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 | Sold |
Community Information
| Address | 247 High St |
|---|---|
| Area | West Santa Cruz |
| City | SANTA CRUZ |
| County | Santa Cruz |
| State | CA |
| Zip Code | 95060 |
Amenities
| Utilities | Electricity - On Site, Gas - On Site, Public Utilities |
|---|---|
| View | Bay View, Greenbelt, Ridge, City Lights |
| Is Waterfront | No |
Interior
| Fireplace | No |
|---|
Exterior
| Lot Description | Corners Marked, Grade - Level, Grade - Side Slope |
|---|
School Information
| Attendance Zone | WESTLAKE ELEMENTARY SCHOOL, HARBOR HIGH SCHOOL, MISSION HILL MIDDLE SCHOOL, SANTA CRUZ HIGH SCHOOL, SOQUEL HIGH SCHOOL |
|---|
Additional Information
| Zoning | R-M (Multi-Family Residential - Medium Density) |
|---|---|
| Foreclosure | No |
| Short Sale | No |
| RE / Bank Owned | No |
Listing Details
| Agent | Troy Hinds |
|---|---|
| Office | David Lyng Real Estate |
| Office Contact | 831-706-6224 |
