Chanticleer Commons 1584 Chanticleer Ave 15 Unit Apartment Building $7,250,000 ($483,333/Unit) 5.08% Cap Rate Santa Cruz, CA 95062

1584 Chanticleer Avenue presents a rare opportunity to acquire a distinctive 15-unit multifamily community in the highly desirable Live Oak neighborhood of Santa Cruz. Situated on approximately **1.41 acres (61,419 square feet)** in a quiet, private cul-de-sac near the intersection of **Chanticleer Avenue and Capitola Road**, this property offers a unique alternative to traditional apartment complexes with its single-story, townhome-style design.
The community consists of approximately **16,620 square feet** of improvements and includes:
* **(10)** Two-bedroom, one-bath residences, each approximately **1,204 square feet**
* **(5)** One-bedroom, one-bath residences, each approximately **844 square feet**
Unlike conventional apartment buildings, these spacious residences are designed to feel more like individual homes than apartments. **Every unit features its own private backyard**, creating an exceptional living environment rarely found in multifamily properties. **Units 1 through 14 each include an attached one-car garage, private laundry room, and dedicated parking space directly in front of the unit.** The garages may also present future value-add potential, as buyers may wish to investigate the possibility of converting them into additional living space or bedrooms, subject to verification with the appropriate governmental agencies and obtaining all required approvals and permits.
The property has been meticulously maintained throughout nearly **30 years of ownership**. The current owner has personally self-managed the property during that time, demonstrating how efficiently the asset can be operated while minimizing management expenses. Recent improvements include a **newer roof, vinyl dual-pane windows, fresh exterior paint**, and ongoing pride of ownership throughout the property.
One of the property's greatest strengths is its **exceptionally low turnover rate**. Because of its residential, home-like atmosphere, spacious floor plans, private outdoor areas, and attached garages, vacancies are rare. Many residents have called the community home for years, with several households representing **second-generation tenants**—a testament to the property's desirability and long-term stability.
Located directly across from **Live Oak Elementary School** and approximately **1.5 miles from Santa Cruz's renowned beaches**, the property offers an outstanding lifestyle in one of the region's most desirable rental markets. Families appreciate the convenience of having an elementary school just steps away, while residents enjoy quick access to Capitola Village, Pleasure Point, shopping, dining, parks, Highway 1, and the Monterey Bay coastline.
The property is zoned **RM-4** and benefits from an attractive expense structure. The **owner pays water, sewer, garbage, and landscaping**, while **tenants are responsible for their own gas and electricity**, helping control operating expenses.
This is an exceptional opportunity for investors seeking a stable, pride-of-ownership asset with minimal turnover and significant long-term upside. The property is equally well suited for an owner-operator who wishes to reside in one of the units while self-managing the community, eliminating third-party management costs and maximizing cash flow. Opportunities to acquire a multifamily property with this combination of location, design, tenant stability, and operational efficiency are exceptionally rare in the Santa Cruz market.
Explore the property via the property website and virtual tours.Links provided in this listing.
Offering Memorandum is available upon request.