247 High Street, Santa Cruz, CA 95060
247 High Street, Santa Cruz, CA 95060
247 High Street, Santa Cruz, CA 95060
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$1,795,000
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5,858 SqFt
Pending

247 High Street Santa Cruz, CA 95060

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Grant Inaba

Grant Inaba

+1(415) 992-2330

UPDATED:

Key Details

Property Type COMM RI MULTI-UNITS 5

Sub Type Other

Listing Status Pending

Purchase Type For Sale

Square Footage 5,858 sqft

Price per Sqft $306

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

Bridge MLS
© 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

NEARBY SCHOOL & BUSINESS

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Grant Inaba

Grant Inaba

Agent License ID: 01905199

+1(415) 992-2330

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