Pogonip Terrace Apartments | 140 Vernon St
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Pogonip Terrace Apartments 140 Vernon St
28 Unit Apartment Building $7,500,000 ($267,857/Unit) Santa Cruz, CA 95060
Investment Highlights
- Pogonip Terrace Apartments, 27 Studios and One 1-bedroom
- Excellent Income Producer with Upside to Rents
- Immaculately Maintained and Beautifully Landscaped
- Modern and Built in 1999
Executive Summary
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.
Financial Summary (Actual - 2023) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$532,476
|
$56.65
|
| Other Income |
$5,370
|
$0.57
|
| Vacancy Loss |
$10,757
|
$1.14
|
| Effective Gross Income |
$527,089
|
$56.08
|
| Taxes |
$83,165
|
$8.85
|
| Operating Expenses |
$129,510
|
$13.78
|
| Total Expenses |
$212,675
|
$22.63
|
| Net Operating Income |
$314,414
|
$33.45
|
Financial Summary (Actual - 2023)
| Gross Rental Income | |
|---|---|
| Annual | $532,476 |
| Annual Per SF | $56.65 |
| Other Income | |
|---|---|
| Annual | $5,370 |
| Annual Per SF | $0.57 |
| Vacancy Loss | |
|---|---|
| Annual | $10,757 |
| Annual Per SF | $1.14 |
| Effective Gross Income | |
|---|---|
| Annual | $527,089 |
| Annual Per SF | $56.08 |
| Taxes | |
|---|---|
| Annual | $83,165 |
| Annual Per SF | $8.85 |
| Operating Expenses | |
|---|---|
| Annual | $129,510 |
| Annual Per SF | $13.78 |
| Total Expenses | |
|---|---|
| Annual | $212,675 |
| Annual Per SF | $22.63 |
| Net Operating Income | |
|---|---|
| Annual | $314,414 |
| Annual Per SF | $33.45 |
Property Facts
| Price | $7,500,000 | Building Class | C |
| Price Per Unit | $267,857 | Lot Size | 0.55 AC |
| Sale Type | Investment | Building Size | 9,399 SF |
| No. Units | 28 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1999 |
| Property Subtype | Apartment | Parking Ratio | 0.29/1,000 SF |
| Apartment Style | Low Rise |
| Price | $7,500,000 |
| Price Per Unit | $267,857 |
| Sale Type | Investment |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.55 AC |
| Building Size | 9,399 SF |
| No. Stories | 2 |
| Year Built | 1999 |
| Parking Ratio | 0.29/1,000 SF |
Unit Amenities
- Heating
- Kitchen
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 27 | $1,925 | 335 |
| 1+1 | 1 | $2,375 | 550 |
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PROPERTY TAXES
| Parcel Number | 008-011-12-000 | Total Assessment | $2,299,431 |
| Land Assessment | $588,411 | Annual Taxes | $83,165 ($8.85/SF) |
| Improvements Assessment | $1,711,020 | Tax Year | 2023 |
PROPERTY TAXES
Parcel Number
008-011-12-000
Land Assessment
$588,411
Improvements Assessment
$1,711,020
Total Assessment
$2,299,431
Annual Taxes
$83,165 ($8.85/SF)
Tax Year
2023
zoning
| Zoning Code | IG |
| IG |
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Pogonip Terrace Apartments | 140 Vernon St
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