526540 Soquel AVE Active Save Request In-Person Tour Request Virtual Tour
Santa Cruz,CA 95062
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML81992548
Year Built 1938
Annual Tax Amount $70,800
Lot Size 0.680 Acres
Property Description
The Sullivan Building Complex at 526-540 Soquel Ave & 545 Ocean View Ave is a collection of mid-century Medical, Personal Care and Professional Suites in 4 buildings spread out across three parcels on a prime corner convenient to The Buttery, Shoppers Corner and the other popular boutique shops and restaurants of Mid-Town. The longtime owners have taken great pride in the property with updates and renovations made to many of the interior and exterior components of the buildings through the years, with over $420,000 in capital improvements added since 2020, including courtyard remodel for the Medical Arts Building, plus new windows, new plumbing, new flooring, new heat and new air for many of the suites in the complex. Located in an Opportunity Zone, with access to public transit, the assemblage is eligible for multi-story mixed-use development of high-density residential over street-level retail podium. This is an excellent opportunity for an investor seeking to maximize cap rate with upside potential in rents on some of the larger suites which are currently leased month-to-month, or for a developer with the benefit of existing carrier income during entitlement.
Location
State CA
County Santa Cruz
Area 699 - Not Defined
Zoning CC
Interior
Heating Forced Air,Wall Furnace
Cooling None
Exterior
Roof Type Other,Tar/Gravel
Building
Story 1
Water Public
Others
Virtual Tour https://vimeo.com/1050109926?share=copy