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$7,500,000
Est. payment /mo
1 Bed
1 Bath
9,399 SqFt
UPDATED:
11/12/2024 08:37 PM
Key Details
Property Type Multi-Family, Commercial
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
Parking Features 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
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Listed by Chris Shoemaker • Shoemaker Commercial Real Estate
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