209 Brennan Street

Watsonville, CA 95076

$3,100,000
Last Sold Price
Beds
4,522 Sq. Ft.
$686 / Sq. Ft.
4,522
Sq. Ft.
$686
per Sq. Ft.

Description

The subject property provides a rare opportunity to acquire a value-add multifamily property with significant upside in rent potential. The property is in a prime location in the blocks from Downtown Watsonville and just one block off of Main Street. Light interior upgrades will afford investors the opportunity to capture significant increase in rental income and roughly a 8.23% pro forma cap rate. The property is in immaculate condition, with very limited deferred maintenance. Since the onset of...The subject property provides a rare opportunity to acquire a value-add multifamily property with significant upside in rent potential. The property is in a prime location in the blocks from Downtown Watsonville and just one block off of Main Street. Light interior upgrades will afford investors the opportunity to capture significant increase in rental income and roughly a 8.23% pro forma cap rate. The property is in immaculate condition, with very limited deferred maintenance. Since the onset of the COVID-19 Pandemic, Santa Cruz County has been injected with mass migration from the Silicon Valleys remote workforce. In turn, countywide rents have skyrocketed 18.4%. As renters keep getting priced out of more expensive sub-markets in and around the City of Santa Cruz, demand continues pushing south to more affordable areas like Watsonville. This rental demand surge has pushed vacancy rates to 0.5%. Download the Offering Memorandum Here: https://www.redwoodpropertyco.com/207brennan
  1. Listed by Nick Oliver • DRE #02133612 • Brokerage DRE #02166543 • Redwood Property Company • 831-687-8720

Property Details for 209 Brennan Street

MLS City Name
WATSONVILLE
Building Type
Other
Complex Name
Alice Byer Apartments
Garage Spaces
0
Parking Spaces
0

Location

Listing Courtesy of Redwood Property Company, Nick Oliver, DRE #02133612

Sold By Allen Property Group, Inc., Steven Allen, DRE #01843086

Add your commute
LISTING UPDATED: 08/03/2022 01:22 PM

Property Details for 209 Brennan Street

StatusSold
MLS #ML81895905
Days on Compass51
Taxes$20,548 / year
HOA Fees-
Condo/Co-op Fees-
Compass TypeMulti Family
MLS Type5+ Units / Five or More Units
Year Built1964
Lot Size0.17 AC / 7,492 SF
CountySanta Cruz County

Location

Listing Courtesy of Redwood Property Company, Nick Oliver, DRE #02133612

Sold By Allen Property Group, Inc., Steven Allen, DRE #01843086

Add your commute

Building Information for 209 Brennan Street

Stories-Residences-Year Built1964Building Size-Lot Size0.17 AC / 7,492 SF

Payment Calculator

$18,630 per month

30 year fixed, 7.25% Interest

Principal and Interest

$16,918

Property Taxes

$1,712

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Property Information for 209 Brennan Street

Features
Features
  • Fireplace: No
  • Living SqFt: 4522
  • Pool: No
  • Security Features: None
  • Special Features: None
Utilities
  • Cooling: None
  • Heating: Wall Furnace
  • Meters: Master Water, Separate Electric, Separate Gas
  • Sewer Septic: Sewer - Public
  • Utilities: Public Utilities
  • Water: Public
Carport and Parking
  • Carport Min: 6
Garage
  • Garage and Parking: Carport
Property Details
Homeowners Association
  • HOA Exists: 0
  • HOA Fee: $0
Property Details
  • Building Name: Alice Byer Apartments
  • Min Num Of Units in Complex: 6
  • Area Text: Watsonville
  • Restrictions: None
  • Roof: Shingle
  • Stories: 0.0
  • Subclass: Five or More Units
  • Year Built Source: Other
  • Street Number: 209
  • Street Name: Brennan
  • Street Suffix: Street
  • Area ID: 56
Lot / Property Details
Building Information
  • Number of Buildings: 1
  • Structure SqFt: 4522
  • Structure SqFt Source: Assessor
  • Age: 58
Development Information
  • Zoning Detail: RM3
Location Information
  • Parcel Number: 018-151-09-000
  • County Name: Santa Cruz
  • City Name: WATSONVILLE
  • City Postal ID: 76
  • Postal Code: 95076
  • Elementary School District: 800
  • High School District Text: Pajaro Valley Unified
Lot Information
  • Foundation: Concrete Perimeter
  • Lot Acres: .17
  • Lot Size Area Maximum Units: Square Feet
  • Lot Size Area Minimum Units: Square Feet
  • Lot Size Source: Assessor
Multi Family Information
General Information
  • Annual Tax Amount: $20,548
  • Capitalization Rate: 1.50
  • Tenant Expenses: Utilities - Electric, Utilities - Gas
  • Income Includes: Laundry
  • Vacancy Factor: 3
Income / Expense Details
  • Expense Insurance: $9,319
  • Expense Landscape: $0
  • Expense Maintenance: $3,000
  • Expense Management: $2,981
  • Expense Trash: $0
  • Expenses Other: $2,701
  • Expenses Utility: $9,723
  • Expenses Total: $48,272
  • Operating Expenses Include: Fee - Property Management, Insurance, Maintenance - Repair, Utilities
  • Gross Rent Multiplier: 22.72
  • Income Annual Gross: $74,488
  • Income Annual Rental: $75,292
  • Income Gross Scheduled: $76,792
  • Income Other: $1,500
Unit 1 Information
  • Unit 1 Full Bathrooms: 1
  • Unit 1 Number of Bedrooms: 2
  • Unit 1 Rent: $925
  • Unit 1 Type: Apartment
Unit 2 Information
  • Unit 2 Rent: $0
Unit 3 Information
  • Unit 3 Rent: $0
Unit 4 Information
  • Unit 4 Rent: $0
Unit Type 1
  • Unit Type1 Units Total: 6
Listing Info
Rental Info
  • Lease Type: Net

Property History for 209 Brennan Street

DateEvent & SourcePriceAppreciation
DateEvent & SourcePrice

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

Schools near 209 Brennan Street

This home is within Pajaro Valley Unified School District.
Rating
School
Type
Grades
Distance
Public - K to 5
Public - 6 to 8
Public - 9 to 12
Charter - 6 to 12
Rating
School
Distance
Mintie White Elementary School
PublicK to 5

E. A. Hall Middle School
Public6 to 8

Watsonville High School
Public9 to 12

Ceiba College Preparatory Academy
Charter6 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.

Similar Homes

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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. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of Redwood Property Company, Nick Oliver, DRE #02133612

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.