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2651-2661 Fresno St 8 Unit Apartment Building $4,245,000 ($530,625/Unit) 4.61% Cap Rate Santa Cruz, CA 95062
Investment Highlights
- Fully leased property with eight updated residential units delivering over $26,000 in monthly rental income
- Upgraded interiors include modernized kitchens and bathrooms for long-term tenant appeal and reduced maintenance needs
- Feasibility study outlines a potential 13-unit townhouse redevelopment concept under State Density Bonus provisions
- Located just 0.3 miles from Santa Cruz beaches within the highly sought-after 26th Avenue neighborhood
- Redevelopment flexibility offers options for entitlement, construction, or maintaining as an income-producing asset
- Large shared common area with seating and a fire pit
Executive Summary
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 & surrounded by the coastal lifestyle that makes this pocket so desirable. For a developer, the opportunity is exceptional: feasibility study recommends redevelopment into 3-story townhomes, w/ Option A identifying a 13-unit townhouse concept utilizing State Density Bonus Laws. While pursuing entitlements, the property offers the rare advantage of in-place income, generating $26,000+ per month from 8 updated, fully leased residential units. For an investor, the existing asset is equally compelling. The upside or future opportunity to secure cash flow & retain the upside to sell, entitle or develop for value add. The property has updated kitchens & baths, private fenced-in yards, large common area w/ chairs & fire pit, fresh exterior paint & new landscaping, separate gas & electrical meters, 2 laundry rooms w/ app-operated payment, 8 carports & 10 onsite parking. In a market defined by limited housing supply, strong rental demand & exceptional beach proximity, Fresno Street offers immediate income today w/ a seductive path toward future upside tomorrow. Enjoy!
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 & surrounded by the coastal lifestyle that makes this pocket so desirable. For a developer, the opportunity is exceptional: feasibility study recommends redevelopment into 3-story townhomes, w/ Option A identifying a 13-unit townhouse concept utilizing State Density Bonus Laws. While pursuing entitlements, the property offers the rare advantage of in-place income, generating $26,000+ per month from 8 updated, fully leased residential units. For an investor, the existing asset is equally compelling. The upside or future opportunity to secure cash flow & retain the upside to sell, entitle or develop for value add. The property has updated kitchens & baths, private fenced-in yards, large common area w/ chairs & fire pit, fresh exterior paint & new landscaping, separate gas & electrical meters, 2 laundry rooms w/ app-operated payment, 8 carports & 10 onsite parking. In a market defined by limited housing supply, strong rental demand & exceptional beach proximity, Fresno Street offers immediate income today w/ a seductive path toward future upside tomorrow. Enjoy!
Data Room Click Here to Access
- Offering Memorandum
- Market Information
- Operating and Financials
- Third Party Reports
- Title and Insurance
- Miscellaneous
Financial Summary (Pro Forma - 2026) 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 (Pro Forma - 2026) 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 | $4,245,000 | Apartment Style | Low-Rise |
| Price Per Unit | $530,625 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.69 AC |
| Cap Rate | 4.61% | Building Size | 6,656 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 13.21 | No. Stories | 2 |
| No. Units | 8 | Year Built/Renovated | 1970/2018 |
| Property Type | Multifamily | Parking Ratio | 2.7/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Zoning | RM-5 - Residential Multi-Family | ||
| Price | $4,245,000 |
| Price Per Unit | $530,625 |
| Sale Type | Investment |
| Cap Rate | 4.61% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 13.21 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.69 AC |
| Building Size | 6,656 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1970/2018 |
| Parking Ratio | 2.7/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM-5 - Residential Multi-Family |
Amenities
- Smoke Detector
Unit Amenities
- Storage Space
- Washer/Dryer
- Heating
- Tile Floors
- Double Vanities
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Tub/Shower
- Carpet
- Yard
- Double Pane Windows
- Family Room
- Patio
- Smoke Free
- Quartz Countertops
Site Amenities
- Courtyard
- Fenced Lot
- Laundry Facilities
- Gated
- Recycling
- Smoke Free
- Trash Pickup - Curbside
- Storage Space
- Individual Leases Available
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 8 | $3,288 | 832 |
Fairly walkable
40/100
Exceptionally drivable
90/100
Limited public transit
20/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 028-263-50-000 | Total Assessment | $4,866,725 (2025) |
| Land Assessment | $3,007,527 (2025) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $1,859,198 (2025) | Tax Year | 2026 Payable 2026 |
Property Taxes
Parcel Number
028-263-50-000
Land Assessment
$3,007,527 (2025)
Improvements Assessment
$1,859,198 (2025)
Total Assessment
$4,866,725 (2025)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2026 Payable 2026
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2651-2661 Fresno St
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