Bought with Raeid Farhat • Raeid Farhat Real Estate Inc
$5,970,000
$6,500,000
8.2%For more information regarding the value of a property, please contact us for a free consultation.
9,294 SqFt
SOLD DATE : 09/02/2022
Key Details
Sold Price $5,970,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 9,294 sqft
Price per Sqft $642
MLS Listing ID ML81897332
Sold Date 09/02/22
HOA Y/N No
Year Built 2022
Lot Size 0.413 Acres
Property Sub-Type Other
Source Datashare MLSListings
Property Description
Priced below recent appraised 6/29/22 value. Fantastic multi-family investment opportunity. This unique 12-unit compound combines 8-existing 2br/1bth apartment units and 4-new detached sfr homes. Over $1.8m in recent capital improvements including state of the art Solar mini grid, existing unit renovations-some units, new parking lot paving, new paint, new private yard fencing, new landscaping, new laundry room. New homes have 7 yr warranty lowering any maintenance expenses or capital investments for new owner. Solid go in return 5.05% with demonstrated and huge- value add opportunity by updating remaining 6-2br apartments and bring to market at unit turn. Doing so would result in over a 6% Cap. Utilities are being billed back to tenants adding to owner income. This is a must see property for any Santa Cruz investor.
Location
State CA
County Santa Cruz
Interior
Heating Electric, Natural Gas, Wall Furnace
Cooling None
Fireplace No
Appliance Refrigerator
Laundry Coin Operated
Building
Lot Description Level
Water Public
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