Multifamily

226 Mora St

226 Mora St, Santa Cruz, CA 95060

Listing Price: $1,695,000

Cap Rate
4.14%
Number of Units
5
GRM
16.87
Occupancy
97.00%
Price/Unit
$339,000
Price/Gross SF
$487.91
Gross SF
3,474

Investment Overview

Marcus and Millichap is honored to have been exclusively selected to represent the ownership of 226 Mora Street in Santa Cruz, CA. 226 Mora Street presents an investor the unique opportunity to acquire an asset from the original developer who built it. Constructed in 1990, the subject property sits on a 8,930 square foot lot and offers 3,474 of net rentable square feet with an exceptional unit mix of two, two-bed, one-bath units, two, one-bed one-bath units, and one large two bed, one bath unit with an additional den. The property has been meticulously maintained by current ownership. The property provides a laundry room and each of the units are provided their own private enclosed 220 SF garage for which many are being utilized as extra storage space. Three of the five units come with granite counter tops, newer cabinets, renovated bathrooms, high vaulted ceilings and central HVAC. The top unit which has been dubbed the penthouse unit measures just under 1,000 square feet and has been beautifully renovated. A new owner can continue to rent it out and push the rents or utilize it as an owners unit. In addition to these bonus features, the asset has been upgraded to provide tankless water heaters for higher efficiency and is separately metered for water; lowering the overall operating expenses for a new investor and boosting the income stream. Even with current strong in place rents, the asset is poised for immediate rental upside. Currently, three of the five units are on HUD housing contracts which means that a new owner can immediately take advantage of the Countys payment standards for that unit and raise rents to market rent. 226 Mora Street sits just half a mile from the multitude of retail and restaurants of downtown Santa Cruz. With Santa Cruz already a strong rental market, the continued strength of the Bay Area and Silicon Valley makes locations like Santa Cruz a more attractive choice for renters who are seeking amenitized units close to the beach, shops & restaurants.

Investment Highlights

  • Exceptional Unit Mix Of One & Two Bed Units
  • Large Top Penthouse Unit With Extra Den Room
  • Most Units Come With Vaulted Ceilings, Central HVAC, Newer Cabinets & Counter Tops
  • Newer 1990 Construction
  • First Time On The Market Since Asset Was Built

Exclusively Listed By

Listing Price: $1,695,000

Cap Rate
4.14%
Number of Units
5
GRM
16.87
Occupancy
97.00%
Price/Unit
$339,000
Price/Gross SF
$487.91
Gross SF
3,474

Investment Highlights

  • Exceptional Unit Mix Of One & Two Bed Units
  • Large Top Penthouse Unit With Extra Den Room
  • Most Units Come With Vaulted Ceilings, Central HVAC, Newer Cabinets & Counter Tops
  • Newer 1990 Construction
  • First Time On The Market Since Asset Was Built

Investment Overview

Marcus and Millichap is honored to have been exclusively selected to represent the ownership of 226 Mora Street in Santa Cruz, CA. 226 Mora Street presents an investor the unique opportunity to acquire an asset from the original developer who built it. Constructed in 1990, the subject property sits on a 8,930 square foot lot and offers 3,474 of net rentable square feet with an exceptional unit mix of two, two-bed, one-bath units, two, one-bed one-bath units, and one large two bed, one bath unit with an additional den. The property has been meticulously maintained by current ownership. The property provides a laundry room and each of the units are provided their own private enclosed 220 SF garage for which many are being utilized as extra storage space. Three of the five units come with granite counter tops, newer cabinets, renovated bathrooms, high vaulted ceilings and central HVAC. The top unit which has been dubbed the penthouse unit measures just under 1,000 square feet and has been beautifully renovated. A new owner can continue to rent it out and push the rents or utilize it as an owners unit. In addition to these bonus features, the asset has been upgraded to provide tankless water heaters for higher efficiency and is separately metered for water; lowering the overall operating expenses for a new investor and boosting the income stream. Even with current strong in place rents, the asset is poised for immediate rental upside. Currently, three of the five units are on HUD housing contracts which means that a new owner can immediately take advantage of the Countys payment standards for that unit and raise rents to market rent. 226 Mora Street sits just half a mile from the multitude of retail and restaurants of downtown Santa Cruz. With Santa Cruz already a strong rental market, the continued strength of the Bay Area and Silicon Valley makes locations like Santa Cruz a more attractive choice for renters who are seeking amenitized units close to the beach, shops & restaurants.

Exclusively Listed By

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