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238 San Lorenzo Blvd 5 Unit Apartment Building $3,152,688 CAD ($630,538 CAD/Unit) 5.41% Cap Rate Santa Cruz, CA 95060
Investment Highlights
- Assumable loan at 3.25% interest with 2.5 years remaining offers immediate financing advantage.
- On-site parking and private storage units for each residence enhance tenant convenience.
- Prime location between Seabright, Downtown, and the Beach Boardwalk ensures consistent tenant demand.
- Five oversized 2-bedroom, 1-bath units with strong rental history and low vacancy.
- Shared laundry facilities generate additional income and operational efficiency.
- Walkable access to Santa Cruz Wharf, surf spots, dining, and entertainment.
Executive Summary
NEW PRICE! ASSUMABLE LOAN at 3.25% until April 2027! Located in one of Santa Cruz’s most dynamic rental corridors, 238 San Lorenzo Blvd presents a rare opportunity to acquire a stabilized, income-generating multifamily asset with assumable financing in place. The property consists of five oversized 2-bedroom, 1-bath units, each featuring abundant natural light, functional layouts, and strong tenant appeal. With consistent occupancy and a proven rental history, this asset is well-positioned for both immediate cash flow and long-term appreciation.
Strategically situated between the Seabright neighborhood, the Santa Cruz Beach Boardwalk, and Downtown Santa Cruz, the property benefits from exceptional walkability to retail, dining, entertainment, and coastal amenities. Residents enjoy proximity to the Santa Cruz Wharf, world-class surf breaks, and public transit, making this location highly desirable for both tenants and short-term guests.
Additional income is generated through on-site laundry facilities, and each unit is supported by dedicated parking and private storage. The property is currently encumbered by an assumable loan at 3.25% interest, with approximately 2.5 years remaining—offering a compelling financing advantage in today’s rate environment.
This is a turnkey investment opportunity in a supply-constrained market with strong rental demand and limited multifamily inventory.
Strategically situated between the Seabright neighborhood, the Santa Cruz Beach Boardwalk, and Downtown Santa Cruz, the property benefits from exceptional walkability to retail, dining, entertainment, and coastal amenities. Residents enjoy proximity to the Santa Cruz Wharf, world-class surf breaks, and public transit, making this location highly desirable for both tenants and short-term guests.
Additional income is generated through on-site laundry facilities, and each unit is supported by dedicated parking and private storage. The property is currently encumbered by an assumable loan at 3.25% interest, with approximately 2.5 years remaining—offering a compelling financing advantage in today’s rate environment.
This is a turnkey investment opportunity in a supply-constrained market with strong rental demand and limited multifamily inventory.
Financial Summary (Actual - 2024) Click Here to Access |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
-
|
-
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
-
|
-
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $3,152,688 CAD | Building Class | C |
| Price Per Unit | $630,538 CAD | Lot Size | 0.15 AC |
| Sale Type | Investment | Building Size | 4,368 SF |
| Cap Rate | 5.41% | Average Occupancy | 100% |
| Gross Rent Multiplier | 13 | No. Stories | 2 |
| No. Units | 5 | Year Built | 1964 |
| Property Type | Multifamily | Parking Ratio | 1.14/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Apartment Style | Low-Rise | ||
| Zoning | RM | ||
| Price | $3,152,688 CAD |
| Price Per Unit | $630,538 CAD |
| Sale Type | Investment |
| Cap Rate | 5.41% |
| Gross Rent Multiplier | 13 |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.15 AC |
| Building Size | 4,368 SF |
| Average Occupancy | 100% |
| No. Stories | 2 |
| Year Built | 1964 |
| Parking Ratio | 1.14/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | RM |
Amenities
Site Amenities
- Laundry Facilities
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 5 | $4,138 CAD | 873 - 874 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Good public transit
60/100
Very bikeable
80/100
Property Taxes
| Parcel Number | 007-422-11-000 | Improvements Assessment | $1,220,137 CAD (2025) |
| Land Assessment | $1,525,171 CAD (2025) | Total Assessment | $2,745,308 CAD (2025) |
Property Taxes
Parcel Number
007-422-11-000
Land Assessment
$1,525,171 CAD (2025)
Improvements Assessment
$1,220,137 CAD (2025)
Total Assessment
$2,745,308 CAD (2025)
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238 San Lorenzo Blvd
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