4602 Scotts Valley DR-8 units
Multifamily | $311,875/unit
Marketing description
Over 6% GO In CAP Rate.Rents just went Up; price went down. Price reduced and new scheduled rents(last increase effective 11/1/2022) w recent rent increases up an additional $950/mo adding over $200K in Value. Extremely rare opportunity to own an outstanding multi-res property in fantastic core Scotts Valley location. Scotts Valley known for best schools in county, ideal for commuters to Silicon Valley and Santa Cruz County, fun small town USA. Right on Scotts Valley Dr so convenient to all of town. The property is over 1/2Ac- 24,263 sq ft, providing upside/value add through increasing density or other development options. Loss to lease w some legacy tenants is a short term option to improve yield. All units set back from street. Rear of property has nice creek setting. Current configuration provides over 20 parking spaces. 4 of 6 units have been updated. New roof in 2023 .Easy to own solid investment property now one to hold and enjoy long term.
Investment highlights
Fantastic opportunity for value add with solid go in Cap Rate 6%+. In rear of property sit six 2 Br/1Bth units, built in early 1980's. The current owner replaced roof onlarge building in 2023. In front is older detached house made into two income producing units. Upside from several legacy tenants to market rents, as well as underlying land value due to large 1/2 acre+ lot size.
Solid Current Return
Loss to lease with legacy tenants
Value in large lot for redevelopment
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