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3500 Paul Sweet Rd - 3500 Paul Sweet Rd 0.52 Acres of Residential Land in Santa Cruz, CA 95065
Executive Summary
Northmarq is pleased to present the Paul Sweet Road Development Site, a rare ±0.58-acre multifamily development opportunity located in the Live Oak neighborhood of Santa Cruz County, California. One of the Central Coast’s most sought-after communities, Live Oak pairs Santa Cruz’s coastal lifestyle and amenities with a quieter, more residential character, while the site’s position just off Highway 1 near the Dominican Hospital medical corridor enhances access, visibility, and long-term rental demand. With a planning application submitted and Staff recommendation for approval of a 105-unit multifamily project, the site offers buyers a defined path to deliver new housing in one of Northern California’s most supplyconstrained rental markets.
Santa Cruz has one of the clearest multifamily demand stories on the California coast, driven by high rental rates, limited attainable for-sale housing, and a deep renter base spanning local workers, students, and remote professionals. At the same time, the County is under significant pressure to permit thousands of new homes the end of 2031, reinforcing the value of well-located infill sites that can help address a persistent housing shortage. Paul Sweet Road represents an opportunity to pursue meaningful multifamily scale in a market where developable land is scarce, barriers to entry are high, and new multifamily supply has consistently failed to keep pace with demand.
Anchored by UC Santa Cruz, Dominican Hospital, and continued migration from Bay Area residents seeking a coastal lifestyle, Santa Cruz benefits from durable rental demand and a compelling long-term growth story. The Paul Sweet Road Development Site offers buyers a rare opportunity to deliver much-needed multifamily housing into a high-demand coastal market with limited competitive supply, strong underlying fundamentals, and a scarcity profile that further distinguishes Santa Cruz as one of California’s most attractive infill rental markets.
Santa Cruz has one of the clearest multifamily demand stories on the California coast, driven by high rental rates, limited attainable for-sale housing, and a deep renter base spanning local workers, students, and remote professionals. At the same time, the County is under significant pressure to permit thousands of new homes the end of 2031, reinforcing the value of well-located infill sites that can help address a persistent housing shortage. Paul Sweet Road represents an opportunity to pursue meaningful multifamily scale in a market where developable land is scarce, barriers to entry are high, and new multifamily supply has consistently failed to keep pace with demand.
Anchored by UC Santa Cruz, Dominican Hospital, and continued migration from Bay Area residents seeking a coastal lifestyle, Santa Cruz benefits from durable rental demand and a compelling long-term growth story. The Paul Sweet Road Development Site offers buyers a rare opportunity to deliver much-needed multifamily housing into a high-demand coastal market with limited competitive supply, strong underlying fundamentals, and a scarcity profile that further distinguishes Santa Cruz as one of California’s most attractive infill rental markets.
Property Facts
| Sale Type | Investment | Property Subtype | Residential |
| No. Lots | 1 | Proposed Use | Multifamily |
| Property Type | Land | Total Lot Size | 0.52 AC |
| Zoning | RF - Proposed Zoning: RF - Residential Flex | ||
| Sale Type | Investment |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Multifamily |
| Total Lot Size | 0.52 AC |
| Zoning | RF - Proposed Zoning: RF - Residential Flex |
1 Lot Available
Lot
| Lot Size | 0.52 AC |
| Lot Size | 0.52 AC |
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
20/100
Moderately bikeable
70/100
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