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C$ 1,895,000

Est. payment | -/mo

8 Beds

6 Baths

5,858 SqFt

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C$ 1,895,000

Est. payment | -/mo

Save

8 Beds

6 Baths

5,858 SqFt

Key Details

Property Type Commercial

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 5,858 sqft

Price per Sqft C$323

Lot Size 6,938 Sqft

MLS Listing ID ML82043922

Bedrooms 8

Full Baths 6

Property Description

Ohana Hale Residences is a fully permitted, shovel-ready 6,393 SF student housing development opportunity with a carrier SFR. The project's student housing income model of 27 leasable beds at a blended market rent of $1,800 per bed per month may produce a Stabilized Pro Forma Gross Income of $618,924 with NOI of $378,659 at a selected 5.00% cap rate exceeding typical investor expectations for newly constructed UCSC-proximate housing, represents an acquisition and construction at a compelling discount with major developer upside embedded in the as-completed spread. The project is designed as a purpose-built, fully furnished student rental to serve the robust and chronically undersupplied UCSC off-campus housing market, located approximately one mile from the main university entrance. Operating on a per-bed lease model across five three-bedroom units, the project is structured to function as an institutional-grade student housing product at a mid-market investor scale: a rare combination in the Santa Cruz County market. This rare offering provides an investor with the ability to acquire fully entitled, permit-ready land with approved plans for a new student housing project featuring 27 beds and 12 bathrooms without the time and cost of navigating the complex entitlement process.

Location

State CA

County Santa Cruz

Area West Santa Cruz

Zoning R-UM Residential - Multifamily Medium Density

Interior

Heating Electric

Cooling Other

1-purchase type For Sale

Exterior

Garage Assigned Spaces, Covered Parking

Utilities Available Public Utilities, Solar

Roof Type Composition

Building

Foundation Concrete Slab

Sewer Sewer - Public

Water Public, Water On Site

Others

Tax ID 006-171-02-000

Security Features Secured Garage / Parking,Security Fence

Special Sale Not Applicable

Listed by Troy Hinds of David Lyng Real Estate
Bought with Troy Hinds of David Lyng Real Estate

NEARBY SCHOOLS & PROPERTIES

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557 SE Washington Ave, Minneapolis, MN, 55455, USA

247 High ST Santa Cruz, CA 95060

Key Details

Location

Interior

Exterior

Building

Others

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247 High ST