407-409 Pacific Ave - Neptune Apartments

The “Beach South of Laurel Plan Area” in Santa Cruz is slated for many new apartment buildings, retail, and commercial development. 407-409 & 413 Pacific Avenue is just a few blocks (1,200’ or about 400 steps) from the famous beaches of Santa Cruz! The existing rental buildings provide instant income for either an investor or a developer. This property is located within the 29 acre neighborhood “Downtown Plan Expansion Project” with includes opportunities to construct high-rise apartment buildings and a new 4± acre arena project for the Santa Cruz Warriors. All tenants are currently on month-to-month rental agreements. Owners have purposefully kept rents well below market in exchange for having long term, reliable, quality tenants. While this property would be an attractive property for an investor to re-vitalize in its current configuration, it is also appealing to residential developers as the new Downtown Plan Expansion draft shows this property located in a 70’maximum height limit area… allowing for development of a 5-6 story apartment building.