140 Vernon Street

Santa Cruz, CA 95060

$7,500,000
Price
Beds
9,399 Sq. Ft.
$798 / Sq. Ft.
9,399
Sq. Ft.
$798
per Sq. Ft.

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...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.
  1. Listed by Chris Shoemaker • DRE #01760812 • Brokerage DRE #01760812 • Shoemaker Commercial Real Estate • 831-247-2647

Property Details for 140 Vernon Street

MLS City Name
SANTA CRUZ
Building Type
Other
Complex Name
Pogonip Terrace Apartments
Garage Spaces
0
Parking Spaces
16
LISTING UPDATED: 11/12/2024 01:37 PM

Property Details for 140 Vernon Street

StatusActive
MLS #ML81986370
Days on Compass5
Taxes$83,165 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family 5+
MLS Type5+ Units / Five or More Units
Year Built1999
Lot Size0.54 AC / 23,566 SF
CountySanta Cruz County

Building Information for 140 Vernon Street

Stories-Residences-Year Built1999Building Size-Lot Size0.54 AC / 23,566 SF

Property Information for 140 Vernon Street

Features
Features
  • Fireplace: No
  • Flooring: Laminate
  • Laundry: Coin Operated
  • Living SqFt: 9399
  • Pool: No
  • Security Features: None
  • Special Features: None
Utilities
  • Cooling: None
  • Heating: Radiant
  • Meters: Master Water
  • Sewer Septic: Sewer - Public
  • Utilities: Public Utilities
  • Water: Public
Carport and Parking
  • Carport Min: 8
Garage
  • Garage and Parking: Assigned Spaces
Property Details
Homeowners Association
  • HOA Exists: 0
  • HOA Fee: $0
Property Details
  • Exterior: Wood
  • Min Num Of Units in Complex: 28
  • Area Text: West Santa Cruz
  • Restrictions: Pets - Not Allowed
  • Roof: Composition
  • Subclass: Five or More Units
  • Year Built Source: Assessor
  • Street Number: 140
  • Street Name: Vernon
  • Street Suffix: Street
  • Area ID: 43
Lot / Property Details
Building Information
  • Number of Buildings: 3
  • Structure SqFt: 9399
  • Structure SqFt Source: Assessor
  • Age: 25
Development Information
  • Construction Type: Wood
  • Zoning Detail: IG
Location Information
  • City Limits: Yes
  • Parcel Number: 008-011-12-000
  • County Name: Santa Cruz
  • City Name: SANTA CRUZ
  • City Postal ID: 64
  • Postal Code: 95060
  • Elementary School District: 840
  • High School District Text: Santa Cruz City Elementary
Lot Information
  • Foundation: Concrete Perimeter and Slab
  • Lot Acres: .54
  • Lot Size Area Maximum Units: Square Feet
  • Lot Size Area Minimum Units: Square Feet
  • Lot Size Source: Assessor
Multi Family Information
Building Information
  • No Of Leased: 28
General Information
  • Annual Tax Amount: $83,165
  • Capitalization Rate: 4.19
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Income Includes: Laundry
  • Vacancy Factor: 2
Income / Expense Details
  • Expense Insurance: $29,609
  • Expense Landscape: $6,845
  • Expense Maintenance: $18,901
  • Expense Management: $45,691
  • Expense Trash: $0
  • Expenses Other: $0
  • Expenses Utility: $28,464
  • Expenses Total: $212,675
  • Operating Expenses Include: Fee - Property Management, Maintenance, Maintenance - Repair, Services - On-Site Manager, Utilities - Water
  • Gross Rent Multiplier: 13.94
  • Income Annual Gross: $527,089
  • Income Annual Rental: $532,476
  • Income Gross Scheduled: $537,846
  • Income Other: $5,370
Unit 1 Information
  • Unit 1 Full Bathrooms: 1
Unit 2 Information
  • Unit 2 Approx Square Footage: 550
  • Unit 2 Number of Bedrooms: 1
Unit Type 1
  • Unit Type1 Approx SqFt: 335

Property History for 140 Vernon Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

For completeness, Compass often displays two records for one sale: the MLS record and the public record.

Schools near 140 Vernon Street

This home is within Santa Cruz City High School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
De Laveaga Elementary School
PublicK to 5

Mission Hill Middle School
Public6 to 8

Harbor High School
Public9 to 12

Santa Cruz High School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

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140 Vernon Street is for sale in Santa Cruz, CA 95060. This property was listed for sale on November 12, 2024 by Shoemaker Commercial Real Estate, it's currently listed at $7,500,000. This listing's school districts are Santa Cruz City High School District, Santa Cruz City Elementary School District. Nearby schools include De Laveaga Elementary School, Mission Hill Middle School and Harbor High School. 140 Vernon Street is a 0-bed, 0-bath, 9,399 sqft built in 1999.

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of descriptions or measurements (including square footage measurements and property condition), such should be independently verified, and Compass expressly disclaims any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the discretion of the seller. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Shoemaker Commercial Real Estate, Chris Shoemaker, DRE #01760812

Based on information from one of the following Multiple Listing Services: San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® Information being provided is for the visitor’s personal, noncommercial use and may not be used for any purpose other than to identify prospective properties visitor may be interested in purchasing. The data contained herein is copyrighted by San Francisco Association of Realtors, the MLSListings MLS, the BAREIS MLS, the EBRD MLS, Shasta Association of REALTORS® is protected by all applicable copyright laws. Any dissemination of this information is in violation of copyright laws and is strictly prohibited. Property information referenced on this web site comes from the Internet Data Exchange (IDX) program of the MLS. This web site may reference real estate listing(s) held by a brokerage firm other than the broker and/or agent who owns this web site. For the avoidance of doubt, the accuracy of all information, regardless of source, is deemed reliable but not guaranteed and should be personally verified through personal inspection by and/or with the appropriate professionals.