Pennsylvania Place 344 Pennsylvania Dr 8 Unit Apartment Building $6,026,278 CAD ($753,285 CAD/Unit) 6.81% Cap Rate Watsonville, CA 95076

-Pennsylvania Place-344 Pennsylvania Drive, Watsonville, California.
344 Pennsylvania Drive presents an exceptional opportunity to acquire a fully renovated, turnkey eight-unit apartment community in one of Santa Cruz County's strongest rental markets.
The property consists of two well-designed residential buildings with four units in each building, offering an attractive unit mix of seven spacious two-bedroom, one-bath apartments of approximately 700- 800 square feet and one three-bedroom, two-bath apartment. Lower-level residences feature private fenced backyards, while upper-level units enjoy private balconies, providing amenities that enhance tenant appeal and support long-term occupancy.
Completely reconstructed in 2024, the property was rebuilt from the studs outward, dramatically reducing future capital expenditure requirements. Improvements include new roofing, plumbing, electrical systems, drywall, modern kitchens featuring quartz countertops, gas cooktops, and custom cabinetry, beautifully renovated bathrooms, luxury plank flooring throughout, and numerous additional interior upgrades. The comprehensive renovation provides investors with the confidence of owning an asset requiring minimal deferred maintenance.
The property currently generates approximately $27,300 per month in gross rental income. All units are leased at current market rental rates, and tenants are responsible for all utility expenses, creating an efficient operating structure with limited owner expense. Current annual property taxes are approximately $26,000, insurance approximately $7,600, and annual maintenance has averaged only $400 following the extensive renovation.
Ideally located near Target, Home Depot, shopping centers, restaurants, schools, and major commuter routes, the property offers residents exceptional convenience while benefiting from Watsonville's continued demand for quality rental housing. An elementary school is located on the corner, with easy access to downtown Watsonville, Highway 1, and Highway 129.
For investors seeking a stabilized, income-producing multifamily asset with significant recent capital improvements, strong in-place cash flow, minimal ongoing maintenance, and excellent long-term appreciation potential, 344 Pennsylvania Drive represents a rare investment opportunity in the Central Coast market.
Additional income potential through the installation of laundry equipment in the existing on-site laundry facility.
1031 Exchange
This property is potentially zoned for up to 16 units.