David Lyng Real Estate is pleased to present Ohana Hale Residences — a fully permitted, shovel-ready student housing development opportunity located at 247 High Street in Santa Cruz, California. This rare offering provides an investor with the ability to acquire a fully entitled, permit-ready land with approved plans for a three-story, seven-unit student housing project without the time and cost of navigating the complex multi-year entitlement process. The market has already spoken on this block. Next door, 251 High Street, a conventional, unfurnished building with only ~40% student occupancy and no per-bed premium - recently traded at a 3.88% cap rate. Apply the same cap rate to Ohana Hale's fully furnished, 100% per-bed student model: the developer/buyer could realize up to $4M in equity at completion with an IRR well over 50%. The comp is next door. The upside is in the math. Purpose-built for the UCSC off-campus market, 247 High St provides an investor with the ability to acquire fully entitled, permit-ready land with approved plans for a new student housing project featuring 27 beds and 12 bathrooms across 7 units without the time and cost of navigating the complex entitlement process. At a blended market rent of $1,800 per bed plus two conventional units, the project is projected to produce a stabilized Net Operating Income of $378,659, consistent with institutional student housing standards for newly constructed UCSC-proximate assets. The asking price of $1,895,000 represents an acquisition well below estimated replacement cost, with developer upside confirmed by third-party MAI appraisal and available in full to qualified buyers under NDA.