For Sale: $1,745,000 | Pro Forma CAP Rate: 8.23%
Investment Overview
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 heart of Downtown Watsonville just one block off of Main Street. Light interior upgrades will afford investors the opportunity to capture 167% increase in rental income.
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%
Showing Schedule
*By Appointment Only
Principal, Broker
Joe Budka
D: 831-224-6903
E: joe@redwoodpropertyco.com
DRE#01913402; DRE#02166543
Managing Director
Nick Oliver
D: 831-687-8720
E: nick@redwoodpropertyco.com
DRE#02133612
Principal
Alex Budka
D: 831-275-5321
E: alex@redwoodpropertyco.com
DRE#01913403
Property Highlights
Rare Value-Add Opportunity
Rents ~63% below market
Light Interior Upgrades
Desirable Unit Mix:
(6) 2/1.0
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
