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218 Ocean St Santa Cruz, CA 95060

2 Beds 2 Baths 939 sqft Built 1991

INVESTimate

$749,000

List Price

$3,330

$3,080 - $3,580

Rent Est.

$814,612  ( +8.76%)   1 YR EST. FORECAST

PROPERTY INFO

80% chance this property will be sold within the next 20 days HOT INVESTMENT
August 19, 2020 RECENTLY ADDED
FACTS
  • Built In 1991
  • Price/Sqft : $797.66
  • 8 Days on Market
  • MLS # : ML81803758
  • Updated Date : 08/22/2020 at 14:46
CONSTRUCTION
  • Beds : 2
  • Floor Size : 939 sqft
  • Baths : 2 full
Listing Agent

Room Real Estate

Listing Agent's Description

Welcome to the heart of the City of Santa Cruz! This two-story house is located conveniently between Downtown, Seabright, the Beach Boardwalk, Harbor, Wharf, San Lorenzo River Trail, Whole Foods, Shoppers Corner, the Buttery, and all the amazing outdoor recreation that Santa Cruz has to offer. The home is an ample 2BR house, and can be easily reimagined as two separate units. Exceptionally versatile floorplan. Built in 1991, this house lives large and contemporary. Dual pane windows, copper gutters and downspouts. Wolf range in the kitchen. Formal dining room. Laundry shoot to downstairs laundry room. Ample storage, indoor and out. Backyard oasis features mature persimmon, apple, and citrus trees, plus tree ferns and ornamentals. Come see how great life can be at the beach, and move in just in time for the stunning fall season on the Central Coast.

SEE MORE

MARKET HIGHLIGHTS

  • Santa Cruz is the headquarters to technology companies: Looker.com, Plantronics, FileOpen and major university system - University of California, Santa Cruz (Santa Cruz Economic Development, 2019)
  • Santa Cruz is the 6th best city for future job growth (Forbes, 2019)
  • North Central Coast, CA area contributes to 10.2% of California state economy i.e. Gross State Product (USMayors.org, 2018)
  • North Central Coast, CA area has 62.2% labor force participation rate; within this area, Salinas, CA metro has 62.5% and Santa Cruz-Watsonville, CA metro has 61.8% labor force participation rate (USMayors.org, 2018)

PRICE & RENT TRENDS

Zip Code: 95060

ZipNIR Market*CityMarket2010Year20002019350k400k450k500k550k600k650k700k750k800k850k900k950k1000kPrice in $335k1002k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Zip Code: 95060

No Data Available.

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Gault Elementary School Primary Regular 415 20 2
Mission Hill Middle School Middle Regular 641 26 6
Harbor High School High Regular 1,032 42 8

Gault Elementary School

  • Education Level: Primary
  • # of students: 415
  • # of teachers: 20
2
GreatSchools Rating

Mission Hill Middle School

  • Education Level: Middle
  • # of students: 641
  • # of teachers: 26
6
GreatSchools Rating

Harbor High School

  • Education Level: High
  • # of students: 1,032
  • # of teachers: 42
8
GreatSchools Rating
 

$674,100$823,900$749,000

PURCHASE PRICE

$2,997$3,663$3,330

RENT

DOWN PAYMENT
FINANCING

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

PROJECTED ANNUAL CASH FLOW

11530-$10k-$5.0k$0.0$5.0k$10k$15k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$500k$1.0M$1.5M$2.0M$2.5M

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $3,330
EXPENSES Loan Payment -$2,763
Property Tax -$772
Property Insurance -$51
Property Management Fees -$130
CASH FLOW
-$387

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 14% of earned rent to cover both maintenance and periods of vacancy.

$749,000

PROJECTED PRICE

$3,330

PROJECTED RENT

0.44%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 2.50%
Appreciation Year (1-5) 8.76%
Maintenance Year (1-5) 8.00%
Vacancy 6.00%
Length of Stay Years 2

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$204,235

INVESTMENT

$204,235

Down Payment
$187,250
Rehab Estimate
$5,750
Closing Costs
$11,235

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 60% down payment or higher enables the proceeds from the asset to cover all costs.

$2,763

MONTHLY LOAN PAYMENT

30 yr
Term
4.25%
Interest
25.00%
Down Payment
Term 30 Years
Interest 4.25%
Down Payment $187,250
Loan Amount $561,750
See What Happens When You Reinvest Cash Flow

1.67

YEARS SAVED

$10,242

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $3,330

    LIST RENT
  • $3.55

    LIST RENT PER SQFT
  • $3,756

    COMP ESTIMATED VALUE
  • $4

    COMP AVG. RENT PER SQFT
Comps Range
$3,330
1$3,3302$3,400
$3,400
RENT COMPS ANALYSIS
  • 218 Ocean St Santa Cruz, 1
    • 2 beds 2 baths ∙ 939 Sqft ∙ Built 1991 2 beds 2 baths ∙ 939 Sqft ∙ Built 1991
    property image
    • Rent
    • Rent Per SQFT
    •  
    • $3,330
    • $3.55
    •  
  • 606 Washington St Santa Cruz, 2
    • 2 beds 1 baths ∙ 850 Sqft ∙ Built 1974 2 beds 1 baths ∙ 850 Sqft ∙ Built 1974
    property image
    LEASED 07/24/20
    • Rent
    • Rent Per SQFT
    •  
    • $3,400
    • $4.00
    •  
PROPERTY LISTING DETAILS
The Madani Team
Room Real Estate
BESbswy