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328 Ocean St 13 Unit Apartment Building $3,200,000 ($246,154/Unit) 5.61% Cap Rate Santa Cruz, CA 95060
Investment Highlights
- Main Street leading to the Santa Cruz Beach Boardwalk & beaches
- High daily traffic count
- Enjoys 100% occupancy last 25 years
- Ocean St. turns into the direct route to Highway 17 North and California Highway 1 South
- Walking distance to downtown, restaurants & services
Executive Summary
100% occupied for the last 25 years. Excellent rental and income history, with rent increases scheduled for April 2026 (see proforma numbers). The 13 apartments sit on two parcels favorably Zoned R-M with over 13,808.52 sq. ft; with seventeen marked parking spaces. Located on a major bus line, close to Santa Cruz Beach Boardwalk, Municipal Wharf and the downtown village of Santa Cruz. One (1) mile to Highway 17 and CA Highway 1 (PCH). These two (2) parcels could be developed to increase height and number of units according to city planning department. Parcel one APN 010-551-29 is 7,797.24 sq. ft. Parcel two APN 010-551-30 is 6,011 sq. ft.
This "Lower Ocean"neighborhood screams development and is going through a Renaissance period has beed and is going forward. We have other listings in this neighborhood: 338 Ocean St. zoned R-L a Victorian duplex on 17,076 sq. ft. lot. 433 Ocean St. Commercial corner lot, 80 rooms Hotel Solares, Santa Cruz , 319 Jessie St. zoned R-L * call Paul
This "Lower Ocean"neighborhood screams development and is going through a Renaissance period has beed and is going forward. We have other listings in this neighborhood: 338 Ocean St. zoned R-L a Victorian duplex on 17,076 sq. ft. lot. 433 Ocean St. Commercial corner lot, 80 rooms Hotel Solares, Santa Cruz , 319 Jessie St. zoned R-L * call Paul
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Pro Forma - 2026) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$292,017
|
$42.79
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$292,017
|
$42.79
|
| Taxes |
$34,200
|
$5.01
|
| Operating Expenses |
$78,140
|
$11.45
|
| Total Expenses |
$112,340
|
$16.46
|
| Net Operating Income |
$179,677
|
$26.33
|
Financial Summary (Pro Forma - 2026)
| Gross Rental Income | |
|---|---|
| Annual | $292,017 |
| Annual Per SF | $42.79 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $292,017 |
| Annual Per SF | $42.79 |
| Taxes | |
|---|---|
| Annual | $34,200 |
| Annual Per SF | $5.01 |
| Operating Expenses | |
|---|---|
| Annual | $78,140 |
| Annual Per SF | $11.45 |
| Total Expenses | |
|---|---|
| Annual | $112,340 |
| Annual Per SF | $16.46 |
| Net Operating Income | |
|---|---|
| Annual | $179,677 |
| Annual Per SF | $26.33 |
Property Facts
| Price | $3,200,000 | Building Class | C |
| Price Per Unit | $246,154 | Lot Size | 0.32 AC |
| Sale Type | Investment | Building Size | 6,825 SF |
| Cap Rate | 5.61% | Average Occupancy | 100% |
| No. Units | 13 | No. Stories | 1 |
| Property Type | Multifamily | Year Built | 1977 |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM - RM Multiple Residence, allowing for various multi-family housing types like duplexes, apartments, and dwelling groups, designed for denser projects | ||
| Price | $3,200,000 |
| Price Per Unit | $246,154 |
| Sale Type | Investment |
| Cap Rate | 5.61% |
| No. Units | 13 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.32 AC |
| Building Size | 6,825 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built | 1977 |
| Opportunity Zone |
Yes |
| Zoning | RM - RM Multiple Residence, allowing for various multi-family housing types like duplexes, apartments, and dwelling groups, designed for denser projects |
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | - | - |
| 1+1 | 4 | - | - |
| 2+1 | 3 | - | - |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Total Assessment | $1,322,191 (2025) | |
| Land Assessment | $886,384 (2025) | Annual Taxes | $34,200 ($5.01/SF) |
| Improvements Assessment | $435,807 (2025) | Tax Year | 2026 |
Property Taxes
Parcel Numbers
Land Assessment
$886,384 (2025)
Improvements Assessment
$435,807 (2025)
Total Assessment
$1,322,191 (2025)
Annual Taxes
$34,200 ($5.01/SF)
Tax Year
2026
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328 Ocean St
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