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Listed by Troy Hinds • David Lyng Real Estate, DRE#01803325
$ 1,895,000
Est. payment /mo
New
247 High ST Santa Cruz, CA 95060
8 Beds
6 Baths
5,858 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Five or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 5,858 sqft
Price per Sqft $323
MLS Listing ID ML82043922
Bedrooms 8
Full Baths 6
Year Built 2026
Lot Size 6,938 Sqft
Property Sub-Type Five or More Units
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 at a selected 5.00% cap rate 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 project is designed as a purpose-built, fully furnished student rental to serve the robust and chronically undersupplied UCSC off-campus housing market, located approximately one mile from the main university entrance. Operating on a per-bed lease model across five three-bedroom units, the project is structured to function as an institutional-grade student housing product at a mid-market investor scale: a rare combination in the Santa Cruz County market. This rare offering 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 without the time and cost of navigating the complex entitlement process.
Location
State CA
County Santa Cruz
Area West Santa Cruz
Zoning R-UM Residential - Multifamily Medium Density
Interior
Heating Electric
Cooling Other
Exterior
Parking Features Assigned Spaces, Covered Parking
Utilities Available Public Utilities, Solar
Roof Type Composition
Building
Foundation Concrete Slab
Sewer Sewer - Public
Water Public, Water On Site
Others
Tax ID 006-171-02-000
Security Features Secured Garage / Parking,Security Fence
Special Listing Condition Not Applicable
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