Elan Multifamily Investments is pleased to offer Kahale Court located at 708 Riverside Avenue, Santa Cruz.
Kahale Court offers the investor the opportunity to acquire a 4-unit property in a historically strong rental market. The building offers (2) one bedroom/one bath units and (2) two bedroom/1 bath units. Sub-metering for gas and electric is underway to be completed with permits. This project alone will save the buyer $12,000 per year. Recent improvements and tenant amenities include freshly painted exterior, 4 on-site parking spaces, shared garage for extra storage, new gutters. “Smart” laundry machines allow the tenants the freedom of paying from an application on their phone or using coins. The spacious unit interiors feature a combination of woodgrain vinyl laminate flooring, tile, or carpeting, custom two-tone interior paint, window blinds and large windows for natural lighting. The outdoor porch provides a peaceful setting for a relaxing afternoon. Tenants can try their hand at gardening this Spring with the addition of 2 new gardening boxes.
Subject property is located just minutes away from Downtown Santa Cruz, offering over 100 shopping, dining and entertainment options. Located less than 1 mile away is Santa Cruz Beach Boardwalk & Wharf founded in 1907, California's oldest surviving amusement park and the last remaining seaside amusement park on the West Coast of the United States.
Santa Cruz’ recent industry growth has resulted in new and proposed development plans to include a fully entitled mixed-use high-density development downtown at 555 Pacific Avenue which consists of a 4-story building with 94 residential units and 4 commercial units. New to the area is Fairfield Inn & Suites by Marriott. The anticipated development at the site of the historic La Bahia is scheduled to begin this Summer resulting in a 165-room hotel with event/meeting space, two restaurants, pool, spa, and 244 on-site parking spaces.
Santa Cruz has created a market that’s distinctly different from those in the nearby Silicon Valley and San Francisco Bay area. The natural features and small-town appeal encourage a boutique market for entrepreneurs and business owners who seek a lifestyle that really has it all; and a community eager to support local businesses.
