Wednesday, July 18, 2007
Santa Cruz Apartment Building for Sale
This is a very nice, renovated building near the world famous Santa Cruz Beach Boardwalk. Nine units, all one story, on a decent sized lot. $1,395,000 which is a 12.9 GRM! Very good gross rent multiplier for the area and for the relatively low price point. I'm a big fan of one story apartment buildings. Leaks don't disrupt two units, tenants don't bang on their ceilings and railings cannot be fallen over. There tends to be a better chance of a land play in the future too.