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$ 1,895,000
Est. payment | /mo
5,858 SqFt
$ 1,895,000
Est. payment | /mo
5,858 SqFt
Open House
Sat Jun 06, 2:00pm - 4:00pm
Sun Jun 07, 2:00pm - 4:00pm
Key Details
Property Type Commercial
Sub Type Other
Listing Status Active
Purchase Type For Sale
Square Footage 5,858 sqft
Price per Sqft $323
MLS Listing ID ML82043922
HOA Y/N No
Year Built 2026
Lot Size 6,938 Sqft
Acres 0.153
Property Sub-Type Other
Property Description
Ohana Hale Residences is a fully permitted, shovel-ready 6,393 SF student housing development opportunity with a carrier SFR. The project's student housing income model of 27 leasable beds at a blended market rent of $1,800 per bed per month may produce a Stabilized Pro Forma Gross Income of $618,924 with NOI of $378,659, far exceeding typical investor expectations for newly constructed UCSC-proximate housing, represents an acquisition and construction at a compelling discount with major developer upside embedded in the as-completed spread. The market has already spoken on this block. Next door, 251 High Street, a conventional, unfurnished building with only ~40% student occupancy and no per-bed premium - recently traded at a 3.88% cap rate. Apply the same cap rate to Ohana Hale's fully furnished, 100% per-bed student model: the developer/buyer could realize up to $4M in equity at completion with an IRR well over 50%. The comp is next door. The upside is in the math. Purpose-built for the UCSC off-campus market, 247 High St provides an investor with the ability to acquire fully entitled, permit-ready land with approved plans for a new student housing project featuring 27 beds and 12 bathrooms across 7 units without the time and cost of navigating the complex entitlement process.
Location
State CA
County Santa Cruz
Zoning R-UM
Interior
Heating Electric
Cooling Other
Fireplace No
Exterior
Handicap Access Accessible Approach with Ramp, Accessible Full Bath
Building
Sewer Public Sewer
Water Public
New Construction No
Others
Tax ID 00617102000
© 2026 BEAR, CCAR, bridgeMLS. This information is deemed reliable but not verified or guaranteed. This information is being provided by the Bay East MLS or Contra Costa MLS or bridgeMLS. The listings presented here may or may not be listed by the Broker/Agent operating this website.
Listed by Troy Hinds • David Lyng Real Estate
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Patrick Nagel
REALTOR® | Lic# 1760790