140 Vernon ST, Santa Cruz, CA 95060 - MLS#ML81986370

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Eric Boyenga

e@boyenga.com +1(408) 506-3942

$ 7,500,000

Est. payment | -/mo

1 Bed

1 Bath

9,399 SqFt

Save

$ 7,500,000

Est. payment | -/mo

Save

1 Bed

1 Bath

9,399 SqFt

Key Details

Property Type Multi-Family

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 9,399 sqft

Price per Sqft $797

MLS Listing ID ML81986370

Bedrooms 1

Full Baths 1

Originating Board MLSListings, Inc.

Year Built 1999

Lot Size 0.541 Acres

Property Description

Pogonip Terrace, located at 140 Vernon St in Santa Cruz, is a well maintained property with historically high occupancy rates. Built in 1999, the 28 unit building is near open space with easy access to area highways (9, 1, 17), UC Santa Cruz, and Downtown Santa Cruz. The Santa Cruz rental market is impacted and there is constant demand for smaller units. The 27 SRO (Single Room Occupancy) units and the 1 one-bedroom unit are appealing to professionals and students alike. It is rare for a building of this size, especially one built in the last 25-years, to come on the market in Santa Cruz. Rents have continued to increase, with the latest SROs renting for $1,925 per month. There is upside to an investor by bringing up the remaining rents to the current market per the Rent Roll and Financial Analysis. The property is professionally managed by a long term manager whod like to continue. Four of the units are part of the Measure O (Affordable) program in the city of Cruz. The remainder of the units are market rate. This property is owned and operated by the original owners and is offered for sale for the first time in its 25 year history. Projected property tax based on list price.

Location

State CA

County Santa Cruz

Area West Santa Cruz

Zoning IG

Interior

Heating Radiant

Cooling None

Flooring Laminate

Laundry Coin Operated

Exterior

Garage Assigned Spaces

Garage Spaces 16.0

Utilities Available Public Utilities

Roof Type Composition

Building

Foundation Concrete Perimeter and Slab

Sewer Sewer - Public

Water Public

Others

Tax ID 008-011-12-000

Special Listing Condition Not Applicable

Listed by Chris Shoemaker • Shoemaker Commercial Real Estate

+1(408) 506-3942

e@boyenga.com

167 S. San Antonio Road, Altos, CA