509 Leibrandt Avenue, Santa Cruz, California 95060, Santa Cruz, 95060 - bed, bath
ACTIVE UNDER CONTRACT$1,587,000
509 Leibrandt Avenue, Santa Cruz, California 95060
0Bed
0Bath
2,964Sqft
3,746Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Prime Coastal Location: Situated in the desirable 'Beach Hill' neighborhood, offering excellent walkability to Santa Cruz's major attractions including The Boardwalk, Wharf, Downtown, and local beaches, plus easy access to UCSC and commute routes.
Top Cons:
Age of Building & Potential for Updates: Built in 1965, the property is nearly 60 years old, suggesting potential for aging infrastructure, systems, and the need for significant capital expenditures to modernize and maximize its 'value add' potential.
Compared to the nearby listings
Price:$1.59M vs avg $1.38M (+$212,000)80%
Size:2,964 sqft vs avg 1,953 sqft80%
Price/sqft:$535 vs avg $78320%
More Insights
This property has been on the market for 90 days.
Built in 1965 (60 years old).
Condition: Built in 1965, this property is nearly 60 years old. While the interior appears clean and some elements like bedroom carpets seem to have been updated, the kitchen is significantly dated with tile countertops, older white appliances, and basic fixtures. This indicates a lack of extensive modern renovation. The property is functional and maintained but requires substantial cosmetic and functional updates, particularly in the kitchen and likely bathrooms, to meet current standards and maximize its 'value add' potential as noted in the listing description.
Year Built
1965
Close
-
List price
$1.59M
Original List price
$1.68M
Price/Sqft
$535
HOA
-
Days on market
90 Days
Sold On
2026-01-12
MLS number
ML82024779
Home ConditionFair
Features
Deck
Patio
View-
About this home
Fantastic 4-Plex in Beach Hill. This is a wonderful multi-family investment opportunity in a prime beach neighborhood. Building has value add and upside rent potential, including a scheduled rent increase for Jan 2026. Unit #1 is intentionally left vacant, giving buyers the unique opportunity to tour a unit without any tenant coordination. The other three units are fully rented making this property both easy-to-view and an income-generating investment. 3 of the units are 2BD, 1BA and one unit is 1BD, 1BA. Parking area and small storage area for each unit and coin-op laundry. Walk to downtown Santa Cruz, The Boardwalk, and wharf, plus access to some of the best beaches in Santa Cruz County. Easy access to commute routes and UCSC. Great location to enjoy all that Santa Cruz has to offer!
Condition Rating
Fair
Built in 1965, this property is nearly 60 years old. While the interior appears clean and some elements like bedroom carpets seem to have been updated, the kitchen is significantly dated with tile countertops, older white appliances, and basic fixtures. This indicates a lack of extensive modern renovation. The property is functional and maintained but requires substantial cosmetic and functional updates, particularly in the kitchen and likely bathrooms, to meet current standards and maximize its 'value add' potential as noted in the listing description.
Pros & Cons
Pros
Prime Coastal Location: Situated in the desirable 'Beach Hill' neighborhood, offering excellent walkability to Santa Cruz's major attractions including The Boardwalk, Wharf, Downtown, and local beaches, plus easy access to UCSC and commute routes.
Robust Investment Opportunity: A 4-plex explicitly marketed as a 'wonderful multi-family investment opportunity' with existing income, clear 'value add,' and 'upside rent potential,' including a scheduled rent increase for January 2026.
Immediate Income Generation: Three of the four units are fully rented, ensuring immediate cash flow for the new owner from day one.
Strategic Vacant Unit: Unit #1 is intentionally left vacant, providing significant flexibility for the buyer, allowing for immediate owner-occupancy, renovation without tenant disruption, or easy showings.
Tenant-Centric Amenities: The property includes practical amenities such as a dedicated parking area, small storage for each unit, and coin-op laundry, enhancing tenant satisfaction and retention.
Cons
Age of Building & Potential for Updates: Built in 1965, the property is nearly 60 years old, suggesting potential for aging infrastructure, systems, and the need for significant capital expenditures to modernize and maximize its 'value add' potential.
Required Capital for Value Add: While offering 'value add' potential, this implies that additional investment will be necessary for renovations or upgrades to achieve higher rents and property appreciation, making it less of a turn-key investment.
Limited Lot Size: With a lot size of 3746 sqft for a four-unit building, outdoor space for tenants or future expansion opportunities may be constrained.