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Listed by Datta Khalsa • Main Street Realtors
$ 5,900,000
Est. payment /mo
Active
526-540 Soquel Avenue Santa Cruz, CA 95062
15,185 SqFt
UPDATED:
Key Details
Property Type Commercial
Sub Type Comm Ind For Sale
Listing Status Active
Purchase Type For Sale
Square Footage 15,185 sqft
Price per Sqft $388
MLS Listing ID ML81992548
HOA Y/N No
Originating Board Datashare MLSListings
Year Built 1938
Lot Size 0.680 Acres
Property Sub-Type Comm Ind For Sale
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
Interior
Heating Forced Air, Natural Gas, Wall Furnace
Flooring Hardwood
Fireplace No
Exterior
Handicap Access Customized Wheelchair Accessible
Building
Water Public
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