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516 Capitola Ave 3 Unit Apartment Building Offered at $1,199,000 at a 4.91% Cap Rate Capitola, CA 95010
Investment Highlights
- Value-Add Triplex with Multiple Income Stream
- Prime Capitola Location + 5-Unit Acquisition Opportunity
- MU-N Zoning with Future Potential
Executive Summary
A rare value-add opportunity in the heart of Capitola, just minutes from Capitola Village, the beach, restaurants, and shops. This versatile triplex features three units across two structures, offering multiple possibilities for investors, owner-occupants, or buyers seeking a Capitola second home with rental income. The front building includes a 1-bedroom/1-bath unit and studio/1-bath unit, while a detached 2-bedroom/1-bath residence sits privately toward the rear. The rear unit features in-unit laundry and will be delivered vacant, creating an opportunity to renovate and make it your own while generating income from the other two units. Each unit has its own off-street parking space. Zoned MU-N (Mixed Use, Neighborhood), the property offers intriguing potential for future improvements or redevelopment, subject to City approval. Build equity through renovation, explore the property's longer-term possibilities, or reposition a well-located investment. Adjacent 2-unit property also available, creating a rare opportunity to acquire 5 units across two neighboring Capitola properties.
Financial Summary (Pro Forma - 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 (Pro Forma - 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
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $1,600 | 300 |
| 1+1 | 1 | $1,905 | 436 |
| 2+1 | 1 | $3,500 | 763 |
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Moderately walkable
60/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
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