247 High Street, Santa Cruz, CA 95060
Property · 2 recorded sales since 2019
Sold May 2024
Listing Agent: Troy Hinds (DRE #01803325) · Listing Office: David Lyng Real Estate · Contact: 831-429-5700 · Bought with: Jon Lee · Jon Lee, Broker · MLS #ML81944584 · Source: CRMLS
About this property
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.
Listing description from the May 2024 sale, as reported to CRMLS.
Sale history
