816 Riverside AveSanta Cruz, CA 95060

Property Details for 816 Riverside Ave

Year built

1976

Construction

WOOD

Lot size

0.19 AC

Property size (Sq ft)

4,070 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

005-301-40

APU

530140

Description

This exceptional investment opportunity presents a well-maintained, 5-unit apartment building located at 816 Riverside Ave, Santa Cruz, CA 95060. The property, known as Riverside Commons, boasts a prime location near downtown Santa Cruz, the Santa Cruz Wharf, beaches, and various amenities, making it highly attractive to tenants, particularly students. Built in 1976, this complex comprises two buildings situated on an 8,146 sq ft lot, offering a total of 4,026 net rentable square feet. Each of the five townhouse-style units features a private, fenced patio and one parking space (one covered, one uncovered). Additional amenities include a shared laundry room and owner's storage closet. The property currently enjoys 100% occupancy, generating a Net Operating Income (NOI) of $120,211, representing a 4.65% capitalization rate. A pro-forma analysis projects a NOI of $147,979 and a 5.72% cap rate, indicating significant upside potential. The asking price is $2,585,000, or $517,000 per unit. The property's strong performance, desirable location, and potential for increased profitability make it an ideal addition to any investment portfolio. The seller may consider financing options with a 30% down payment. APN: 00530140.

• CAP approach

  CAP return

  Valuation

  6%

  $1,652,366

  6.5%

  $1,525,261

  7%

  $1,416,314

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,759,504

  Geo Method

  $1,759,504

• Alternative Use

  Use

  Valuation

  Residential

  $1,525,261

  Hospitality

  $1,397,131

  Educational

  $1,162,396

  Medical

  $1,202,373

  Retail

  $1,808,172

Location Insight

City

Santa Cruz

County

Santa Cruz

State

California

Latitude

36.9723

Longitude

-122.021

CBSA code

42100

CBSA name

SANTA CRUZ-WATSONVILLE, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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