$3,100,000
$1,595,000
94.4%For more information regarding the value of a property, please contact us for a free consultation.
5,177 SqFt
SOLD DATE : 08/03/2022
Key Details
Sold Price $3,100,000
Property Type Commercial
Listing Status Sold
Purchase Type For Sale
Square Footage 5,177 sqft
Price per Sqft $598
MLS Listing ID ML81895903
Sold Date 08/03/22
HOA Y/N No
Year Built 1965
Annual Tax Amount $18,607
Lot Size 7,492 Sqft
Acres 0.172
Property Description
The subject property provides a rare opportunity to acquire a value-add multifamily property with significant upside in rent potential. The property is in a prime location in the heart of Downtown Watsonville just one block off of Main Street. Light interior upgrades will afford investors the opportunity to capture significant increase in rental income. Since the onset of the COVID-19 Pandemic, Santa Cruz County has been injected with mass migration from the Silicon Valleys remote workforce. In turn, countywide rents have skyrocketed 18.4%. As renters keep getting priced out of more expensive sub-markets in and around the City of Santa Cruz, demand continues pushing south to more affordable areas like Watsonville. This rental demand surge has pushed vacancy rates to 0.5% Download Offering Memorandum Here: https://www.redwoodpropertyco.com/207brennan
Location
State CA
County Santa Cruz
Area 699 - Not Defined
Zoning RM3
Interior
Heating Wall Furnace
Cooling None
Fireplace No
Exterior
Carport Spaces 5
Roof Type Shingle
Building
Water Public
Schools
School District Other
Others
Tax ID 01815133000
Financing Cash
Special Listing Condition Standard
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Bought with Steven Allen • Allen Property Group, Inc.
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
3631 Truxel Rd # 1081, Sacramento, CA, 95834, United States