Listed by Russell E. Gross Real Estate, Inc.
$7,995,000
Gularte Building
Details
APN 005-153-22
Property Type Mixed Use
Sub Type Multi-Family, Retail
Square Footage 20,115
Net Rentable (SqFt) 16,939
Units 25
Cap Rate 5.34%
NOI $427,154
Occupancy 98%
Tenancy Multi
Year Built 1993
Year Renovated 1993
Buildings 1
Stories 4
Lot Size (SqFt) 6,685
Zoning CBD
Investment Type Stabilized
Ownership Trust
Mixed Use | 5.34% CAP | 20,115 SqFt
Marketing description
Located in Downtown Santa Cruz, this property features commercial retail/restaurant on the ground floor leased to well- established tenant (Pizza My Heart) and 24 studio apartments on the upper floors. This building was rebuilt after the 1989 earthquake in 1993. The apartments were on income restrictions until 2022, but these restrictions do not apply thus providing potential for future increased revenue stream.
Investment highlights
*Located in the heart of Downtown Santa Cruz.
*Attractive Cap Rate with potential for increased revenue.
*Commercial tenant on the ground floor with lease thru 2027.
*Studio apartments on the upper floors in high demand rental area.
Listing Contacts
Listed by Russell E. Gross Real Estate, Inc.
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$427,154.00
$35,596.17/mo
Valuation Metrics
0
DSCR
5.34%
Cap Rate
5.34%
ROI
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