140 Vernon Street, Santa Cruz CA, 95060

Active

140 Vernon Street

Santa Cruz CA, 95060

$7,500,000

$797.96 per sqft

Active

9,399 sqft

Commercial

Built in 1999

Listed by Chris Shoemaker with Shoemaker Commercial Real Estate 831-247-2647

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

November 22, 2024

Updated

Map

140 Vernon Street
Santa Cruz CA, 95060

Interior Features

Fireplace: No
Cooling: Yes
Cooling Description: None
Heating: Yes
Heating Description: Radiant

Exterior/Building Features

Lot Size: 0.54 Acres
Roof: Composition

School Information

School District: Other

Other Property Details

Area Name: 699 - Not Defined
Taxes: $83,165
Tax Frequency: Annually
Days on Market: 171
Garage: No
Parking Total: 16
View: No
County: Santa Cruz
Water Source: Public
Pool: No
Zoning: IG

Listing Contact: 831-476-8194

Based on information from the California Regional Multiple Listing Service (CRMLS) as of 11/22/2024. This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, the Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent. Property locations as displayed on any map are best approximations only and exact locations should be independently verified. Any offer of compensation is made only to participants of the MLS where the listing is filed.

Data last updated on 11/22/2024 at 7:11 PM UTC