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Wilson Leung

wilson@theownteam.com +1(650) 280-8888

Listed by Troy Hinds • David Lyng Real Estate, DRE#01803325

$ 1,795,000

Est. payment | -/mo

8 Beds

6 Baths

5,858 SqFt

Save

$ 1,795,000

Est. payment | -/mo

Save

8 Beds

6 Baths

5,858 SqFt

Key Details

Property Type Commercial Multi-Residential (5 units)

Sub Type Five or More Units

Listing Status Contingent

Purchase Type For Sale

Square Footage 5,858 sqft

Price per Sqft $306

MLS Listing ID ML82043922

Bedrooms 8

Full Baths 6

Year Built 2026

Lot Size 6,938 Sqft

Property Sub-Type Five or More Units

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, far 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 market has already spoken on this block. Next door, 251 High Street, a conventional, unfurnished building with only ~40% student occupancy and no per-bed premium - recently traded at a 3.88% cap rate. Apply the same cap rate to Ohana Hale's fully furnished, 100% per-bed student model: the developer/buyer could realize up to $4M in equity at completion with an IRR well over 50%. The comp is next door. The upside is in the math. Purpose-built for the UCSC off-campus market, 247 High St 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 across 7 units 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

Exterior

Parking Features 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 Listing Condition Not Applicable

Nearby School & Business

+1(650) 280-8888

wilson@theownteam.com

1651 El Camino Real, Millbrae, CA 94030, United States

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247 High ST Santa Cruz, CA 95060