1703 E Cliff Dr, Santa Cruz SANTA CRUZ BEACH LIVING CalBeachLiving.com
SANTA CRUZ BEACH LIVING
1703 E Cliff Dr, Santa Cruz
Located on a prime beachfront parcel, this quadplex offers an incredible opportunity to enjoy sunny Seabright Beach, eclectic restaurants, and relish the laid back Santa Cruz lifestyle just steps from your front door. The property includes two units upstairs, and two units downstairs for a total of 9 bedrooms, 5 bathrooms, 5 garage spaces, and ~4,750 SqFt of living space. Through the front gate, you are welcomed into an expansive fenced in front yard and deck with multiple seating areas, an outdoor fireplace, and grill. The large, private back yard is also fenced in and presents an array of potential uses. For Bay Area commuters, the property is off the first exit after the “fish hook” so when coming from up north there is minimal traffic. With views spanning from Walton Lighthouse, past the famous Santa Cruz Pier, all the way to Seal Rock and the grand Pacific beyond, this oceanview opportunity is a rare find that presents a multitude of different options for future investment or personal enjoyment.
Offered at $5,950,000
Presented by TIM ALLEN COLDWELL BANKER GLOBAL LUXURYUNIT 1 - SECOND LEVEL
UNIT 2 - SECOND LEVEL
PROPERTY INFORMATION
TOTAL SQUARE FOOTAGE: 4,754 SqFt
LOT SIZE: 7,057 SqFt
NUMBER OF BEDROOMS: 9
NUMBER OF BATHS: 5 Full Bathrooms
INTERIOR: Plaster
EXTERIOR: Stucco
FIREPLACE: 2, Gas
ROOF: Composition Shingle
FLOORS: Hardwood, Tile, Carpet
HEAT: Forced Air
GARAGE: 5-Car
YEAR BUILT: 1935
UNIT 3 - FIRST LEVEL
UNIT 4 - FIRST LEVEL
FRONT YARD / DECK
BACKYARD
Proforma Income and Expense Analysis
Pro Forma is based upon an preliminary review of comparable properties in the area. Expenses are estimated based upon past general experiences. Pro Forma provided for preliminary should conduct their own research and evaluation.
Pro Forma is based upon an preliminary review of comparable properties in the area. Expenses are estimated based upon past general experiences. Pro Forma provided for preliminary information purposes only. All parties should conduct their own research and evaluation.
Subject Property
Address 1703 East Cliff Drive, Santa Cruz 4 Units - 9 beds 5 baths, 4,750 sq ft $5,950,000 Unit 1 - Lower Level 2 Bedroom Nights per Month Rate Gross Monthly Income Monthly Management Fee (20%) Net Monthly Income Net Yearly Income Week $2,500 $10,000 $2,000 $8,000 $96,000 Month $6,000 $6,000 $1,200 $4,800 $57,600 Unit 2 - Lower Level 2 Bedroom Nights per Month Rate Gross Monthly Income Monthly Management Fee (20%) Net Monthly Income Net Yearly Income Week $2,500 $10,000 $2,000 $8,000 $96,000 Month $6,000 $6,000 $1,200 $4,800 $57,600 Unit 3 - Upper level 2 Bedroom Nights per Month Rate Gross Monthly Income Monthly Management Fee (20%) Net Monthly Income Net Yearly Income Week $3,000 $12,000 $2,400 $9,600 $115,200 Month $6,500 $6,500 $1,300 $5,200 $62,400 Unit 4 - Upper level 3 Bedroom Nights per Month Rate Gross Monthly Income Monthly Management Fee (20%) Net Monthly Income Net Yearly Income Week $3,500 $14,000 $2,800 $11,200 $134,400 Month $7,000 $7,000 $1,400 $5,600 $67,200 Combined Yearly Income Weekly Rental $441,600 Operating Expenses Month Year Monthly Rental $244,800 Repairs and Maintenance $500 $6,000 Property Taxes $5,454 $65,450 TOT (Weekly) $554 $6,653 Insurance $600 $7,200 PG&E $1,200 $14,400 Water $600 $7,200 Marketing $0 $0 Gardener $575 $6,900 Trash $300 $3,600 Pool/Hot Tub $400 $4,800 Total Operating Expenses $10,184 $122,203 Short Term Total Expenses $122,203 Long Term Total Expenses $78,350 *Tenants Short Term Rental Net Income $169,253 Long Term Net Income $83,218 Asking Price $5,950,000 Short Term Rental (66% Occupancy) Pro Forma Cap Rate 2.84% Long Term Rental (66% Occupancy) Pro Forma Cap Rate 1.40%
66% Occupancy Net Income $63,360 $38,016 66% Occupancy Net Income $63,360 $38,016 66% Occupancy Net Income $76,032 $41,184 66% Occupancy Net Income $88,704 $44,352 66% Combined Yearly Income $291,456 $161,568
*Tenants responsible for Spa, Trash, PG&E, Water information purposes only. All parties
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