33973401 Mission Drive, Santa Cruz, California 95065, Santa Cruz, 95065 - bed, bath
ACTIVE$1,750,000
33973401 Mission Drive, Santa Cruz, California 95065
0Bed
0Bath
2,688Sqft
6,011Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Strong Investment Potential: This triplex offers a prime investment opportunity in a high-demand rental market, with significant upside for financial growth due to currently under-market rents.
Top Cons:
Current Under-Market Rents: While offering future upside, the current rents are significantly below market value, meaning immediate cash flow is not maximized and requires active management to increase.
Compared to the nearby listings
Price:$1.75M vs avg $1.79M ($-37,500)50%
Size:2,688 sqft vs avg 3,144 sqft50%
Price/sqft:$651 vs avg $57950%
More Insights
Built in 1978 (47 years old).
Condition: Built in 1978, this property is 46 years old. While the exterior appears to be pleasantly maintained, there are no interior images to assess the condition of kitchens, bathrooms, or other living spaces. However, the listing description notes that 'rents are significantly under market,' which strongly suggests that the interiors, particularly kitchens and bathrooms, are likely original or have not undergone significant modern renovations. This indicates outdated styles and features, requiring minor to moderate updates to meet current market expectations and command higher rents. The property is functional but not modern, aligning with the 'Fair' category.
Year Built
1978
Close
-
List price
$1.75M
Original List price
$1.75M
Price/Sqft
$651
HOA
-
Days on market
-
Sold On
-
MLS number
ML82022345
Home ConditionFair
Features
Deck
Patio
View-
About this home
Fabulous opportunity for 3 Townhouse-style units with front and back yards in a convenient mid-county location between the vibrant hubs of Santa Cruz and Capitola . Rents are significantly under market so there is upside for financial growth. This is a prime investment in a high-demand rental market. Each unit is 2 story with 2 Br and 1.5 Baths, bedroom opening to deck and dining areas opening to rear yards and patios. Nice section of Mission Dr in a pleasantly maintained complex with 2 other triplexes and a duplex on a large private parcel. Covered parking for each unit and common laundry facility on-site generates extra income. Adjacent triplex at 3391 Mission Drive also for sale.
Condition Rating
Fair
Built in 1978, this property is 46 years old. While the exterior appears to be pleasantly maintained, there are no interior images to assess the condition of kitchens, bathrooms, or other living spaces. However, the listing description notes that 'rents are significantly under market,' which strongly suggests that the interiors, particularly kitchens and bathrooms, are likely original or have not undergone significant modern renovations. This indicates outdated styles and features, requiring minor to moderate updates to meet current market expectations and command higher rents. The property is functional but not modern, aligning with the 'Fair' category.
Pros & Cons
Pros
Strong Investment Potential: This triplex offers a prime investment opportunity in a high-demand rental market, with significant upside for financial growth due to currently under-market rents.
Desirable Location: The property boasts a convenient mid-county location, strategically situated between the vibrant hubs of Santa Cruz and Capitola, appealing to a broad tenant base.
Individual Unit Appeal: Each of the three townhouse-style units features a desirable 2-story layout with 2 bedrooms, 1.5 baths, private front and back yards, and a deck off the bedroom.
On-site Amenities & Income Generation: The complex provides covered parking for each unit and a common laundry facility on-site, which not only adds convenience for tenants but also generates additional income.
Portfolio Expansion Opportunity: The availability of an adjacent triplex for sale at 3391 Mission Drive presents a unique opportunity for investors to expand their portfolio and achieve greater economies of scale.
Cons
Current Under-Market Rents: While offering future upside, the current rents are significantly below market value, meaning immediate cash flow is not maximized and requires active management to increase.
Property Age & Potential Updates: Built in 1978, the property is over 45 years old, which may necessitate significant interior updates or renovations to attract top-tier tenants and command market-rate rents in a competitive market.
Undefined Local Information: The MLS area is listed as 'Not Defined' and the high school district as 'Other,' which could indicate a lack of specific local data or a less distinct community identity, potentially impacting marketing efforts or perceived value.