247 High St, SANTA CRUZ, CA


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About 247 High St

Approved Development for Seven (7) Unit Luxury Apartment Building. Fully-entitled project consists of five (5) 2BR/2BA + Offices and two (2) 1BR/1BA units including an 1-BR Affordable Unit for a total 12 Bedrooms (17 Rooms/Occupants) and 12 Bathrooms in a stunningly beautiful, all-electric, luxury multifamily design complete with EV charges, security gates, community patio and BBQ area, pet washing station, and secured individual tenant storage lockers for surfboard, bikes, etc. The design is modeled after an adjacent building previously owned by the Seller located at 251 High St which had an 8.7% Avg Annual Rental Rate Growth and an actual Vacancy Factor of less than 0.5% (2015 - 2022) which was recently sold for $6,650,000 or $665,000/Unit and $475,000/Room with a 3.88% Cap Rate and 18.63 GRM. The location is ideally situated on UCSC Bus Line, and close proximity to Downtown Santa Cruz, Google Analytics, and Joby Aviation - all of which are the target demographic of future tenants.

Features of 247 High St

MLS® # ML81944584
Price $1,549,000
Acres 0.16
Type Residential Lots and Land
Sub-Type Residential Development Land
Status Contingent

Community Information

Address 247 High St
Area West Santa Cruz
County Santa Cruz
State CA
Zip Code 95060


Utilities Electricity - On Site, Public Utilities, Gas - On Site
View Bay View, City Lights, Greenbelt, Ridge
Is Waterfront No


Fireplace No


Lot Description Corners Marked, Grade - Level, Grade - Side Slope

Additional Information

Zoning R-M (Multi-Family Residential - Medium Density)
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

AgentTroy Hinds
OfficeDavid Lyng Real Estate
Contact Info831-706-6224

Listing Map

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