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806 Ocean St 6,200 SF Retail Building Santa Cruz, CA 95060 $2,950,000 ($475.81/SF) 2.85% Cap Rate
Investment Highlights
- Located at a high-traffic intersection in Santa Cruz with strong visibility.
- Zoned MU-VH, allowing for mixed-use, high-density development opportunities.
- Surrounded by major retailers, hospitality, and UC Santa Cruz, ensuring strong demand.
- Positioned within the Santa Cruz Opportunity Zone, offering potential tax benefits.
- Current tenant on a short-term NNN lease, providing flexibility for future plans.
- Easy access to major highways and thoroughfares, including Highway 1 and Highway 17.
Executive Summary
806 Ocean Street presents a rare investment opportunity in the heart of Santa Cruz, located at one of the city’s busiest intersections. The property sits on a 0.47-acre parcel within the Santa Cruz Opportunity Zone, offering significant tax advantages for investors. Zoned MU-VH (Mixed Visual High Density), the site supports a wide range of redevelopment options, including mixed-use commercial and residential projects.
The existing structure is a 6,508 SF retail/office building currently occupied under a short-term NNN lease, generating $84,000 in annual NOI. With under-market rent and no renewal options, the property provides immediate upside for repositioning or redevelopment. Surrounding amenities include major retailers, hospitality venues, and UC Santa Cruz, creating strong demand drivers. High traffic counts and excellent visibility enhance the long-term value proposition for investors seeking a prime location in a growing coastal market.
The existing structure is a 6,508 SF retail/office building currently occupied under a short-term NNN lease, generating $84,000 in annual NOI. With under-market rent and no renewal options, the property provides immediate upside for repositioning or redevelopment. Surrounding amenities include major retailers, hospitality venues, and UC Santa Cruz, creating strong demand drivers. High traffic counts and excellent visibility enhance the long-term value proposition for investors seeking a prime location in a growing coastal market.
Property Facts
Sale Type
Investment or Owner User
Sale Condition
Redevelopment Project
Property Type
Retail
Building Size
6,200 SF
Building Class
B
Year Built
1929
Price
$2,950,000
Price Per SF
$475.81
Cap Rate
2.85%
NOI
$84,000
Tenancy
Single
Building Height
1 Story
Building FAR
0.31
Lot Size
0.46 AC
Zoning
MU-VH - MU-VH (Mixed-Use Visitor-Serving High-Density)
Parking
22 Spaces (3.55 Spaces per 1,000 SF Leased)
Moderately walkable
60/100
Exceptionally drivable
100/100
Good public transit
70/100
Exceptionally bikeable
90/100
Nearby Major Retailers
Property Taxes
| Parcel Number | 008-331-48-000 | Improvements Assessment | $866,888 |
| Land Assessment | $895,112 | Total Assessment | $1,762,000 |
Property Taxes
Parcel Number
008-331-48-000
Land Assessment
$895,112
Improvements Assessment
$866,888
Total Assessment
$1,762,000
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806 Ocean St
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