723 El Salto DrCapitola, CA 95010

Property Details for 723 El Salto Dr

Year built

2004

Lot size

0.83 AC

Property size (Sq ft)

1,320 SF

Property type

Hotels

APN

036-143-35

APU

3614335

Description

This exceptional Capitola investment opportunity presents a rare chance to acquire a 0.828-acre bluff-top property boasting breathtaking Monterey Bay views. The property includes two buildings totaling 5,338 square feet: a 4,838 square foot, two-story, four-plex and a charming 495 square foot, one-bedroom cottage. Currently operating at 100% occupancy with nine units, generating a substantial monthly income, this property offers significant upside potential. Built in 1956 and renovated in 1986, the property features a newly constructed four-car Carmel-style garage. Zoned R-1 and VS, allowing for both residential and bed and breakfast uses, the property presents exciting possibilities for future development. Potential projects include a minor land division and the construction of two luxury homes with accessory dwelling units (ADUs) or four condos, all capitalizing on the stunning oceanfront location. Situated near Capitola Village, the property offers easy access to beaches, restaurants, shopping, and entertainment, while remaining just 26 miles from Silicon Valley. The property's prime location and development potential promise significant future value appreciation. The asking price is $6,098,000, with a price per unit of $677,555.56 and a price per square foot of $1,142.38. The property's APN is 036-143-36.

• CAP approach

  CAP return

  Valuation

  6%

  $448,979

  6.5%

  $414,442

  7%

  $384,839

• Comparable approach

  Method

  Valuation

  Relative Method

  $865,179

  Geo Method

  $865,179

• Alternative Use

  Use

  Valuation

  Residential

  $452,451

  Hospitality

  $414,442

  Educational

  $344,811

  Medical

  $356,670

  Retail

  $536,373

Location Insight

City

Capitola

County

Santa Cruz

State

California

Latitude

36.9753

Longitude

-121.944

CBSA code

42100

CBSA name

SANTA CRUZ-WATSONVILLE, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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