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311 Ocean Street, Santa Cruz, California 95060, Santa Cruz, 95060 - 2 bed, 1 bath

311 Ocean Street, Santa Cruz, California 95060 home-pic-0
ACTIVE$855,000
311 Ocean Street, Santa Cruz, California 95060
2Beds
1Bath
1,148Sqft
2,788Lot

Price Vs. Estimate

The estimated value ($681,817.445) is $173,182.555 (20%) lower than the list price ($855,000). This property may be overpriced.

Key pros and cons

Top Pros:
Prime Location: Strategically located in Santa Cruz, offering convenient access to downtown amenities, popular beaches, public transit, and UCSC.
Top Cons:
Zoning & Permitting Uncertainty: Listed as a Single Family Residence but functioning as three units, requiring buyers to verify zoning compliance and potential uses with the city.

Compared to the nearby listings

Price:$855.0K vs avg $1.50M ($-645,000)6%
Size:1,148 sqft vs avg 1,791.5 sqft15%
Price/sqft:$745 vs avg $90431%

More Insights

Built in 1908 (117 years old).
Condition: Built in 1908, this property is explicitly stated to require 'TLC' and 'significant renovation and capital investment' to reach its full potential. While it functions as three separate units, the age and the need for substantial rehabilitation, particularly for the likely outdated kitchenettes and bathrooms, align with a 'poor' condition. There is no indication of major renovations within the last 30-50 years that would elevate its condition.
Year Built
1908
Close
-
List price
$855K
Original List price
$900K
Price/Sqft
$745
HOA
-
Days on market
-
Sold On
-
MLS number
ML81977425
Home ConditionPoor
Features
View-

About this home

Price reduced and sold together with 315 Ocean St(ML81977427)! 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. All units are 1 bedroom with living room, kitchenette and 1 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. Three adjacent properties are also available for sale: 419 Barson St.(ML81977431), 427 Barson St., 315 Ocean St(ML81977427). Ideal for investors exchanging! Please do not disturb tenants!

Condition Rating
Poor
Built in 1908, this property is explicitly stated to require 'TLC' and 'significant renovation and capital investment' to reach its full potential. While it functions as three separate units, the age and the need for substantial rehabilitation, particularly for the likely outdated kitchenettes and bathrooms, align with a 'poor' condition. There is no indication of major renovations within the last 30-50 years that would elevate its condition.
Pros & Cons

Pros

Prime Location: Strategically located in Santa Cruz, offering convenient access to downtown amenities, popular beaches, public transit, and UCSC.
Income-Generating Potential: Currently configured to function as three separate 1-bedroom units, providing significant rental income opportunities for investors.
Portfolio Expansion Opportunity: Available for sale with an adjacent property (315 Ocean St) and other nearby parcels, making it ideal for investors seeking to expand their portfolio or execute a 1031 exchange.
Architectural Character: Features a single-level Spanish style design, exuding desirable 'old world charm' that adds unique appeal.
Ample Parking: Offers dedicated parking for each unit at the rear of the building, complemented by abundant off-street parking options.

Cons

Zoning & Permitting Uncertainty: Listed as a Single Family Residence but functioning as three units, requiring buyers to verify zoning compliance and potential uses with the city.
Renovation Required: The property explicitly states it needs 'TLC' (tender loving care), indicating a need for significant renovation and capital investment to reach its full potential.
Tenant Occupied: Currently tenant-occupied, which may complicate property showings, inspections, and possession timelines for a new owner.

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