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344 Pennsylvania Dr 8 Unit Apartment Building $4,300,000 ($537,500/Unit) 6.78% Cap Rate Watsonville, CA 95076
Investment Highlights
- Complete 2025 Studs-Out Renovation
- Desirable Unit Mix and High-Demand Location
- Strong In-Place Income with Market Rents
Executive Summary
This property is an exceptional 8-unit investment opportunity in Watsonville. This well-maintained property features seven 2-bedroom, 1-bath units and one 3-bedroom, 2-bath unit, offering strong tenant appeal and a proven rental history. Completely renovated in 2025, this property was fully renovated, built from the studs out with extensive upgrades including new drywall, plumbing, electrical systems, new roofs, modern kitchens with gas cook tops, quartz counter tops, and new cabinetry. Beautifully updated bathrooms with tub and over head showers. Bedrooms are ample sized with large closet area. Built -in storage cabinets in hallway. Luxury plank flooring (LPF) throughout all units. Ground floors have individuals private back yards of various sizes. Upper units have balconies. Features and conditions attract strong rentals. Conveniently located distance to Target, Home Depot, shopping, dining, and everyday amenities. The property also benefits from an elementary school right on the corner and easy access to downtown Watsonville and HWY 17 For investors seeking a turnkey asset with significant capital improvements already completed, this is a rare opportunity to acquire a fully renovated, income-producing property in a highly desirable location. All units are at current market rates with all utilities paid by tenants.
Financial Summary (Actual - 2025) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| 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 (Actual - 2025) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| 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 | $4,300,000 | Property Subtype | Apartment |
| Price Per Unit | $537,500 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.30 AC |
| Cap Rate | 6.78% | Building Size | 6,048 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 13.17 | No. Stories | 2 |
| No. Units | 8 | Year Built/Renovated | 1965/2025 |
| Property Type | Multifamily | Parking Ratio | 1.32/1,000 SF |
| Zoning | RM-3 (Medium Density Resi - RM-3 Medium Density Residential zoning allows multifamily residential use in an established Watsonville neighborhood with strong rental demand. | ||
| Price | $4,300,000 |
| Price Per Unit | $537,500 |
| Sale Type | Investment |
| Cap Rate | 6.78% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 13.17 |
| No. Units | 8 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.30 AC |
| Building Size | 6,048 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built/Renovated | 1965/2025 |
| Parking Ratio | 1.32/1,000 SF |
| Zoning | RM-3 (Medium Density Resi - RM-3 Medium Density Residential zoning allows multifamily residential use in an established Watsonville neighborhood with strong rental demand. |
Amenities
- Smoke Detector
Unit Amenities
- Heating
- Eat-in Kitchen
- Kitchen
- Refrigerator
- Oven
- Stainless Steel Appliances
- Range
- Tub/Shower
- Double Pane Windows
- Family Room
- Vinyl Flooring
Site Amenities
- Trash Pickup - Curbside
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 7 | $3,250 | 700 - 4,900 |
| 3+2 | 1 | $3,995 | 1,148 |
1 1
Fairly walkable
50/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 016-331-21-000 | Total Assessment | $2,142,000 |
| Land Assessment | $1,504,500 | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $637,500 | Tax Year | 2025 |
Property Taxes
Parcel Number
016-331-21-000
Land Assessment
$1,504,500
Improvements Assessment
$637,500
Total Assessment
$2,142,000
Annual Taxes
($1) ($0.00/SF)
Tax Year
2025
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344 Pennsylvania Dr
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