1450 Merrill St Immeuble residentiel 9 lots 2 798 445 € (310 938 €/Lot) Taux de capitalisation 5,47 % Santa Cruz, CA 95062

Recent rental extensions. Rent Increases bring July 1 CAP rate to 5.47%
1450 Merrill St, known as “Seadowns”, is a three-building, nine-unit property that has been owned by the seller for 26 years. It is in close proximity to area beaches, East Cliff Drive, Pleasure Point, the Santa Cruz Small Craft Harbor, Sunday Live Oak farmer's market, Simpkins Swim Center and many local restaurants. The property contains ample outdoor space, providing a peaceful living experience for the renters. The property provides excellent walkability and bikeability. It also has 11 parking spaces, including 5 covered carport spaces. The coin-operated laundry is rented by the owner.
The unit mix includes six 1-bedroom, 1-bath units (1-6) in the two-story building. Each of these six units has access to the outdoor space behind the building and has additional locked storage in the carport. Near the front of the property is a 2-bedroom, 1-bath unit (A) with a large fenced front yard, a 1 bedroom, 1-bath unit (B) with a fenced back yard and covered patio, and a stand-alone 2-bedroom, 1-bath unit (C).
The owner has completed recent improvements including a new sewer lateral, new roof on the carport and laundry area, and fumigation for termites. Between turnovers, the Landlord has also painted the units, and updated appliances and fixtures, and installed new carpets.