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$1,395,000
Est. payment /mo
0.32 Acres Lot
UPDATED:
12/05/2024 05:23 AM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML81960519
HOA Y/N No
Year Built 1958
Annual Tax Amount $16,470
Lot Size 0.320 Acres
Property Description
Mid county investment opportunity on two premium lots in Soquel Village. This facility has 9 parking spaces on-site, with 2 handicapped spots, an ADA access ramp, rear loading dock, dual pane windows, 3-phase power, brick exterior, and received $50,000+/- in major plumbing updates in March 2022. Long term stable tenant. Although the cap rate may seem misaligned with current trends due to recent interest rate hikes, the property's long-term value is exceptional. Its sought-after location attracts business buyers and developers who prize its premium zoning. A nearly identical building next door at 4746 Soquel Dr sold for a similar price per square foot two years ago. Now a central office for a real estate company, it was chosen for its proximity to popular shops, restaurants, the county park, and the River Walk. This area's appeal is set to grow, with adjacent properties like 4768 Soquel expected to capitalize on open parking and park views. Current tenant has two 5-year lease extensions available and the current owners of 4768 Soquel enjoy a low tax base and solid income, making them unlikely to sell unless their asking price is met. It is because of these reasons that this investment is positioned as a premium opportunity relative to its current Capitalization Rate
Location
State CA
County Santa Cruz
Area 699 - Not Defined
Zoning PF-GH
Interior
Heating Space Heater
Cooling None
Fireplace No
Exterior
Roof Type Composition,Other
Total Parking Spaces 5
Building
Story 1
Water Public
Others
Tax ID 03015326000
Security Features Security Lights
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Listed by Datta Khalsa • Main Street Realtors
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