For Sale: $1,649,000 | Post Reno CAP Rate 5.02% | Post ADU Build CAP Rate 10.82%

Investment Overview

*ADUs are not yet built. Plans are available for the buyer

The subject property provides a rare opportunity to acquire a value-add multifamily property. All units were renovated in 2023 and rented at market rates. In addition, the vacant lot at 203 Brennan provides a tremendous opportunity to build (2) 3-bedroom ADU’s. 

Since the onset of the COVID-19 Pandemic, Santa Cruz County has been injected with mass migration from the Silicon Valley’s 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%. Just one from Downtown Watsonville’s Main Street, and alongside the proposed Santa Cruz Rail/ Rail Trail corridor, this property is poised to capture every bit of the market’s forecasted appreciation.

Showing Schedule

*By Appointment Only

Property Highlights

• Rare Value-Add Opportunity

  • 100% Renovated Triplex

  • Turn-Key ADU Opportunity

    • (2) 3/2.0 ADU’s - 1,000 SF (PROPOSED)

    • $756,000 all in cost with Villa Homes

• Desirable Unit Mix:

  • (2) 2/2.5 TH - 1,250 SF

  • (1) 2/1.0 - 800 SF

• Central Location

  • Located One Block from Main St.

  • Across the street from Calahan Park

  • 2 doors down from Notre Dame Elementary and Middle School

• Strong Market Fundamentals