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247 High St - 27-Bed | Shovel-Ready Student Housing Lot • Terrain commercial • 0,15 Acres • 2 671 647 $ CAD • Santa Cruz, CA 95060
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Faits saillants de l'investissement
- 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 $500,000+ 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.
Résumé de l'annonce
The market has already spoken on this block. Next door, 251 High Street, a conventional, unfurnished building with only ~40% student occupancy and no per-bed premium - recently traded at a 3.88% cap rate. Apply the same cap rate to Ohana Hale's fully furnished, 100% per-bed student model: the developer/buyer could realize up to $4M in equity at completion with an IRR well over 50%. The comp is next door. The upside is in the math. Purpose-built for the UCSC off-campus market, 247 High St provides an investor with the ability to acquire fully entitled, permit-ready land with approved plans for a new student housing project featuring 27 beds and 12 bathrooms across 7 units without the time and cost of navigating the complex entitlement process.
At a blended market rent of $1,800 per bed plus two conventional units, the project is projected to produce a stabilized Net Operating Income of $378,659, 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.
Bilan financier (Pro forma - 2027) |
Annuel (CAD) | Annuel par AC (CAD) |
|---|---|---|
| Revenu de location brut |
860 741 $
|
5 625 759,14 $
|
| Autres revenus |
11 843 $
|
77 402,98 $
|
| Perte due à l’inoccupation |
43 629 $
|
285 156,26 $
|
| Revenu brut effectif |
828 955 $
|
5 418 005,86 $
|
| Taxes |
121 833 $
|
796 292,37 $
|
| Dépenses d’exploitation |
173 274 $
|
1 132 506,95 $
|
| Total des dépenses |
295 106 $
|
1 928 799,32 $
|
| Revenu net d’exploitation |
533 849 $
|
3 489 206,54 $
|
Bilan financier (Pro forma - 2027)
| Revenu de location brut (CAD) | |
|---|---|
| Annuel | 860 741 $ |
| Annuel par AC | 5 625 759,14 $ |
| Autres revenus (CAD) | |
|---|---|
| Annuel | 11 843 $ |
| Annuel par AC | 77 402,98 $ |
| Perte due à l’inoccupation (CAD) | |
|---|---|
| Annuel | 43 629 $ |
| Annuel par AC | 285 156,26 $ |
| Revenu brut effectif (CAD) | |
|---|---|
| Annuel | 828 955 $ |
| Annuel par AC | 5 418 005,86 $ |
| Taxes (CAD) | |
|---|---|
| Annuel | 121 833 $ |
| Annuel par AC | 796 292,37 $ |
| Dépenses d’exploitation (CAD) | |
|---|---|
| Annuel | 173 274 $ |
| Annuel par AC | 1 132 506,95 $ |
| Total des dépenses (CAD) | |
|---|---|
| Annuel | 295 106 $ |
| Annuel par AC | 1 928 799,32 $ |
| Revenu net d’exploitation (CAD) | |
|---|---|
| Annuel | 533 849 $ |
| Annuel par AC | 3 489 206,54 $ |
Faits sur la propriété
| Prix | 2 671 647 $ CAD | Type de propriété | Terrain |
| Type de vente | Investissement | Sous-type de propriété | Terrain commercial |
| Condition de vente | 1031 Échange | Utilisation proposée | Unités d’appartements - Dortoirs |
| Nombre de lots | 1 | Taille totale du lot | 0,15 AC |
| Zonage | R-UM - Résidentiel - Densité moyenne multifamiliale | ||
| Prix | 2 671 647 $ CAD |
| Type de vente | Investissement |
| Condition de vente | 1031 Échange |
| Nombre de lots | 1 |
| Type de propriété | Terrain |
| Sous-type de propriété | Terrain commercial |
| Utilisation proposée | Unités d’appartements - Dortoirs |
| Taille totale du lot | 0,15 AC |
| Zonage | R-UM - Résidentiel - Densité moyenne multifamiliale |
1 Lot disponible
Lot
| Prix | 2 671 647 $ CAD | Taille du lot | 0,15 AC |
| Prix par AC | 17 460 944,77 $ CAD |
| Prix | 2 671 647 $ CAD |
| Prix par AC | 17 460 944,77 $ CAD |
| Taille du lot | 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.
Impôts fonciers
| Numéro de lot | 006-171-02-000 | Évaluation totale | 2 294 361 $ CAD (2025) |
| Évaluation du terrain | 2 223 766 $ CAD (2025) | Impôts annuels | 121 833 $ CAD |
| Évaluation des bâtiments | 70 596 $ CAD (2025) | Année d’imposition | 2027 |
Impôts fonciers
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247 High St - 27-Bed | Shovel-Ready Student Housing
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