Robert Contreras - Coldwell Banker Home Source Logo
$7,500,000
( $797.96Per Sq Foot )
 $40,262 est/mo Sourced by Back At You

140 Vernon Street , Santa Cruz, CA 95060

Santa Cruz, CA 95060

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Description

Pogonip Terrace, located at 140 Vernon St in Santa Cruz, is a well maintained property with historically high occupancy rates. Built in 1999, the 28 unit building is near open space with easy access to area highways (9, 1, 17), UC Santa Cruz, and Downtown Santa Cruz. The Santa Cruz rental market is impacted and there is constant demand for smaller units. The 27 SRO (Single Room Occupancy) units and the 1 one-bedroom unit are appealing to professionals and students alike. It is rare for a building of this size, especially one built in the last 25-years, to come on the market in Santa Cruz. Rents have continued to increase, with the latest SROs renting for $1,925 per month. There is upside to an investor by bringing up the remaining rents to the current market per the Rent Roll and Financial Analysis. The property is professionally managed by a long term manager whod like to continue. Four of the units are part of the Measure O (Affordable) program in the city of Cruz. The remainder of the units are market rate. This property is owned and operated by the original owners and is offered for sale for the first time in its 25 year history. Projected property tax based on list price.

Details

MLS#ML81986370
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1999
Days On Site258
Listing Provided ByShoemaker Commercial Real Estate 831-476-8194 | Chris Shoemaker

Features

SQ Feet9,399
Car PortYes
Building(s)3
ZoningIG
Acreage0.54

Market Activity 95060

MLS Internet Data Exchange (IDX) information is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the California Regional MLS.

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Learn More About This Property

Robert Contreras

Robert Contreras

Coldwell Banker Home Source

01940677 (951) 317-4723Contact Me Form Link
StateCA
CountySanta Cruz
CitySanta Cruz
Zip Code95060
Area699 Not Defined
School DistrictOther
Listing VS Median (in 95060)
Price:
$7,500,000
low | high
Med:
$1,125,000
100% of Average
SqFt:
9,399
low | high
Med:
1,095
100% of Average
$ / SqFt:
$798
low | high
Med:
$1,065
16.579022831288% of Average
On Site:
258
low | high
Med:
127.500000
100% of Average
Sourced by Back At You
Listing Updated: January 7, 2025 at 7:46:42 PM PST