338 Ocean Street, Santa Cruz, California 95060, Santa Cruz, 95060 - bed, bath
338 Ocean Street
Santa Cruz, California 95060
Property Price
SUMMARY
Analysis of 338 Ocean Street, Santa Cruz, California 95060 is currently available with a list price of $2,500,000. The property maintains a Poor Condition Rating (30/100), indicating the property requires renovation and updates to maximize its market potential. This presents opportunities for value-add investors. Located in a high-demand neighborhood within the Santa Cruz Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for Experienced Investors and Fix-and-Flip Specialists.
Condition Analysis
OVERALL CONDITION SCORE
Property is extensive renovation needed.
Built in 1885, this Victorian duplex is characterized by aging infrastructure and likely requires substantial modernization and seismic retrofitting. The absence of interior photos for the kitchen and bathrooms is a significant indicator of outdated conditions, and the listing's primary focus on the 17,976 sq. ft. lot's development potential suggests the existing structure has reached the end of its functional lifespan without major rehabilitation.
PROSSTRENGTHS & OPPORTUNITIES
- Exceptional Development Potential
The massive 17,976 sq. ft. lot offers rare high-density development opportunities in a central location, with neighboring properties already supporting up to 50 units.
- Versatile Income Configuration
The duplex layout, featuring a 2-bedroom upper unit and a 1-bedroom lower unit, provides flexible options for rental income, owner-occupancy, or multigenerational living.
- Prime Central Location
Situated in the heart of Santa Cruz, the property benefits from high visibility and close proximity to urban amenities, transit, and established residential hubs.
CONSRISKS & DEFICIENCIES
- Aging Infrastructure
Given the 1885 construction date, the property likely requires significant maintenance, modernization, and potential seismic retrofitting to meet current standards.
- Speculative Pricing
The $2.5M list price is heavily weighted toward future development potential rather than the current capitalization rate or immediate rental yield of the existing duplex.
- Entitlement Complexity
Realizing the maximum development potential requires navigating complex city zoning and permit processes, which can be time-consuming and carry inherent financial risk.
About 338 Ocean Street
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.
Property Details
Public Facts
- Property Type
- Duplex
- Year Built
- 1885
- Lot Size
- 17,076 Sq. Ft.
Interior
- Total Bedrooms
- -
- Total Bathrooms
- -
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | - | - | 50% |
| Baths | - | - | 50% |
| Square foot | 2,150 | 2,051.5 | 50% |
| Lot Size | 17,076 | 6,882.5 | 75% |
| Price | $2.50M | $1.48M | 75% |
| Price per sq ft | $1.2K | $785 | 75% |
| Built year | 1885 | 1952 | 25% |
| HOA | $0 | $0 | 50% |
| Days on market | 60 | 183 | 25% |
Pricing History
Listed for Sale
Jan 6, 2026
$2,500,000
Initial Listing
Sold
Nov 17, 2011
$400,000
Public Record