PRICE

$11,470,000 USD

PRICE/SF

$838 USD /SF

# OF UNITS

31

PRICE/UNIT

$370,000

CAP RATE

5.9%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1948

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.63 AC

LAND SF

27,443 SF

ZONING

VA

APN/PARCEL ID

028-164-13-000

ASK ABOUT THIS PROPERTY

Tessie FigueroaK&K HomesMore Info
408-375-2713

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Tessie FigueroaK&K HomesMore Info
408-375-2713

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