209 Brennan St, Watsonville, CA 95076

$3,100,000
4,522
SqFt
Sold Price
$3,100,000
List Price
$1,745,000
Closing Date
Aug 03, 2022
MLS#
ML81895905
Status
SOLD
Sqft. of Residence
4,522
Lot Size
7,492
Listing Area
Watsonville
Year Built
1964

Property 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

Additional Information

Acres
0.17200000000000001
Age
58
Building Name
Alice Byer Apartments
Cooling System
None
Foundation
Concrete Perimeter
Garage Parking
Carport
Heating System
Wall Furnace
Living Area
4,522
Lot Size
7,492
Neighborhood
Watsonville
Other Utilities
Public Utilities
Roof
Shingle
Sewer
Sewer - Public
Special Features
None
Unincorporated Yn
Yes
Zoning
RM3

Mortgage Calculator

Amount of Loan
Annual Interest Rate
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Term of Loan
Years

Does not include any taxes or fees.
Please consult a financial professional.
Calculator source: Real Geeks

Listing courtesy of Nick Oliver from Redwood Property Company

Selling Office: S0088.

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