Sold

209 Brennan Street

WATSONVILLE CA, 95076

$3,100,000


$685.54 per sqft

Sold

4,522 sqft

Multi-family

Built in 1964

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 blocks from Downtown Watsonville and just one block off of Main Street. Light interior upgrades will afford investors the opportunity to capture significant increase in rental income and roughly a 8.23% pro forma cap rate. The property is in immaculate condition, with very limited deferred maintenance. Since the onset of the COVID-19 Pandemic, Santa Cruz County has been injected with mass migration from the Silicon Valleys 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%. Download the Offering Memorandum Here: https://www.redwoodpropertyco.com/207brennan

ML81895905

MLS ID

August 1, 2022

Listed

November 27, 2023

Updated

Map

209 Brennan Street
WATSONVILLE CA, 95076

Interior Features

Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.17 acres


Roof

Shingle


Sewer

Public Sewer

School Information

Elementary School

800

Other Property Details

Area Name

Watsonville


Garage

No


Parking

No


View

No


County

Santa Cruz


Water Source

Public


Pool

No


Zoning

RM3


Buyer Agency Compensation

2.5%

Courtesy of Redwood Property Company, Nick Oliver,
Listing Contact: 8316878720 

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Data last updated 6:12 AM UTC, 11/27/2023

 

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