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851-857 41st Ave 4,731 SF 100% Leased Retail Building Santa Cruz, CA 95062 $4,400,000 ($930.04/SF) 4.92% Cap Rate
EXECUTIVE SUMMARY
Mixed Use trophy asset located on 41st Ave in Santa Cruz's Pleasure Point neighborhood. Two commercial tenants, Zameen at the Point and Parlour Salon occupy the ground floor, with 10 and 7 years respectively remaining on their leases, eliminating risk of a commercial vacancy. Upstairs are three residential apartment, all currently on short-term leases. Upside potential lies within the use of the apartments for a Buyer or maximizing the return from the residential units. Rare on-site parking located in the rear of the building with additional storage units.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
4,731 SF
Building Class
B
Year Built/Renovated
1963/2016
Price
$4,400,000
Price Per SF
$930.04
Cap Rate
4.92%
NOI
$216,480
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
0.60
Lot Size
0.18 AC
Opportunity Zone
Yes
Zoning
C-2
Parking
16 Spaces (3.38 Spaces per 1,000 SF Leased)
Frontage
82’ on 41st Ave
AMENITIES
- Signage
Walk Score®
Very Walkable (84)
Bike Score®
Biker's Paradise (98)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 032-061-15-000 | Improvements Assessment | $596,118 |
| Land Assessment | $1,442,221 | Total Assessment | $2,038,339 |
PROPERTY TAXES
Parcel Number
032-061-15-000
Land Assessment
$1,442,221
Improvements Assessment
$596,118
Total Assessment
$2,038,339
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851-857 41st Ave
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