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236 Locust St 5 Unit Apartment Building $1,636,803 CAD ($327,361 CAD/Unit) 6.18% Cap Rate Watsonville, CA 95076
Investment Highlights
- Five Unit Complex - Lowest Priced 5+ unit complex in Santa Cruz County
- New Roofs April 2026 & new asphalt in 2023
- Remodeled in 2017
Executive Summary
Lowest priced 5-unit complex in Santa Cruz County. Great opportunity for investors looking for revenue & financial returns vs great neighborhoods. $109,000 in Scheduled Gross Income delivers profitable returns - 10.07 GRM and 6.35% cap rate on current rents at full price. Rents have not been increased in several years. All units were remodeled after purchase in 2017. The complex has 4 one-bedroom units and a studio. New roofs for all buildings are pending in the spring of 2026. All asphalt was redone in 2023. Future capital improvement costs are minimal for several years. The complex is close to downtown Watsonville and Highway One.
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$149,298
|
$48.29
|
| Other Income |
$11,743
|
$3.80
|
| Vacancy Loss |
$4,479
|
$1.45
|
| Effective Gross Income |
$156,562
|
$50.63
|
| Taxes |
$20,221
|
$6.54
|
| Operating Expenses |
$47,597
|
$15.39
|
| Total Expenses |
$67,818
|
$21.93
|
| Net Operating Income |
$88,744
|
$28.70
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $149,298 |
| Annual Per SF | $48.29 |
| Other Income (CAD) | |
|---|---|
| Annual | $11,743 |
| Annual Per SF | $3.80 |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | $4,479 |
| Annual Per SF | $1.45 |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $156,562 |
| Annual Per SF | $50.63 |
| Taxes (CAD) | |
|---|---|
| Annual | $20,221 |
| Annual Per SF | $6.54 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $47,597 |
| Annual Per SF | $15.39 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $67,818 |
| Annual Per SF | $21.93 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $88,744 |
| Annual Per SF | $28.70 |
Property Facts
| Price | $1,636,803 CAD | Apartment Style | Low-Rise |
| Price Per Unit | $327,361 CAD | Building Class | C |
| Sale Type | Investment | Lot Size | 0.20 AC |
| Cap Rate | 6.18% | Building Size | 2,300 SF |
| Sale Condition | 1031 Exchange | Average Occupancy | 100% |
| Gross Rent Multiplier | 10.87 | No. Stories | 1 |
| No. Units | 5 | Year Built/Renovated | 1963/2017 |
| Property Type | Multifamily | Parking Ratio | 2.17/1,000 SF |
| Property Subtype | Apartment | ||
| Zoning | N/A - R-1 | ||
| Price | $1,636,803 CAD |
| Price Per Unit | $327,361 CAD |
| Sale Type | Investment |
| Cap Rate | 6.18% |
| Sale Condition | 1031 Exchange |
| Gross Rent Multiplier | 10.87 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 2,300 SF |
| Average Occupancy | 100% |
| No. Stories | 1 |
| Year Built/Renovated | 1963/2017 |
| Parking Ratio | 2.17/1,000 SF |
| Zoning | N/A - R-1 |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 1 | $2,055 CAD | - |
| 1+1 | 4 | $2,671 CAD | - |
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Somewhat bikeable
30/100
Property Taxes
| Parcel Number | 017-162-17-000 | Total Assessment | $1,029,221 CAD |
| Land Assessment | $612,056 CAD | Annual Taxes | $20,221 CAD ($8.79 CAD/SF) |
| Improvements Assessment | $417,165 CAD | Tax Year | 2025 |
Property Taxes
Parcel Number
017-162-17-000
Land Assessment
$612,056 CAD
Improvements Assessment
$417,165 CAD
Total Assessment
$1,029,221 CAD
Annual Taxes
$20,221 CAD ($8.79 CAD/SF)
Tax Year
2025
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236 Locust St
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