Delightful Village of 6 Residences! | 3230 Mission Dr
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Delightful Village of 6 Residences! 3230 Mission Dr
6 Unit Apartment Building $2,975,000 ($495,833/Unit) 4.44% Cap Rate Santa Cruz, CA 95065
Executive Summary
SELLER FINANCING OFFERED
(30% DOWN, AND LOW MONTHLY PAYMENTS)
Delightful Village of 6 Residences, with 3 stand-alone Homes, 1 attached home, 2 Townhome-style units, and 2 outbuildings. All this on a large garden parcel with ample yards and plenty of off-street parking on a prime Mid-County location!
The Original 3 BR/2 Bath Home sits back from Mission Dr behind a charming entry pergola and picket-fenced front yard with a lush garden. In its large backyard is an outbuilding with potential for conversion to an ADU.
Next down the driveway are de 2 Townhouse-style units plus the attached Home, each with private backyards. The Townhouse-style units each have 2-story 2/1.5 985 SF floorplans and the attached Home has a 2/1 single-level 830 SF floorplan with an adjacent garage that offers the potential to expand to a 3/2 of 1030 SF.
At the back of the property are the final 2 standalone Homes, each of which has an attached garage offering room to add another bedroom and bath.
One has a 2/1 floorplan in 911 SF, expandable to 1111 SF, and the other has a 2/1.5 floorplan in 982 SF, expandable to 1182 SF plus an outbuilding with potential for conversion to yet another ADU.
Research shows the Market GSI estimate at $288,400 as-is, with an upside if you convert the garages to bedroom suites and outbuilding to ADUs.
Additional opportunities abound with a tentative map and TIC docs ready to file, or the possibility of doing a 4-split to sell off the back 3 Homes (each of which are separately metered for water, gas, and electric) as de minimus PUD dwellings to new owners, and keep the front Home and 2 Townhouse-style units as a free and clear investment after using the sales proceeds to pay off your loan.
(30% DOWN, AND LOW MONTHLY PAYMENTS)
Delightful Village of 6 Residences, with 3 stand-alone Homes, 1 attached home, 2 Townhome-style units, and 2 outbuildings. All this on a large garden parcel with ample yards and plenty of off-street parking on a prime Mid-County location!
The Original 3 BR/2 Bath Home sits back from Mission Dr behind a charming entry pergola and picket-fenced front yard with a lush garden. In its large backyard is an outbuilding with potential for conversion to an ADU.
Next down the driveway are de 2 Townhouse-style units plus the attached Home, each with private backyards. The Townhouse-style units each have 2-story 2/1.5 985 SF floorplans and the attached Home has a 2/1 single-level 830 SF floorplan with an adjacent garage that offers the potential to expand to a 3/2 of 1030 SF.
At the back of the property are the final 2 standalone Homes, each of which has an attached garage offering room to add another bedroom and bath.
One has a 2/1 floorplan in 911 SF, expandable to 1111 SF, and the other has a 2/1.5 floorplan in 982 SF, expandable to 1182 SF plus an outbuilding with potential for conversion to yet another ADU.
Research shows the Market GSI estimate at $288,400 as-is, with an upside if you convert the garages to bedroom suites and outbuilding to ADUs.
Additional opportunities abound with a tentative map and TIC docs ready to file, or the possibility of doing a 4-split to sell off the back 3 Homes (each of which are separately metered for water, gas, and electric) as de minimus PUD dwellings to new owners, and keep the front Home and 2 Townhouse-style units as a free and clear investment after using the sales proceeds to pay off your loan.
Property Facts
| Price | $2,975,000 | Property Subtype | Apartment |
| Price Per Unit | $495,833 | Apartment Style | Garden |
| Sale Type | Investment | Building Class | C |
| Cap Rate | 4.44% | Building Size | 5,672 SF |
| Gross Rent Multiplier | 15.64 | No. Stories | 1 |
| No. Units | 6 | Year Built | 1975 |
| Property Type | Multifamily |
| Price | $2,975,000 |
| Price Per Unit | $495,833 |
| Sale Type | Investment |
| Cap Rate | 4.44% |
| Gross Rent Multiplier | 15.64 |
| No. Units | 6 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Building Size | 5,672 SF |
| No. Stories | 1 |
| Year Built | 1975 |
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Bike Score ®
Biker's Paradise (97)
zoning
| Zoning Code | RM-3 (Mixed Housing Type Residential) |
| RM-3 (Mixed Housing Type Residential) |
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Delightful Village of 6 Residences! | 3230 Mission Dr
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