Home | Santa Cruz County | Santa Cruz | 95060 | 247 High St
MLS: ML82043922 | Status: | Price: $1,895,000
Beds/Baths: – / –
Property Type: Residential Income
| Beds | Baths | Sq Ft | Sq Ft Lot | Yr Built |
|---|---|---|---|---|
| – | – | 5,858 | 6,938 | 2026 |
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 that same cap rate to Ohana Hale's fully furnished, 100% per-bed student model: the developer/owner can realize over $3.5M 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.
| Field | Value |
|---|---|
| MLS # | ML82043922 |
| MLS Source | MLSListings, Inc. |
| Days on Site | 14 |
| Feature | Details |
|---|---|
| Cooling | Other |
| Heating | Electric |
| Feature | Details |
|---|---|
| Roof | Composition |
| Foundation | Slab |
| Feature | Details |
|---|---|
| Garage/Parking | Assigned Spaces, Covered Parking, Garage: 0 Car(s) |
| High School District | Santa Cruz City High |
| Sewer | Public Sewer |
| Water | Public |
| HOA Fee | $0 |
| Zoning | R-UM Residential - Multif |
Troy Hinds
David Lyng Real Estate
License #: 01803325
Phone: (831) 706-6224
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 1 | 0 | 7 |
| Type | Sq Ft | Beds | Baths | Min Rent | Max Rent | Units Like This |
|---|---|---|---|---|---|---|
| 1 | 421 | 1 | 1/0 | $2,577 | $2,577 | 1 |
| 2 | 440 | 1 | 1/0 | $3,200 | $3,200 | 1 |
| 3 | 979 | 3 | 2/0 | $9,000 | $9,000 | 4 |
| 4 | 1,138 | 3 | 2/0 | $9,000 | $9,000 | 1 |
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This listing information is up-to-date as of May 13, 2026. For the most current information, please contact Troy Hinds, (831) 706-6224.