311 Ocean Street, Santa Cruz, California 95060, Santa Cruz, 95060 - 3 bed, 3 bath
Loading property details...
Santa Cruz, California 95060
This property presents a High-Potential Investment Opportunity with a List Price of $900,000—positioned well below the $945,397 Fair Market Value by 4%. This valuation gap offers $45,397 in Instant Equity. Currently functioning as a 3-unit multi-family asset, the property has a Condition Rating of 5, necessitating comprehensive interior rehab. Its prime location near UCSC and downtown ensures strong rental demand. This is a strategic acquisition ideal for Buy-and-Hold Investors or 1031 Exchange Buyers seeking portfolio expansion.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 311 Ocean Street Subject | $900,000* List Price | 3 | 3 | 1,148 | $824 | - |
A 312 Elm Street Sold | $1,055,000 | 2 | 2 | 1,036 | $1,018 | 0.6 mi |
B 215217 Roberts Street Active Under Contract | $995,000 List Price | 2 | 2 | 1,338 | $744 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Originally built in 1908, the property shows significant signs of age and deferred maintenance. The kitchen is highly dated with worn laminate countertops and old cabinetry, while the living spaces feature outdated wall heaters and visible wear on walls and flooring. The listing's mention of needing 'TLC' and its current use as three separate units within a small footprint suggests the need for a comprehensive interior rehab and system upgrades.
Ideally situated near downtown Santa Cruz, local beaches, and UCSC, offering high desirability for tenants and excellent long-term appreciation potential.
Currently functioning as three separate one-bedroom units, this property provides immediate rental income streams and versatile options for investors.
The availability of adjacent properties and the potential for a 1031 exchange offer a rare opportunity for portfolio expansion or future redevelopment in a high-demand area.
Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 3, other record bedroom count = 2.
The property requires significant 'TLC' and updates to address its 1908 original construction and current condition, necessitating additional capital investment.
The requirement to purchase the property in conjunction with 315 Ocean Street increases the total acquisition cost and limits the buyer pool to those with higher financing capacity.
This single level Spanish style home exudes old world charm. Originally built as a 2 bedroom, 1 bath home. The home currently functions as 3 separate units. Each one is one bed, one bath. Parking area is in the back of the building and each unit has 1 parking spot. There is plenty of off-street parking. Check with the zoning office for potential uses. With some TLC this place will really shine. This is a great opportunity for the right buyer. Located close to downtown, beaches, transit, and UCSC. Must be sold with 315 Ocean St Two adjacent properties are also available for sale: 419 Barson St, 427 Barson Ideal for investors exchanging! Please do not disturb tenants!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 1,148 | 1,520 | 25% |
| Lot Size | 2,788 | 7,057 | 10% |
| Price | $900.0K | $1.36M | 7% |
| Price per sq ft | $784 | $886 | 35% |
| Built year | 1908 | 1974 | 3% |
| HOA | $0 | $0 | 50% |
| Days on market | 10 | 117 | 1% |
May 27, 2026
$900,000
Initial Listing
Nov 27, 2013
$2,975,000
Public Record