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Listed by Chris Shoemaker • Shoemaker Commercial Real Estate
Bought with Chris Shoemaker • Shoemaker Commercial Real Estate
Bought with Chris Shoemaker • Shoemaker Commercial Real Estate
$ 6,000,000
$ 7,500,000 20.0%
Est. payment | /mo
9,399 SqFt
$ 6,000,000
$ 7,500,000 20.0%
Est. payment | /mo
9,399 SqFt
Key Details
Sold Price $6,000,000
Property Type Commercial
Sub Type Other
Listing Status Sold
Purchase Type For Sale
Square Footage 9,399 sqft
Price per Sqft $638
MLS Listing ID ML81986370
Sold Date 04/21/25
HOA Y/N No
Year Built 1999
Lot Size 0.541 Acres
Property Sub-Type Other
Source Datashare MLSListings
Property 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.
Location
State CA
County Santa Cruz
Interior
Heating Radiant
Cooling None
Flooring Laminate
Fireplace No
Appliance Refrigerator
Laundry Coin Operated
Building
Water Public
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Paul LeJoy
Broker-Owner | Lic# 01467744