338 Ocean Street, Santa Cruz, California 95060, Santa Cruz, 95060 - 0 bed, 0 bath
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Santa Cruz, California 95060
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.
Property is extensive renovation needed.
Originally built in 1885, this Victorian duplex shows significant signs of age and deferred maintenance. The exterior grounds are unkempt with a dirt/gravel lot and significant clutter, and the total absence of interior photos typically indicates outdated or distressed kitchen and bathroom conditions. The listing's heavy emphasis on the 17,976 sq. ft. lot and 'future development potential' further confirms that the value lies in the land rather than the current state of the structure, which likely requires substantial rehabilitation.
The massive 17,976 sq. ft. lot in a high-density zone offers significant upside for future multi-use or multi-unit development, similar to neighboring 50-unit projects.
The Victorian-style duplex features two distinct units (2BR/1BA and 1BR/1BA), providing immediate rental income, owner-occupancy, or multigenerational living flexibility.
Situated in the heart of Santa Cruz, the property benefits from high visibility and proximity to established urban amenities, ensuring long-term desirability and value.
Originally built in 1885, the Victorian structure likely requires substantial ongoing maintenance and modernization to meet contemporary standards and efficiency.
The $2.5M list price is heavily weighted toward future land value rather than current rental yields, which may challenge investors seeking immediate high cash flow.
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.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 0.0 | 0.0 | 50% |
| Baths | 0.0 | 0.0 | 50% |
| Square foot | 2,150 | 2,964 | 33% |
| Lot Size | 17,076 | 17,076 | 50% |
| Price | $2.50M | $2.30M | 67% |
| Price per sq ft | $1.2K | $481 | 67% |
| Built year | 1885 | 1965 | 33% |
| HOA | $0 | $0 | 50% |
| Days on market | 106 | 134 | 33% |
Jan 6, 2026
$2,500,000
Initial Listing
Nov 17, 2011
$400,000
Public Record