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21661 E Cliff Dr 31 Unit Apartment Building $11,470,000 ($370,000/Unit) 6.10% 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 - 2025) 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 - 2025) 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 | 6.10% | Building Size | 26,186 SF |
| Gross Rent Multiplier | 13 | Average Occupancy | 100% |
| No. Units | 31 | No. Stories | 2 |
| Property Type | Multifamily | Year Built/Renovated | 1948/2024 |
| Property Subtype | Apartment | ||
| Zoning | VA - VA-Visitor Accommodation | ||
| Price | $11,470,000 |
| Price Per Unit | $370,000 |
| Sale Type | Investment |
| Cap Rate | 6.10% |
| Gross Rent Multiplier | 13 |
| No. Units | 31 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.63 AC |
| Building Size | 26,186 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1948/2024 |
| Zoning | VA - VA-Visitor Accommodation |
Amenities
Unit Amenities
- Washer/Dryer
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Office
Site Amenities
- 24 Hour Access
- Controlled Access
- Laundry Facilities
- Tenant Controlled HVAC
- Recycling
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 16 | $2,400 | - |
| 1+1 | 8 | $2,650 | - |
| 2+1 | 7 | $2,950 | - |
Fairly walkable
40/100
Exceptionally drivable
100/100
Some public transit
40/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 028-164-13-000 | Total Assessment | $7,901,755 |
| Land Assessment | $5,412,161 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $2,489,594 | Tax Year | 2025 |
Property Taxes
Parcel Number
028-164-13-000
Land Assessment
$5,412,161
Improvements Assessment
$2,489,594
Total Assessment
$7,901,755
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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Contact the Sale Advisor
21661 E Cliff Dr