Active
140 Vernon Street
Santa Cruz CA, 95060
$7,500,000
$797.96 per sqft
Active
9,399 sqft
Other
Built in 1999
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.
ML81986370
MLSⓇ ID
November 12, 2024
Listed
December 13, 2024
Updated
Map
140 Vernon Street
Santa Cruz CA, 95060
Interior Features
Appliances
Refrigerator
Laundry Description
Coin Operated
Floor Description
Laminate
Fireplace
No
Cooling
No
Cooling Description
None
Heating
Yes
Heating Description
Radiant
Exterior/Building Features
Lot Size
0.54 Acres
Roof
Shingle
Sewer
Public Sewer
Other Property Details
Area Name
Santa Cruz
Garage
No
Parking
Assigned
View
No
County
Santa Cruz
Water Source
Public
Pool
No
Zoning
IG
Listed by Chris Shoemaker with Shoemaker Commercial Real Estate
Listing Contact: 831-247-2647
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