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CAPITOLA GEM! 208 Terrace Way 5 Unit Apartment Building $2,749,000 ($549,800/Unit) 4.25% Cap Rate Capitola, CA 95010
Executive Summary
Located in the heart of Capitola Village by the Sea, this rare 5-unit Cape Cod–style apartment property offers a highly desirable coastal living experience in an area dominated by vacation rentals and single-family homes. The property features ocean views and an unbeatable walkable location—just steps to shops and restaurants and a short stroll to the beach—creating a true year-round resort lifestyle.
The flexible layout allows for multiple use strategies: an owner could occupy the two upper units as a private residence while generating income from the three ground-floor units, or lease all five units for maximum cash flow. The property has been well maintained, with interiors renovated in 2019, and is offered fully furnished for immediate occupancy or rental.
Opportunities like this are infrequent in Capitola Village, where demand remains strong and vacancy is minimal.
The flexible layout allows for multiple use strategies: an owner could occupy the two upper units as a private residence while generating income from the three ground-floor units, or lease all five units for maximum cash flow. The property has been well maintained, with interiors renovated in 2019, and is offered fully furnished for immediate occupancy or rental.
Opportunities like this are infrequent in Capitola Village, where demand remains strong and vacancy is minimal.
Property Facts
| Price | $2,749,000 | Apartment Style | Low-Rise |
| Price Per Unit | $549,800 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.10 AC |
| Cap Rate | 4.25% | Building Size | 3,072 SF |
| No. Units | 5 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1947 |
| Zoning | N/A | ||
| Price | $2,749,000 |
| Price Per Unit | $549,800 |
| Sale Type | Investment |
| Cap Rate | 4.25% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.10 AC |
| Building Size | 3,072 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1947 |
| Zoning | N/A |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Oven
- Range
Site Amenities
- 24 Hour Access
- Controlled Access
- Tenant Controlled HVAC
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 5 | - | - |
1 1
Moderately walkable
70/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 035-163-28-000 | Improvements Assessment | $740,724 |
| Land Assessment | $1,613,418 | Total Assessment | $2,354,142 |
Property Taxes
Parcel Number
035-163-28-000
Land Assessment
$1,613,418
Improvements Assessment
$740,724
Total Assessment
$2,354,142
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CAPITOLA GEM! | 208 Terrace Way
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