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.
The property was built in 1885 (139 years old) and the listing lacks any mention of recent renovations to kitchens, bathrooms, or major systems. The marketing description focuses almost entirely on the lot size and future development potential rather than the current state of the dwelling, suggesting the structure requires significant rehabilitation to meet modern safety and functional standards.
The expansive 17,976 sq. ft. lot offers rare high-density development upside in a central location, with neighboring properties already supporting large-scale multi-unit projects.
The Victorian-style duplex provides flexible options for immediate rental income, owner-occupancy, or multigenerational living while development plans are finalized.
Situated in the heart of Santa Cruz, the property benefits from high visibility and proximity to urban amenities, making it highly attractive for future residential or multi-use tenants.
The $2.5M list price reflects the property's development potential rather than the current cash flow of the existing duplex, which may challenge traditional residential income buyers.
Originally built in 1885, the aging Victorian structure likely requires significant ongoing maintenance and potential modernization to meet contemporary standards.
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 |
|---|---|---|
| Beds | 0.0 | 0.0 |
| Baths | 0.0 | 0.0 |
| Square foot | 2,150 | 1,920 |
| Lot Size | 17,076 | 2,439 |
| Price | $2.50M | $2.21M |
| Price per sq ft | $1.2K | $771 |
| Built year | 1885 | 1972 |
| HOA | $0 | $0 |
| Days on market | 198 | 62 |
Jan 6, 2026
$2,500,000
Initial Listing
Nov 17, 2011
$400,000
Public Record