247 High St, SANTA CRUZ, CA

$1,549,000

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2

Beds

1

Bath

905

Square feet

0.16

Acres

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® # ML81944586
Price $1,549,000
Bedrooms 2
Bathrooms 1.00
Full Baths 1
Square Footage 905
Acres 0.16
Year Built 1920
Type Residential
Sub-Type Single Family Home
Status Contingent

Community Information

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

Amenities

Utilities Public Utilities
Parking Spaces 7
Garages Attached, Covered Parking, Electric Door or Gate Opener
View Bay View, City Lights, Greenbelt, Ridge
Is Waterfront No
Has Pool No

Interior

Heating Gas Heat, Wall Furnace
Cooling No Cooling
Fireplace Yes
Has Basement No

Exterior

Lot Description Corners Marked, Grade - Level, Grade - Side Slope
Roof Composition Roof
Foundation Post & Pier

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

AgentTroy Hinds
OfficeDavid Lyng Real Estate
Office Contact831-706-6224

Listing Map

Listing Schools/Amenities

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Listing Price, Sale, & Status History

Status Changed from Active to Contingent
Price Reduced from $1,750,000 to $1,549,000
Price Reduced from $1,895,000 to $1,750,000