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 blocks from Downtown Watsonville and just one block off of Main Street. Light interior upgrades will afford investors the opportunity to capture significant increase in rental income and roughly a 8.23% pro forma cap rate. The property is in immaculate condition, with very limited deferred maintenance. 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 the Offering Memorandum Here: https://www.redwoodpropertyco.com/207brennan
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0BEDS
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N/AACRES
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0BATHS
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01/2 BATHS
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4,522SQFT
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$686$/SQFT
School Ratings & Info
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 blocks from Downtown Watsonville and just one block off of Main Street. Light interior upgrades will afford investors the opportunity to capture significant increase in rental income and roughly a 8.23% pro forma cap rate. The property is in immaculate condition, with very limited deferred maintenance. 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 the Offering Memorandum Here: https://www.redwoodpropertyco.com/207brennan
© 2022 MLSListings Inc. Based on information from MLSListings MLS as of 2022-08-10T06:50:39.667. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information. DX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but is not guaranteed accurate by the MLS or The Kulda Real Estate Group | Keller Williams Realty. Licensed in the State of California.
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Listing provided courtesy of Nick Oliver of Redwood Property Company.