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247 High St
Santa Cruz, CA 95060
27-Bed | Shovel-Ready Student Housing · Land For Sale
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0.15 AC
Investment Highlights
- Purpose-Built Design: Far superior to typical UCSC-proximate inventory, offering high-yield, per-bed student housing.
- Speed to Market: Benefit from ~7 years of pre-development and an estimated $541,000 already invested in entitlements. Final permits - in review.
- Data Room Access: Full valuation documentation—including third-party analysis of stabilized value—available to qualified buyers under a signed NDA.
- Per-bed leasing produces nearly double the income of a conventional unit lease on the same floor plan.
- Estimated 12-month construction timeline from permit issuance to stabilization. Boutique luxury, student focused project with no entitlement risk.
- UCSC enrollment of ~20,000 students, ~50% housed on campus, creates a durable pool of ~10,000 off-campus student renters aggressively competing.
Executive Summary
The project is designed as a purpose-built (shared room), all inclusive, fully furnished student rental to serve the robust and chronically undersupplied UCSC off-campus housing market, located approximately one mile from the main university entrance. Operating on a per-bed lease model across five three-bedroom units, the project is structured to function as an institutional-grade boutique student housing project at a mid-market investor scale — a rare combination and opportunity in the Santa Cruz County market.
At a blended market rent of $1,800 per bed across 27 leasable beds, the project is projected to produce a stabilized Net Operating Income of $378,659 — capitalized at 5.00%, consistent with institutional student housing standards for newly constructed UCSC-proximate assets. The asking price of $1,895,000 represents an acquisition well below estimated replacement cost, with developer upside confirmed by third-party MAI appraisal and available in full to qualified buyers under NDA.
Property Facts
| Sale Type | Investment | Property Subtype | Commercial |
| Sale Condition | 1031 Exchange | Proposed Use | Apartment Units - Dorms |
| No. Lots | 1 | Total Lot Size | 0.15 AC |
| Property Type | Land | ||
| Zoning | R-UM - Residential - Multifamily Medium Density | ||
| Sale Type | Investment |
| Sale Condition | 1031 Exchange |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Commercial |
| Proposed Use | Apartment Units - Dorms |
| Total Lot Size | 0.15 AC |
| Zoning | R-UM - Residential - Multifamily Medium Density |
1 Lot Available
Lot
| Price | $2,576,253 CAD | Lot Size | 0.15 AC |
| Price Per AC | $16,837,481.92 CAD |
| Price | $2,576,253 CAD |
| Price Per AC | $16,837,481.92 CAD |
| Lot Size | 0.15 AC |
Description
› The boutique infill project is a three-story, seven-unit building with a minimum of 27 leasable beds (singles & doubles), designed specifically for the UCSC off-campus student housing market approximately one-mile from campus that commands rental premiums unavailable to traditional multifamily assets. › Five three-bedroom units operate on a per-bed lease model and will be fully furnished—the institutional student housing standard. Two one-bedroom units lease conventionally (including 1 affordable unit) or accommodate furnishings for another per bed lease model. › Per-bed leasing produces nearly double the income of a conventional unit lease on the same floor plan—typical 3-bedroom, 2-bath unit generating $4,800/month by the unit produces $9,000/month by the bed — same walls, very different returns. › Each room incorporates queen loft beds with desks underneath to maximize individual workspace and comfort, elevating the development’s appeal beyond the larger developments with "institutional friction"—slow communication, generic impersonal management, and crowded rooms with the small twin XL beds. › Project is in final stages of building permit review and ready to break ground, eliminating the most significant timeline and cost risk for the buyer. Estimated 12-month construction timeline. Estimate to stabilization 6-months. › A strategically located asset that captures the highest-demand renter pool by bridging the gap between campus and the downtown core, ensuring premium rents and maximum occupancy. This prime position located on the primary artery to UCSC offers tenants immediate walkable access to downtown amenities while eliminating the campus commute barrier. › Frictionless connection to UCSC, the bus stop across the street completely neutralizes the parking, traffic and expense constraints typical of Santa Cruz. It guarantees a captive, car-free student tenant base and ensures the highest possible per-bed ROI by turning transit access into a premium, marketable amenity. › Strong existing student housing comparable rental rates as evidenced by Market Positioning Brochure.
Property Taxes
| Parcel Number | 006-171-02-000 | Improvements Assessment | $69,576 CAD |
| Land Assessment | $2,191,652 CAD | Total Assessment | $2,261,228 CAD |
Property Taxes
