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Wilson Leung

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

Listed by Helen Pastorino • Pertria, DRE#00612357

$ 4,245,000

Est. payment | -/mo

8 Beds

5 Baths

6,656 SqFt

Save

$ 4,245,000

Est. payment | -/mo

Save

8 Beds

5 Baths

6,656 SqFt

Key Details

Property Type Commercial Multi-Residential (5 units)

Sub Type Five or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 6,656 sqft

Price per Sqft $637

MLS Listing ID ML82053491

Bedrooms 8

Full Baths 5

Year Built 1970

Lot Size 0.690 Acres

Property Sub-Type Five or More Units

Property Description

EXCELLENT OPPORTUNITY WHETHER A DEVELOPER OR AN INVESTOR. 2651-2661 Fresno Street is a rare jewel in the heart of Santa Cruz's coveted 26th Ave neighborhood, just 0.3 miles from the beach & surrounded by the coastal lifestyle that makes this pocket so desirable. For a developer, the opportunity is exceptional: feasibility study recommends redevelopment into 3-story townhomes, w/ Option A identifying a 13-unit townhouse concept utilizing State Density Bonus Laws. While pursuing entitlements, the property offers the rare advantage of in-place income, generating $26,000+ per month from 8 updated, fully leased residential units. For an investor, the existing asset is equally compelling. The upside or future opportunity to secure cash flow & retain the upside to sell, entitle or develop for add'l value. The property has updated kitchens & baths, private fenced-in yards, large common area w/ chairs & fire pit, fresh exterior paint & new landscaping, separate gas & electrical meters, 2 laundry rooms w/ app-operated payment, 8 carports & 10 onsite parking. In a market defined by limited housing supply, strong rental demand & exceptional beach proximity, Fresno Street offers immediate income today w/ a seductive path toward future upside tomorrow. Enjoy!

Location

State CA

County Santa Cruz

Area Live Oak

Zoning RM-5-PP

Rooms

Other Rooms Laundry Room

Kitchen 220 Volt Outlet, Exhaust Fan, Hood Over Range, Oven Range - Electric, Refrigerator

Interior

Heating Wall Furnace

Cooling None

Flooring Carpet, Tile, Vinyl / Linoleum

Laundry Washer / Dryer

Exterior

Exterior Feature Back Yard, Courtyard, Fenced, Fire Pit, Low Maintenance, Sprinklers - Auto

Parking Features Assigned Spaces, Carport , On Street, Parking Restrictions, Uncovered Parking

Community Features Common Utility Room

Utilities Available Individual Electric Meters, Individual Gas Meters, Public Utilities

Roof Type Bitumen,Composition,Fiberglass,Shingle

Building

Lot Description Grade - Level

Foundation Concrete Slab

Sewer Sewer - Public

Water Public

Others

Restrictions Parking Restrictions

Tax ID 028-263-50-000

Security Features None

Special Listing Condition Not Applicable

+1(650) 280-8888

wilson@theownteam.com

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

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2651-2661 Fresno ST Santa Cruz, CA 95062