247 High Street, Santa Cruz, CA 95060
List Price: $1.79M
Listing Status: Active
Original List Price: $1.9M
0Days on Market: 80
0 Bedrooms · 0 Bathrooms
Property Type: CommercialSale
Year Built: 2026
Lot Size: 6,938 sq ft
Annual Property Tax: $86,416
MLS Number: ML82043922
About This Property
Ohana Hale Residences is a fully permitted, shovel-ready 6,393 SF student housing development opportunity with a carrier SFR. The project's student housing income model of 27 leasable beds at a blended market rent of $1,800 per bed per month may produce a Stabilized Pro Forma Gross Income of $618,924 with NOI of $378,659, far exceeding typical investor expectations for newly constructed UCSC-proximate housing, represents an acquisition and construction at a compelling discount with major developer upside embedded in the as-completed spread. The market has already spoken on this block. Next door, 251 High Street, a conventional, unfurnished building with only ~40% student occupancy and no per-bed premium - recently traded at a 3.88% cap rate. Apply the same cap rate to Ohana Hale's fully furnished, 100% per-bed student model: the developer/buyer could realize up to $4M in equity at completion with an IRR well over 50%. The comp is next door. The upside is in the math. Purpose-built for the UCSC off-campus market, 247 High St provides an investor with the ability to acquire fully entitled, permit-ready land with approved plans for a new student housing project featuring 27 beds and 12 bathrooms across 7 units without the time and cost of navigating the complex entitlement process.
Listing provided by: Troy Hinds DRE #01803325 831-429-5700 troy@collectiverealestate.com, David Lyng Real Estate
Source: CRMLS