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Castle Court Apartments 13 Units 328 Ocean St 13 Unit Apartment Building $2,995,000 ($230,385/Unit) 6% 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
Two Contiguous Parcels 13 TOTAL RENTAL UNITS. This property in this location could really be something more/as in more height 3-4 stories, more units, more income, more value.
328 Ocean St. 13 apartment units, 100% occupied for the last 25 years. Excellent rental income and NOI history. The 13 apartments sit on two parcels favorably Zoned R-M with over 13,808.52 sq. ft; with seventeen parking spaces. Located on major transportation corridor/bus line so, parking is not required if future units are added by going up 3-4 stories. Walk 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. 328 Ocean St. parcel one APN 010-551-29 is 7,797.24 sq. ft. Parcel two APN 010-551-30 is 6,011 sq. ft.
"Lower Ocean"neighborhood has and is going through a development renaissance, increasing property values.
328 Ocean St. 13 apartment units, 100% occupied for the last 25 years. Excellent rental income and NOI history. The 13 apartments sit on two parcels favorably Zoned R-M with over 13,808.52 sq. ft; with seventeen parking spaces. Located on major transportation corridor/bus line so, parking is not required if future units are added by going up 3-4 stories. Walk 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. 328 Ocean St. parcel one APN 010-551-29 is 7,797.24 sq. ft. Parcel two APN 010-551-30 is 6,011 sq. ft.
"Lower Ocean"neighborhood has and is going through a development renaissance, increasing property values.
Data Room Click Here to Access
- Operating and Financials
Financial Summary (Actual - 2025) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$325,668
|
$47.72
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$325,668
|
$47.72
|
| Taxes |
$38,120
|
$5.59
|
| Operating Expenses |
$78,140
|
$11.45
|
| Total Expenses |
$116,260
|
$17.03
|
| Net Operating Income |
$209,408
|
$30.68
|
Financial Summary (Actual - 2025)
| Gross Rental Income | |
|---|---|
| Annual | $325,668 |
| Annual Per SF | $47.72 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $325,668 |
| Annual Per SF | $47.72 |
| Taxes | |
|---|---|
| Annual | $38,120 |
| Annual Per SF | $5.59 |
| Operating Expenses | |
|---|---|
| Annual | $78,140 |
| Annual Per SF | $11.45 |
| Total Expenses | |
|---|---|
| Annual | $116,260 |
| Annual Per SF | $17.03 |
| Net Operating Income | |
|---|---|
| Annual | $209,408 |
| Annual Per SF | $30.68 |
Property Facts
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
Site Amenities
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 4 | $7,200 | 350 - 450 |
| 2+1 | 3 | $3,850 | 550 |
| Studios | 6 | $1,563 | 250 - 350 |
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 | |
| Land Assessment | $886,384 | Annual Taxes | $38,120 ($10.30/SF) |
| Improvements Assessment | $435,807 | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$886,384
Improvements Assessment
$435,807
Total Assessment
$1,322,191
Annual Taxes
$38,120 ($10.30/SF)
Tax Year
2025
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Castle Court Apartments 13 Units | 328 Ocean St