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Sunshine Village Apartments 2220 Chanticleer Ave 16 Unit Apartment Building $10,800,000 ($675,000/Unit) 3.30% Cap Rate Santa Cruz, CA 95062
Investment Highlights
- First time ever on the market
- Expansive 1.76 acre lot (76,666 square feet, approx.)
- Modern units with private yards, central heating and A/C, in-unit laundry
- 16 units, all 2 story Townhomes, built in 1998
- Significant Rental Upside and Development Potential
- Strong, supply constrained coastal market with high barriers to home-ownership creating large renter pool
Executive Summary
16 Spacious Townhomes. Expansive 1.76 Acre Rectangular Lot. Built in 1998. 1.5 Miles from the Beach. Strong development potential and significant rental upside. The Azucena Group of Marcus & Millichap is pleased to present the exclusive opportunity to acquire Spring Village, located at 2220 Chanticleer Avenue in the coastal city of Santa Cruz, California. The property is being offered for sale for the first time since its construction by the original developer. The property consists of (1) four-bed/two-bath townhouse, (3) three-bed/two-bath townhouses, (2) two-bed/two-bath townhouses with lofts, and (10) two-bed/two-bath townhouses. All homes are spacious two-story floor plans with private yards, in-unit laundry, 3:1 on-site parking and central A/C and heat. The large open spaces on also allow for the addition of more units/ADUs. Ideally positioned between Silicon Valley and Monterey Bay, Santa Cruz has become one of Northern California's most desirable residential and investment markets. The city's exceptional quality of life, coastal setting, and limited housing supply continue to drive strong demand for rental housing. With a median home sale price exceeding $1.4 million (as of May 2026), homeownership remains unattainable for many local residents due to high acquisition costs, constrained inventory, and persistent buyer competition.
Property Facts
| Price | $10,800,000 | Apartment Style | Garden |
| Price Per Unit | $675,000 | Building Class | B |
| Sale Type | Investment | Lot Size | 1.76 AC |
| Cap Rate | 3.30% | Building Size | 18,360 SF |
| Gross Rent Multiplier | 16.61 | Average Occupancy | 100% |
| No. Units | 16 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1998 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM-4 | ||
| Price | $10,800,000 |
| Price Per Unit | $675,000 |
| Sale Type | Investment |
| Cap Rate | 3.30% |
| Gross Rent Multiplier | 16.61 |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 1.76 AC |
| Building Size | 18,360 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1998 |
| Opportunity Zone |
Yes |
| Zoning | RM-4 |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Kitchen
- Wheelchair Accessible (Rooms)
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 4+3 | 1 | - | 1,400 |
| 3+2 | 2 | - | 1,200 |
| 2+2 | 3 | - | 1,140 |
| 2+2 | 10 | - | 1,180 |
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Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 029-042-10-000 | Improvements Assessment | $1,893,988 |
| Land Assessment | $803,282 | Total Assessment | $2,697,270 |
Property Taxes
Parcel Number
029-042-10-000
Land Assessment
$803,282
Improvements Assessment
$1,893,988
Total Assessment
$2,697,270
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Sunshine Village Apartments | 2220 Chanticleer Ave