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includes 319 Jessie St. 328 Ocean St 14 Unit Apartment Building $5,719,910 CAD ($408,565 CAD/Unit) 4.38% Cap Rate Santa Cruz, CA 95060
Investment Highlights
- Main Street leading to the Santa Cruz Beach Boardwalk & beaches
- High daily traffic count
- Enjoys 100% occupancy last 25 years
- Ocean St. turns into the direct route to Highway 17 North and California Highway 1 South
- Walking distance to downtown, restaurants & services
Executive Summary
Two Contiguous Properties 14 TOTAL RENTAL UNITS: Can also be purchased separately.
328 Ocean St. 13 apartment units and 319 Jessie St (APN 010-551-16): a single family residence 1,475 sq. ft; 3 bed, 2 bath, attached 2 car garage all on 5,009 sq. ft. lot residence both 100% occupied for the last 25 years. Excellent rental income and NOI history. The 13 apartments sit on two parcels favorably Zoned R-M with over 13,808.52 sq. ft; with seventeen parking spaces:he single family home zoned R-L is behind and c contiguous with space to potentially add another unit/duplex. Located on major transportation corridor/bus line. Walk to Santa Cruz Beach Boardwalk, Municipal Wharf and the downtown village of Santa Cruz. One (1) mile to Highway 17 and CA Highway 1 (PCH). These two (2) parcels could be developed to increase height and number of units according to city planning department. 328 Ocean St. parcel one APN 010-551-29 is 7,797.24 sq. ft. Parcel two APN 010-551-30 is 6,011 sq. ft.
"Lower Ocean"neighborhood has and is going through a development renaissance, increasing property values. We have other listings in this neighborhood: 338 Ocean St. zoned R-L a Victorian duplex on 17,076 sq. ft. lot. 433 Ocean St. Commercial corner lot, 80 rooms Hotel Solares, Santa Cruz , Another Iconic and legendary hotel in Santa Cruz County- * call Paul
328 Ocean St. 13 apartment units and 319 Jessie St (APN 010-551-16): a single family residence 1,475 sq. ft; 3 bed, 2 bath, attached 2 car garage all on 5,009 sq. ft. lot residence both 100% occupied for the last 25 years. Excellent rental income and NOI history. The 13 apartments sit on two parcels favorably Zoned R-M with over 13,808.52 sq. ft; with seventeen parking spaces:he single family home zoned R-L is behind and c contiguous with space to potentially add another unit/duplex. Located on major transportation corridor/bus line. Walk to Santa Cruz Beach Boardwalk, Municipal Wharf and the downtown village of Santa Cruz. One (1) mile to Highway 17 and CA Highway 1 (PCH). These two (2) parcels could be developed to increase height and number of units according to city planning department. 328 Ocean St. parcel one APN 010-551-29 is 7,797.24 sq. ft. Parcel two APN 010-551-30 is 6,011 sq. ft.
"Lower Ocean"neighborhood has and is going through a development renaissance, increasing property values. We have other listings in this neighborhood: 338 Ocean St. zoned R-L a Victorian duplex on 17,076 sq. ft. lot. 433 Ocean St. Commercial corner lot, 80 rooms Hotel Solares, Santa Cruz , Another Iconic and legendary hotel in Santa Cruz County- * call Paul
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- Operating and Financials
Financial Summary (Actual - 2025) |
Annual (CAD) | Annual Per SF (CAD) |
|---|---|---|
| Gross Rental Income |
$454,339
|
$66.57
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$454,339
|
$66.57
|
| Taxes |
$53,181
|
$7.79
|
| Operating Expenses |
$109,013
|
$15.97
|
| Total Expenses |
$162,194
|
$23.76
|
| Net Operating Income |
$292,145
|
$42.81
|
Financial Summary (Actual - 2025)
| Gross Rental Income (CAD) | |
|---|---|
| Annual | $454,339 |
| Annual Per SF | $66.57 |
| Other Income (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss (CAD) | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income (CAD) | |
|---|---|
| Annual | $454,339 |
| Annual Per SF | $66.57 |
| Taxes (CAD) | |
|---|---|
| Annual | $53,181 |
| Annual Per SF | $7.79 |
| Operating Expenses (CAD) | |
|---|---|
| Annual | $109,013 |
| Annual Per SF | $15.97 |
| Total Expenses (CAD) | |
|---|---|
| Annual | $162,194 |
| Annual Per SF | $23.76 |
| Net Operating Income (CAD) | |
|---|---|
| Annual | $292,145 |
| Annual Per SF | $42.81 |
Property Facts
Amenities
Unit Amenities
- Kitchen
- Refrigerator
- Range
- Tub/Shower
- Freezer
Site Amenities
- 24 Hour Access
- Controlled Access
- Public Transportation
- Walk-Up
- Smoke Detector
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| Studios | 6 | $12,959 CAD | - |
| 1+1 | 4 | $10,045 CAD | - |
| 2+1 | 3 | $5,371 CAD | - |
| 3+2 | 1 | $6,696 CAD | 1,475 |
Moderately walkable
60/100
Exceptionally drivable
100/100
Some public transit
50/100
Moderately bikeable
70/100
Property Taxes
| Parcel Numbers | Total Assessment | $1,844,589 CAD | |
| Land Assessment | $1,236,594 CAD | Annual Taxes | $53,181 CAD ($6.41 CAD/SF) |
| Improvements Assessment | $607,994 CAD | Tax Year | 2025 |
Property Taxes
Parcel Numbers
Land Assessment
$1,236,594 CAD
Improvements Assessment
$607,994 CAD
Total Assessment
$1,844,589 CAD
Annual Taxes
$53,181 CAD ($6.41 CAD/SF)
Tax Year
2025
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includes 319 Jessie St. | 328 Ocean St
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