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Marcus & Millichap Brokers $45 Million Sale Of Seaside Apartments In Santa Cruz
SOLD
$45,000,000
+ 1
California
See Similar DealsMultiFamily
Sold 10/24/2024
SOLD
Marcus & Millichap Brokers $45 Million Sale Of Seaside Apartments In Santa Cruz
1380 30th Avenue
See Similar DealsMultiFamily
Sold 10/24/2024
+ 1
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The asset involved in this transaction is an 84-unit multifamily property located at 1380 30th Avenue in Santa Cruz, California. The sale price for this property was $45,000,000, resulting in a price per unit of $535,714. This affordable housing complex was developed in 1983 and encompasses over four acres along with five residential buildings, all comprised of 100% Section 8 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $45,000,000
- Units: 84
- Price Per Unit: $535,714
- Address: 1380 30th Avenue
- Market: Santa Cruz
The transaction was brokered by David Cutler, Joshua Johnson, Kirk Trammell, and Mitchell Zurich representing Marcus & Millichap. Their collaboration facilitated the transfer of this property while highlighting their expertise in handling multifamily real estate transactions.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,400,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$159,875.50
Cash-on-Cash Return-1.27%
Monthly Debt Service$213,322.96
Annual Debt Service$2,559,875.50
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