247 High ST, Santa Cruz, CA 95060
sale
$1,895,000
|
Other
Courtesy Of David Lyng Real Estate
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 at a selected 5.00% cap rate 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 project is designed as a purpose-built, fully furnished student rental to serve the robust and chronically undersupplied UCSC off-campus housing market, located approximately one mile from the main university entrance. Operating on a per-bed lease model across five three-bedroom units, the project is structured to function as an institutional-grade student housing product at a mid-market investor scale: a rare combination in the Santa Cruz County market. This rare offering 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 without the time and cost of navigating the complex entitlement process.
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Property Features
- Age: New Construction
- Amenities: Disabled Access
- Amenities: Security System
- Architecture Style: Other
- Cooling System: Other (Cooling)
- Heating System: Electric (Heating)
- MLSID: ML82043922
- Roof Type: Composition
- Rooms: Bedroom 5
- Rooms: Bedroom 4
- Rooms: Bedroom 3
- Rooms: Bedroom 2
- Rooms: Bedroom 1
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