140 Vernon Street

Description

Pogonip Terrace, located at 140 Vernon St in Santa Cruz, is a well maintained property with historically high occupancy rates. Built in 1999, the 28 unit building is near open space with easy access to area highways (9, 1, 17), UC Santa Cruz, and Downtown Santa Cruz. The Santa Cruz rental market is impacted and there is constant demand for smaller units. The 27 SRO (Single Room Occupancy) units and the 1 one-bedroom unit are appealing to professionals and students alike. It is rare for a building of this size, especially one built in the last 25-years, to come on the market in Santa Cruz. Rents have continued to increase, with the latest SROs renting for $1,925 per month. There is upside to an investor by bringing up the remaining rents to the current market per the Rent Roll and Financial Analysis. The property is professionally managed by a long term manager whod like to continue. Four of the units are part of the Measure O (Affordable) program in the city of Cruz. The remainder of the units are market rate. This property is owned and operated by the original owners and is offered for sale for the first time in its 25 year history. Projected property tax based on list price.

Listing information courtesy of: Chris Shoemaker, Shoemaker Commercial Real Estate 831-247-2647. *Based on information from the Association of REALTORS/Multiple Listing as of 11/16/2024 and/or other sources. Display of MLS data is deemed reliable but is not guaranteed accurate by the MLS. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Properties may or may not be listed by the office/agent presenting the information.