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$5,900,000
Est. payment /mo
0.68 Acres Lot
UPDATED:
02/17/2025 06:53 PM
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID ML81992548
HOA Y/N No
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. 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
Fireplace No
Exterior
Roof Type Other,Tar/Gravel
Total Parking Spaces 24
Building
Story 1
Water Public
Others
Tax ID 01005112000
Security Features Security Lights
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Listed by Datta Khalsa • Main Street Realtors