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Evergreen Apartments 50 Hollow View Ln 37 Unit Apartment Building $14,500,000 ($391,892/Unit) 5.80% Cap Rate Watsonville, CA 95076
INVESTMENT HIGHLIGHTS
- A mix of two- and three-bedroom units featuring a balcony or patio, wood-style flooring and carpeting, and garbage disposal.
- Property has a Regulatory Agreement with City of Watsonville Redevelopment Agency covering 37 units - current contract runs through July 31, 2064.
- Property is offered free and clear of current financing, and multiple years of interest only financing is available.
- Community amenities include an on-site laundry facility, playground, basketball court, leasing office, controlled access, and security cameras
- Property receives a 100% California Welfare real estate tax exemption.
- Evergreen Apartments is a 10-minute drive southeast from Watsonville Municipal Airport.
EXECUTIVE SUMMARY
CBRE, as the exclusive advisor, is pleased to present the opportunity to acquire Evergreen Apartments (the “Property”), a 37-unit low density housing community located in Watsonville, CA. Completed in 1988 and entirely comprised of two- and three-bedroom units, the Property is situated in the severely supply-constrained Santa Cruz region. As a well-maintained community in a high-barrier-to-entry market with immediate positive leverage, Evergreen Apartments is a limited risk investment providing an investor strong and durable cash flow.
PROPERTY FACTS
| Price | $14,500,000 | Building Class | C |
| Price Per Unit | $391,892 | Lot Size | 2.15 AC |
| Sale Type | Investment | Building Size | 37,037 SF |
| Cap Rate | 5.80% | Average Occupancy | 100% |
| No. Units | 37 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1988 |
| Property Subtype | Apartment | Parking Ratio | 2.43/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RM-3 - Multiple Residential-High Density | ||
| Price | $14,500,000 |
| Price Per Unit | $391,892 |
| Sale Type | Investment |
| Cap Rate | 5.80% |
| No. Units | 37 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 2.15 AC |
| Building Size | 37,037 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1988 |
| Parking Ratio | 2.43/1,000 SF |
| Zoning | RM-3 - Multiple Residential-High Density |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Balcony
- Heating
- Kitchen
- Granite Countertops
- Oven
- Range
- Tub/Shower
- Carpet
- Family Room
- Freezer
- Patio
- Vinyl Flooring
SITE AMENITIES
- 24 Hour Access
- Controlled Access
- Playground
- Gated
- Basketball Court
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+2 | 1 | - | 875 |
| 3+2 | 36 | - | 1,001 |
Walk Score®
Very Walkable (85)
Bike Score®
Very Bikeable (82)
PROPERTY TAXES
| Parcel Number | 018-111-45-000 | Improvements Assessment | $3,570,000 |
| Land Assessment | $5,712,000 | Total Assessment | $9,282,000 |
PROPERTY TAXES
Parcel Number
018-111-45-000
Land Assessment
$5,712,000
Improvements Assessment
$3,570,000
Total Assessment
$9,282,000
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Evergreen Apartments | 50 Hollow View Ln
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