338 Ocean Street, Santa Cruz, California 95060, Santa Cruz, 95060 - bed, bath
ACTIVE$2,500,000$2,150/sqft
338 Ocean Street, Santa Cruz, California 95060
0Bed
0Bath
2,150Sqft
17,076Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Exceptional Development Potential: The expansive 17,976 sq. ft. lot, coupled with surrounding higher-density uses, offers compelling future development potential for multi-use and/or additional units, providing significant long-term upside.
Top Cons:
Advanced Age and Potential for Outdated Systems: Built in 1885, the property is likely to have original or significantly aged infrastructure (plumbing, electrical, insulation) that may require substantial upgrades or ongoing maintenance.
Compared to the nearby listings
Price:$2.50M vs avg $1.43M (+$1,075,000)80%
Size:2,150 sqft vs avg 2,150 sqft50%
Price/sqft:$1.2K vs avg $78380%
More Insights
Built in 1885 (141 years old).
Condition: Built in 1885, this Victorian duplex is explicitly noted for its 'Advanced Age and Potential for Outdated Systems' and 'Significant Renovation Investment Likely Required.' While the exterior maintains some charm, no interior images are provided, and the property's primary value is highlighted as its 'compelling future development potential' on a large lot. This indicates the existing structure likely requires substantial repairs and rehabilitation, including major system replacements, to meet modern living standards, aligning with a 'poor' condition score.
Year Built
1885
Close
-
List price
$2.5M
Original List price
$2.5M
Price/Sqft
$1,163
HOA
-
Days on market
-
Sold On
-
MLS number
ML82030410
Home ConditionPoor
Features
Good View:
View-
About this home
Charming Victorian-style duplex in the heart of Santa Cruz. The upper unit offers approximately 1,100 sq. ft. with 2 bedrooms and 1 bathroom, while the lower unit features approximately 800 sq. ft. with 1 bedroom and 1 bathroom, ideal for investment, owner-occupancy, or multigenerational living. A standout feature is the expansive 17,976 sq. ft. lot, offering compelling future development potential for multi-use and/or additional units (buyer to verify). Surrounded by established higher-density uses, the immediate area reflects what may be possible. For reference, the neighboring property at 314 Jessie St. is improved with an approximately 50-unit apartment building on a lot that appears only modestly larger, highlighting the upside opportunity for this exceptional parcel.
P
Paul Zech
Listing Agent
Price History
Date
Event
Price
11/17/11
Sold
$400,000
Condition Rating
Poor
Built in 1885, this Victorian duplex is explicitly noted for its 'Advanced Age and Potential for Outdated Systems' and 'Significant Renovation Investment Likely Required.' While the exterior maintains some charm, no interior images are provided, and the property's primary value is highlighted as its 'compelling future development potential' on a large lot. This indicates the existing structure likely requires substantial repairs and rehabilitation, including major system replacements, to meet modern living standards, aligning with a 'poor' condition score.
Pros & Cons
Pros
Exceptional Development Potential: The expansive 17,976 sq. ft. lot, coupled with surrounding higher-density uses, offers compelling future development potential for multi-use and/or additional units, providing significant long-term upside.
Prime Santa Cruz Location: Situated in the 'heart of Santa Cruz,' the property benefits from a highly desirable and central location, ensuring strong rental demand and convenient access to local amenities.
Income-Generating Duplex: As a duplex, the property provides immediate rental income opportunities, flexibility for owner-occupancy with supplemental income, or suitability for multigenerational living.
Historic Victorian Charm: The 'charming Victorian-style' architecture offers unique character and aesthetic appeal, which can attract specific buyers or tenants appreciative of historic properties.
Large Urban Lot Size: The substantial 17,976 sq. ft. lot is exceptionally large for an urban setting, providing ample space for potential expansion, outdoor amenities, or future development.
Cons
Advanced Age and Potential for Outdated Systems: Built in 1885, the property is likely to have original or significantly aged infrastructure (plumbing, electrical, insulation) that may require substantial upgrades or ongoing maintenance.
Significant Renovation Investment Likely Required: To maximize the property's value, especially for modern living standards or higher rental yields, considerable renovation and modernization efforts are anticipated, adding to the initial acquisition cost.
Relatively Small Unit Sizes: The individual units are modest in size (1,100 sq. ft. for 2B/1B and 800 sq. ft. for 1B/1B), which might not appeal to all owner-occupants or families seeking larger living areas, particularly given the high list price.