1606 Soquel AveSanta Cruz, CA 95062

Property Details for 1606 Soquel Ave

Year built

2008

Construction

WOOD

Lot size

0.45 AC

Property size (Sq ft)

16,244 SF

Property type

Residential income properties

Property subtype

Other apartment buildings

APN

011-032-73

APU

1103273

Description

This exceptional Class A, stabilized multifamily investment property, Redwood Commons, presents a rare opportunity. Located at 1606 Soquel Ave, Santa Cruz, CA 95062, this property boasts 15,000 square feet of net rentable space across three 3-story buildings, constructed in 2008. The complex comprises 38 studio apartments and one 1-bedroom apartment situated above a 600 square foot commercial space. Currently operating at 100% occupancy, the property generates substantial income, with each studio apartment yielding $1700 per month and the combined 1-bedroom/commercial space producing $3900 monthly. The property is fully solar-powered, featuring photovoltaic and hot water systems, significantly reducing operating costs. Zoned C1, Redwood Commons is a fully accessible, green building designed for universal living, currently serving a significant veteran community utilizing HUD-VASH vouchers. The property is offered as a partnership (LLC) and includes four parking pads. This turnkey investment presents a strong cash flow with an assumable loan at a 2.3% interest rate. The property's location in a high-demand rental market in Santa Cruz, California, ensures continued strong performance and potential for future appreciation. This is a truly exceptional opportunity for a savvy investor seeking a stable and high-yielding asset.

• CAP approach

  CAP return

  Valuation

  6%

  $6,031,878

  6.5%

  $5,567,887

  7%

  $5,170,181

• Comparable approach

  Method

  Valuation

  Relative Method

  $7,022,452

  Geo Method

  $7,022,452

• Alternative Use

  Use

  Valuation

  Residential

  $5,567,887

  Hospitality

  $5,100,154

  Educational

  $4,243,269

  Medical

  $4,389,202

  Retail

  $6,600,640

Location Insight

City

Santa Cruz

County

Santa Cruz

State

California

Latitude

36.9811

Longitude

-122.004

CBSA code

42100

CBSA name

SANTA CRUZ-WATSONVILLE, CA METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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