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$ 1,895,000
Est. payment /mo
Active
247 High ST Santa Cruz, CA 95060
6,939 Sqft Lot
UPDATED:
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML82043922
HOA Y/N No
Year Built 2026
Annual Tax Amount $86,416
Lot Size 6,939 Sqft
Property Description
Ohana Hale Residences is a fully permitted, shovel-ready 6,393 SF student housing development opportunity with a carrier SFR. The project's student housing income model of 27 leasable beds at a blended market rent of $1,800 per bed per month may produce a Stabilized Pro Forma Gross Income of $618,924 with NOI of $378,659, far exceeding typical investor expectations for newly constructed UCSC-proximate housing, represents an acquisition and construction at a compelling discount with major developer upside embedded in the as-completed spread. The market has already spoken on this block. Next door, 251 High Street, a conventional, unfurnished building with only ~40% student occupancy and no per-bed premium - recently traded at a 3.88% cap rate. Apply the same cap rate to Ohana Hale's fully furnished, 100% per-bed student model: the developer/buyer could realize up to $4M in equity at completion with an IRR well over 50%. The comp is next door. The upside is in the math. Purpose-built for the UCSC off-campus market, 247 High St provides an investor with the ability to acquire fully entitled, permit-ready land with approved plans for a new student housing project featuring 27 beds and 12 bathrooms across 7 units without the time and cost of navigating the complex entitlement process.
Location
State CA
County Santa Cruz
Area 699 - Not Defined
Zoning R-UM Residential - Multif
Interior
Heating Electric
Fireplace No
Exterior
Carport Spaces 7
Roof Type Composition
Building
Water Public
Schools
School District Other
Others
Tax ID 00617102000
Special Listing Condition Standard
Listed by Troy Hinds David Lyng Real Estate #01803325
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