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21661 E Cliff Dr 31 Unit Apartment Building $11,470,000 ($370,000/Unit) 5.90% Cap Rate Santa Cruz, CA 95062
INVESTMENT HIGHLIGHTS
- Ideal Santa Cruz beach and downtown location
- Upside in rents, historically high occupancy rate
- Property Rent quickly and fully occupied
- 31 functioning units combination of 2 Beds, 1 Bed and Studios, all 1 Bath
EXECUTIVE SUMMARY
This garden-style complex features 31 units across 8 buildings, with a mix of 1- and 2-bedroom,1-bath units, and studios.
The property offers excellent walkability and bike ability, situated in close proximity to area beaches, East Cliff Drive, Santa
Cruz Harbor, and Pleasure Point.
The owners have recently completed renovations, including repair work, roofing, landscaping, and flooring between
turnovers. This presents an ideal opportunity for an owner/user or an investor to acquire a well-located apartment property
with income upside potential through unit renovations and allowable rent increases.
The property is a short distance from the Santa Cruz Beach Boardwalk, Santa Cruz Wharf, and the renowned Cowells
Beach surf spot. It also includes coin-operated laundry on-site and offers great upside potential with the new downtown
Santa Cruz renovation and redevelopment projects currently underway.
The property offers excellent walkability and bike ability, situated in close proximity to area beaches, East Cliff Drive, Santa
Cruz Harbor, and Pleasure Point.
The owners have recently completed renovations, including repair work, roofing, landscaping, and flooring between
turnovers. This presents an ideal opportunity for an owner/user or an investor to acquire a well-located apartment property
with income upside potential through unit renovations and allowable rent increases.
The property is a short distance from the Santa Cruz Beach Boardwalk, Santa Cruz Wharf, and the renowned Cowells
Beach surf spot. It also includes coin-operated laundry on-site and offers great upside potential with the new downtown
Santa Cruz renovation and redevelopment projects currently underway.
DATA ROOM Click Here to Access
- Offering Memorandum
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
FINANCIAL SUMMARY (ACTUAL - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
PROPERTY FACTS
| Price | $11,470,000 | Apartment Style | Garden |
| Price Per Unit | $370,000 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.63 AC |
| Cap Rate | 5.90% | Building Size | 13,688 SF |
| No. Units | 31 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built/Renovated | 1948/2023 |
| Zoning | VA - VA-Visitor Accommodation | ||
| Price | $11,470,000 |
| Price Per Unit | $370,000 |
| Sale Type | Investment |
| Cap Rate | 5.90% |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 13,688 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1948/2023 |
| Zoning | VA - VA-Visitor Accommodation |
AMENITIES
UNIT AMENITIES
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Office
SITE AMENITIES
- Laundry Facilities
- Recycling
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| Studios | 16 | $1,950 | - |
| 1+1 | 8 | $2,230 | - |
| 2+1 | 7 | $2,650 | - |
Walk Score®
Very Walkable (74)
Bike Score®
Very Bikeable (87)
PROPERTY TAXES
| Parcel Number | 028-164-13-000 | Total Assessment | $7,901,755 (2025) |
| Land Assessment | $5,412,161 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $2,489,594 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
028-164-13-000
Land Assessment
$5,412,161 (2025)
Improvements Assessment
$2,489,594 (2025)
Total Assessment
$7,901,755 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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21661 E Cliff Dr
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