2651-2661 Fresno St 8 Unit Apartment Building For Sale Santa Cruz, CA 95062

AN EXCELLENT OPPORTUNITY WHETHER A DEVELOPER OR AN INVESTOR. 2651–2661 Fresno Street is a rare jewel in the heart of Santa Cruz’s coveted 26th Ave neighborhood, just 0.3 miles from the beach and surrounded by the coastal lifestyle that makes this pocket so desirable.
For a developer, few coastal development sites in Santa Cruz offer what 2651–2661 Fresno Street delivers: a clear path to entitlement, a completed Feasibility Study, and in-place income to offset carrying costs while approvals are pursued.
A completed Feasibility Study has identified a 13-unit townhouse configuration as the optimal development concept for this approximately 30,000 square foot parcel, utilizing State Density Bonus Law.
What makes this site especially rare is the ability to control an income-producing coastal land position while entitlements are pursued. The property currently generates over $26,000 per month from eight updated, fully leased two-bedroom residences, creating a compelling bridge between today's stabilized cash flow and tomorrow's redevelopment potential. Few sites in this market offer a developer the flexibility to pursue approvals without carrying a dormant asset.
A future owner may choose to secure entitlements and sell the project as a packaged, permitted opportunity, or proceed directly with construction to capture the full development upside. In either path, Fresno Street presents a scarce opportunity to pair near-term income with long-term value creation in one of Santa Cruz's most supply-constrained beach-adjacent locations.
Current Income: Over $26,000 per month
Location: Pleasure Point Area, Santa Cruz, California
Parcel Size: Approximately 30,000 Square Feet
Existing Use: Eight Two-Bedroom Residences - Fully Leased
Feasibility Study: 13-Unit Townhouse Configuration Identified
Density Bonus: State Density Bonus Law Applicable
Entitle the land. Capture the upside
For an investor, rarely does an Investor have the opportunity to acquire both cash flow and meaningful future development potential in a single acquisition.
Located at 2651–2661 Fresno Street in the Pleasure Point area of Santa Cruz, this fully leased eight-unit property generates over $26,000 per month in rental income from an exclusively two-bedroom unit mix, a configuration that commands consistent demand in one of California's most supply-constrained coastal rental markets. The property features updated kitchens and bathrooms, private fenced yards for each apartment, a large shared common area with seating and a fire pit, fresh exterior paint, new landscaping, separate gas and electric meters, two app-operated laundry rooms, eight carports, and ten onsite parking spaces.
For the cash-flow Investor, the opportunity begins with income, proven demand, and exceptional beach proximity. For the strategic Investor, the opportunity extends well beyond today's rent roll.
A completed Feasibility Study identifies future entitlement and development potential on an approximately 30,000 square foot parcel, creating a path to increase density, enhance value, and capitalize on California's continuing housing shortage. A future owner may elect to pursue entitlements and resell the property as a more valuable packaged opportunity, or move forward with development directly to capture that added value.
This is not simply a multi-family investment. It is an income-producing asset with a second layer of value hidden beneath the surface.
Current Income: Over $26,000 per month
Location: Pleasure Point Area, Santa Cruz, California
Parcel Size: Approximately 30,000 Square Feet
Unit Mix: Eight Two-Bedroom Residences - Fully Leased
Future Potential:Entitlement and Development Opportunities Identified Through Feasibility Analysis
Income today. Optionality tomorrow.