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603 Mission St 5,923 SF 100% Leased Office Building Santa Cruz, CA 95060 $2,700,000 ($455.85/SF) 4% Cap Rate
INVESTMENT HIGHLIGHTS
- Fantastic Location
EXECUTIVE SUMMARY
New zoning allows for multi-residential. Rare opportunity to own a piece of Santa Cruz History. Located on a highly visible corner on one of Santa Cruz's most well-traveled roads yet walking distance to downtown restaurants and shops. This spacious Victorian house is currently used as an office and is 4,623 Sq. Ft. plus 200 Sq. Ft. of storage space, includes 6 private offices as well as several meeting rooms and breakrooms. City will allow conversion into multi-family. In addition, there is a separate structure with a legal residential unit on second floor above the private office space offering a great opportunity for live/work or great rental income. Established history with therapy and professional office users and possible uses to include live/work, group home / transitional housing/recovery facility. A total of three parcels included and totaling over 18,000 Sq. Potential to merge lots for future development possibilities. Buyer to verify with City of Santa Cruz for residential and developmental possibilities.
FINANCIAL SUMMARY (PRO FORMA - 2024) |
ANNUAL | ANNUAL PER SF |
|---|---|---|
| Gross Rental Income |
$157,020
|
$26.51
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$157,020
|
$26.51
|
| Taxes |
$39,000
|
$6.58
|
| Operating Expenses |
$10,015
|
$1.69
|
| Total Expenses |
$49,015
|
$8.28
|
| Net Operating Income |
$108,005
|
$18.23
|
FINANCIAL SUMMARY (PRO FORMA - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $157,020 |
| Annual Per SF | $26.51 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $157,020 |
| Annual Per SF | $26.51 |
| Taxes | |
|---|---|
| Annual | $39,000 |
| Annual Per SF | $6.58 |
| Operating Expenses | |
|---|---|
| Annual | $10,015 |
| Annual Per SF | $1.69 |
| Total Expenses | |
|---|---|
| Annual | $49,015 |
| Annual Per SF | $8.28 |
| Net Operating Income | |
|---|---|
| Annual | $108,005 |
| Annual Per SF | $18.23 |
PROPERTY FACTS
Sale Type
Investment or Owner User
Property Type
Building Size
5,923 SF
Building Class
C
Year Built
1885
Price
$2,700,000
Price Per SF
$455.85
Cap Rate
4%
NOI
$108,005
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
1,500 SF
Slab To Slab
8’
Building FAR
0.33
Lot Size
0.41 AC
Zoning
N/A
Parking
17 Spaces (2.87 Spaces per 1,000 SF Leased)
1 1
Walk Score®
Very Walkable (89)
Bike Score®
Biker's Paradise (97)
PROPERTY TAXES
| Parcel Numbers | Total Assessment | $1,160,343 (2025) | |
| Land Assessment | $638,060 (2025) | Annual Taxes | $39,000 ($6.58/SF) |
| Improvements Assessment | $522,283 (2025) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
$638,060 (2025)
Improvements Assessment
$522,283 (2025)
Total Assessment
$1,160,343 (2025)
Annual Taxes
$39,000 ($6.58/SF)
Tax Year
2024
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603 Mission St
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