Multifamily

Makena Court

Listing Price: $5,690,000

Cap Rate
4.83%
Number of Units
15
Occupancy
87.66%
Price/Unit
$379,333
Price/Gross SF
$748.39
Gross SF
7,603

Investment Overview

Welcome home to 120-124 Hiawatha Avenue and enjoy the Santa Cruz lifestyle year-round! This property offers an owner-occupant/investor the rare opportunity to acquire the Makena Collection, a single parcel – approximately 2/3 of an acre – with two buildings, in a historically strong rental market with low vacancy levels. The multifamily dwelling, Makena Court, is a community of (14) 1 bed/1 bath units – most with private gated patios – a laundry care center and onsite parking. Recent improvements to the community include: 6 fully renovated units New exterior paint New garage door – 120 Hiawatha New garage door – 124 Hiawatha New patio fences for patio apartments New exterior doors for all apartments and house Major repairs to parking lot and restripe Upgraded low-maintenance landscaping Successful completion of sewer lateral inspection and repairs Makena House, a 3 bedroom/2 bathroom single family home shows beautifully with an updated kitchen featuring stainless steel refrigerator, stove and microwave, new lighting, new flooring throughout, new interior paint, doors and hardware, bedroom ceiling fans, a dedicated laundry room with washer/dryer, private garage and large deck for outdoor entertainment. This property is located a stone’s throw from Seabright State Beach, scenic East Cliff Drive and the Santa Cruz Museum of Natural History, in an area that offers the best of the Boardwalk and Seabright neighborhoods. The Makena Collection is centrally located between Downtown Santa Cruz, Capitola and Rio Del Mar offering hundreds of shopping, dining and entertainment options. Residents enjoy the convenience of Whole Foods Market, The Buttery, Seabright Brewery, Il Posta, and dozens more restaurants in the immediate neighborhood. Exciting area improvements include the already-completed transformation to the San Lorenzo River Bridge replacing the current 4-foot wide walkway with a 10-foot wide multi-use trail, providing direct bike/pedestrian access for the Makena Collection and the Santa Cruz Beach Boardwalk.

Investment Highlights

  • Recent upgrades throughout property
  • Strong historical occupancy and financial performance
  • Located 2 blocks from Seabright State Beach, Santa Cruz Boardwalk, Santa Cruz Municipal Wharf, dozens of eateries and neighborhood conveniences

Exclusively Listed By

Listing Price: $5,690,000

Cap Rate
4.83%
Number of Units
15
Occupancy
87.66%
Price/Unit
$379,333
Price/Gross SF
$748.39
Gross SF
7,603

Investment Highlights

  • Recent upgrades throughout property
  • Strong historical occupancy and financial performance
  • Located 2 blocks from Seabright State Beach, Santa Cruz Boardwalk, Santa Cruz Municipal Wharf, dozens of eateries and neighborhood conveniences

Investment Overview

Welcome home to 120-124 Hiawatha Avenue and enjoy the Santa Cruz lifestyle year-round! This property offers an owner-occupant/investor the rare opportunity to acquire the Makena Collection, a single parcel – approximately 2/3 of an acre – with two buildings, in a historically strong rental market with low vacancy levels. The multifamily dwelling, Makena Court, is a community of (14) 1 bed/1 bath units – most with private gated patios – a laundry care center and onsite parking. Recent improvements to the community include: 6 fully renovated units New exterior paint New garage door – 120 Hiawatha New garage door – 124 Hiawatha New patio fences for patio apartments New exterior doors for all apartments and house Major repairs to parking lot and restripe Upgraded low-maintenance landscaping Successful completion of sewer lateral inspection and repairs Makena House, a 3 bedroom/2 bathroom single family home shows beautifully with an updated kitchen featuring stainless steel refrigerator, stove and microwave, new lighting, new flooring throughout, new interior paint, doors and hardware, bedroom ceiling fans, a dedicated laundry room with washer/dryer, private garage and large deck for outdoor entertainment. This property is located a stone’s throw from Seabright State Beach, scenic East Cliff Drive and the Santa Cruz Museum of Natural History, in an area that offers the best of the Boardwalk and Seabright neighborhoods. The Makena Collection is centrally located between Downtown Santa Cruz, Capitola and Rio Del Mar offering hundreds of shopping, dining and entertainment options. Residents enjoy the convenience of Whole Foods Market, The Buttery, Seabright Brewery, Il Posta, and dozens more restaurants in the immediate neighborhood. Exciting area improvements include the already-completed transformation to the San Lorenzo River Bridge replacing the current 4-foot wide walkway with a 10-foot wide multi-use trail, providing direct bike/pedestrian access for the Makena Collection and the Santa Cruz Beach Boardwalk.

Exclusively Listed By

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