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1450 Merrill St 9 Unit Apartment Building $4,444,960 CAD ($493,884 CAD/Unit) Santa Cruz, CA 95062
Investment Highlights
- Nine units near the beach in Santa Cruz County
- Recent improvements
- Historically low vacancy rate
- Quiet, well-maintained property
Executive Summary
1450 Merrill St, known as “Seadowns”, is a three-building, nine-unit property that has been owned by the seller for 26 years. It is in close proximity to area beaches, East Cliff Drive, Pleasure Point, the Santa Cruz Small Craft Harbor, Sunday Live Oak farmer's market, Simpkins Swim Center and many local restaurants. The property contains ample outdoor space, providing a peaceful living experience for the renters. The property provides excellent walkability and bikeability. It also has 11 parking spaces, including 5 covered carport spaces. The coin-operated laundry is rented by the owner.
The unit mix includes six 1-bedroom, 1-bath units (1-6) in the two-story building. Each of these six units has access to the outdoor space behind the building and has additional locked storage in the carport. Near the front of the property is a 2-bedroom, 1-bath unit (A) with a large fenced front yard, a 1 bedroom, 1-bath unit (B) with a fenced back yard and covered patio, and a stand-alone 2-bedroom, 1-bath unit (C).
The owner has completed recent improvements including a new sewer lateral, new roof on the carport and laundry area, and fumigation for termites. Between turnovers, the Landlord has also painted the units, and updated appliances and fixtures, and installed new carpets.
The unit mix includes six 1-bedroom, 1-bath units (1-6) in the two-story building. Each of these six units has access to the outdoor space behind the building and has additional locked storage in the carport. Near the front of the property is a 2-bedroom, 1-bath unit (A) with a large fenced front yard, a 1 bedroom, 1-bath unit (B) with a fenced back yard and covered patio, and a stand-alone 2-bedroom, 1-bath unit (C).
The owner has completed recent improvements including a new sewer lateral, new roof on the carport and laundry area, and fumigation for termites. Between turnovers, the Landlord has also painted the units, and updated appliances and fixtures, and installed new carpets.
Property Facts
| Price | $4,444,960 CAD | Building Class | C |
| Price Per Unit | $493,884 CAD | Lot Size | 0.29 AC |
| Sale Type | Investment | Building Size | 4,370 SF |
| No. Units | 9 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 2 |
| Property Subtype | Apartment | Year Built | 1956 |
| Apartment Style | Low-Rise | Parking Ratio | 2.52/1,000 SF |
| Zoning | RM-2.5 | ||
| Price | $4,444,960 CAD |
| Price Per Unit | $493,884 CAD |
| Sale Type | Investment |
| No. Units | 9 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.29 AC |
| Building Size | 4,370 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1956 |
| Parking Ratio | 2.52/1,000 SF |
| Zoning | RM-2.5 |
Amenities
- Smoke Detector
Unit Amenities
- Heating
- Kitchen
- Refrigerator
- Tub/Shower
- Carpet
- Yard
- Patio
- Porch
- Vinyl Flooring
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | - |
| 2+1 | 2 | - | - |
1 1
Fairly walkable
50/100
Exceptionally drivable
90/100
Limited public transit
30/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 027-273-02-000 | Improvements Assessment | $693,710 CAD |
| Land Assessment | $1,124,647 CAD | Total Assessment | $1,818,357 CAD |
Property Taxes
Parcel Number
027-273-02-000
Land Assessment
$1,124,647 CAD
Improvements Assessment
$693,710 CAD
Total Assessment
$1,818,357 CAD
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1450 Merrill St
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