236 Ocean St
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236 Ocean St
1,749 SF 100% Leased Office Building Santa Cruz, CA 95060 $1,900,000 ($1,086/SF) 4.36% Cap Rate
Investment Highlights
- Close to Santa Cruz Beach Boardwalk
- Close to restaurants and services
- Excellent street visibility
- On Metro bus route
- Suitable for six residential units or more
- Large parking lot
Executive Summary
Please read development opportunities: Prime investment opportunity because of the possible many uses for this property and its zoning the City of Santa Cruz has shared with the seller. The location allows for no required parking on site. There are two parcels. One is 6,408 Sq Ft, and the other is 3,441 Sq Ft. Total approx. 9,850 Sq Ft. The current income is strong, and there is additional space inside and outside to generate more. Development insights provided by Santa Cruz City Planning & Zoning Dept. states Currently a minimum of 6 units would be permitted , two stories tall, maybe more units and height subject to plan and design. City also declares the site would likely qualify for low income housing and in that case, developer could possibly go to 5 stories tall and there is no maximum number of units. The seller and agents do not warranty what is written, and buyer due diligence is recommended. See our additional on & off market opportunities at; CaliforniaLandBank.com
Financial Summary (Actual - 2022) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2022) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment or Owner User
Property Type
Office
Property Subtype
Building Size
1,749 SF
Building Class
C
Year Built
1962
Price
$1,900,000
Price Per SF
$1,086
Cap Rate
4.36%
NOI
$82,793
Percent Leased
100%
Tenancy
Multiple
Building Height
1 Story
Typical Floor Size
1,749 SF
Building FAR
0.18
Land Acres
0.22 AC
Opportunity Zone
Yes
Zoning
Commercial, Medical - CN- Neighborhood Commercial, Medical, Parking, 6 units allowed. Up to 5 stories and dozens of low income units are possible.
Parking
15 Spaces (8.58 Spaces per 1,000 SF Leased)
Amenities
- Bus Line
- Signage
- Storage Space
- Central Heating
- Partitioned Offices
- Shower Facilities
- Yard
- Monument Signage
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Walk Score ®
Very Walkable (86)
Bike Score ®
Biker's Paradise (99)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $862,800 (2023) | |
| Land Assessment | $643,880 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $218,920 (2023) | Tax Year | 2022 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$643,880 (2023)
Improvements Assessment
$218,920 (2023)
Total Assessment
$862,800 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2022
-
Paul Zech -
Jessica L. Wallace -
Coldwell Banker Commercial Realty
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236 Ocean St
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