125 Pearl AlySanta Cruz, CA 95060

Property Details for 125 Pearl Aly

Year built

1939

Property size (Sq ft)

17,319 SF

Property type

Retail properties

Property subtype

Other retail properties

Description

The Eulensen Building, located at 125 Walnut Ave & 130 Pearl Alley in Santa Cruz, CA 95060, presents a compelling investment opportunity. This two-story, 17,319 square foot retail storefront building boasts 13 tenants and is currently 97% leased, generating a strong net operating income (NOI) of $255,000, representing a 5.13% cap rate and a pro-forma cap rate of 5.49%. Built in 1939 and renovated in 2006, the property sits on a 13,983 square foot lot and is zoned for Central Business District (CBD) use. The asking price is $4,975,000, translating to a price per square foot of $287.26. The property benefits from its location within a dense retail area, adjacent to significant mixed-use redevelopment projects, and close to ample downtown parking. The building offers immediate stable cash flow with significant value-add potential, particularly given the ongoing growth of Downtown Santa Cruz. Several large-scale multifamily and hotel developments are underway or planned, further enhancing the area's appeal. The planned development of a Santa Cruz Warriors arena in the nearby South of Laurel District will also contribute to the area's vibrancy. The property's location in Downtown Santa Cruz, where few properties trade annually, makes this a rare and attractive investment opportunity. The property's APN is 005-075-07 & 08. The lease type is NNN (Triple Net).

Location Insight

City

Santa Cruz

County

Santa Cruz

State

California

Latitude

36.9734

Longitude

-122.027

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