3391 Mission Drive, Santa Cruz, California 95065, Santa Cruz, - bed, bath
ACTIVE$1,785,000
3391 Mission Drive, Santa Cruz, California 95065
0Bed
0Bath
2,688Sqft
3,049Lot
Year Built
1978
Close
-
List price
$1.78M
Original List price
$1.78M
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
ML82015399
Home ConditionFair
Features
Deck
View-
About this home
Fabulous opportunity for 3 Townhouse-style units with front and back yards in a convenient mid-county location. Rents are significantly under market so there is upside for financial growth. Each unit is 2 story with 2 Br and 1.5 Baths, bedroom opening to deck and dining areas opening to rear yards. Nice section of Mission Dr in a pleasantly maintained complex with 2 other triplexes and a duplex on a large private parcel. Covered parking for each unit and common laundry facility on-site generates extra income. Adjacent triplex at 3397 Mission Drive will also be available for purchase.
Price History
Date
Event
Price
07/21/25
Listing
$1,785,000
Condition Rating
Fair
The property was built in 1978, making it 46 years old. While the exterior appears maintained, the overall aesthetic is dated, and there's no indication of recent major renovations. The common laundry facility shows older, utilitarian equipment. Without interior photos of the units, especially kitchens and bathrooms, it's highly probable these areas are original or have only received minor, dated updates, requiring significant modernization to meet current standards and maximize rental income. The description also notes 'rents are significantly under market,' which often implies the units are not updated to command higher rates. The property is functional but clearly shows its age and would benefit from updates.
Pros & Cons
Pros
Significant Rental Upside: The property explicitly states 'Rents are significantly under market,' presenting a clear and substantial opportunity for financial growth and increased cash flow for a new owner.
Multi-Unit Income Property: As a triplex with three townhouse-style units, this property offers diversified income streams, making it an attractive asset for residential income investors.
Desirable Unit Features & Amenities: Each 2-story unit boasts 2 bedrooms, 1.5 baths, private decks, and individual front and back yards. Additionally, covered parking for each unit and an on-site common laundry facility generate extra income and enhance tenant appeal.
Strategic Santa Cruz Location: Located in a 'convenient mid-county location' in Santa Cruz, a highly desirable coastal city known for its strong rental market and quality of life.
Portfolio Expansion Potential: The unique opportunity to purchase an adjacent triplex at 3397 Mission Drive allows for potential portfolio expansion and increased economies of scale for a serious investor.
Cons
Current Under-Market Rents: While offering upside, the current under-market rents mean the immediate cash flow is suppressed, requiring active management and potential investment to bring rents to market rates.
Property Age & Potential for Updates: Built in 1978, the property is over 45 years old, which may imply outdated systems, deferred maintenance, or the need for capital expenditures to modernize units and maximize rental income potential.
High Initial Capital Outlay: The list price of $1.785 million represents a significant upfront investment, which could limit the pool of potential buyers, especially when considering the current under-market rental income.