140 Vernon Street
Santa Cruz, CA 95060
0.54 acres | #ML81986370
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.
Property Details
- Acres0.541
Construction Details
- Property TypePurchase
Condition
- Year Built1999
Utilities / Energy Details
- Utility SourcePublic
Community and Neighborhood Details
- CountySanta Cruz
- School DistrictOther
Financial Details
- Original List Price$7,500,000
- Taxes Annual$83,165
Other
- MLS #ML81986370
Location
Legal
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Last Updated: . Source: CRMLS
Listing Courtesy
Listing Agent: Chris Shoemaker (#ML5062469)
Listing Office: Shoemaker Commercial Real Estate (#ML39269)
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