5035 Soquel Drive, Soquel, California 95073, Soquel, - bed, bath

home-pic
ACTIVE UNDER CONTRACT$925,000
5035 Soquel Drive, Soquel, California 95073
1Bed
1Bath
944Sqft
10,542Lot
Year Built
1930
Close
-
List price
$925K
Original List price
$925K
Price/Sqft
-
HOA
-
Days on market
93 Days
Sold On
2023-10-15
MLS number
ML81935060
Home ConditionFair
Features
Patio
View-

About this home

The home is functional but could benefit from updating. Great upside potential to develop on the lot and/or update the current home to your liking. Walking distance to downtown Soquel and Main Street. Soquel has shops, restaurants & antique shops along Soquel Drive & Main Street. 10,542 Square foot lot allows for room to expand. Near successful businesses. Multiple home construction and subdivision may be possible. Buyers to verify with planning and regulatory agencies to their full satisfaction. Per Lezanne at the Santa Cruz planning dept. a zoning change to RM5 would likely be approved as it fits the general plan. This would allow 2 main units 2 ADUs and possibly also a conversion ADU (3 ADUs). Currently an ADU and JADU may be allowed, subject to approval.

Price History

Date
Event
Price
07/14/23
Listing
$925,000
Neighborhood Comparison

 SubjectAverage HomeNeighbourhood Ranking (30 Listings)
Beds13
3%
Baths12
16%
Square foot9441,844
10%
Lot Size10,54211,456
45%
Price$925K$1.5M
10%
Price per square foot$980$809
77%
Built year19301973
6%
HOA
Days on market845145
97%
Condition Rating
Fair

Built in 1930, the property is aged but functional. While the bathroom has been recently and tastefully updated with modern fixtures, flooring, and tiling, the kitchen is significantly outdated with old cabinets, laminate countertops, linoleum flooring, and older white appliances, requiring a full renovation. The description notes the home 'could benefit from updating,' which aligns with the need for substantial kitchen work. The overall condition is livable but requires significant investment to meet modern standards beyond the bathroom.
Pros & Cons

Pros

Significant Development Potential: The expansive 10,542 sqft lot and favorable zoning prospects (potential RM5 change allowing multiple main units and ADUs) offer substantial development or subdivision opportunities.
Prime Walkable Location: The property boasts an excellent location within walking distance to downtown Soquel, providing convenient access to local shops, restaurants, and amenities.
Large Lot for Expansion: The generous 10,542 square foot lot provides ample space for significant expansion of the existing home or new construction, maximizing its utility.
Accessory Dwelling Unit (ADU) Potential: Current zoning likely permits an ADU and JADU, offering immediate flexibility for rental income, multi-generational living, or increased property value.
Strong Investment Upside: The combination of a desirable location, large lot, and significant development potential positions this property as a high-upside investment for a visionary buyer.

Cons

Outdated Existing Home: The 1930-built home is functional but requires significant updating, implying substantial renovation costs and effort for a buyer seeking modern living standards.
Extensive Buyer Due Diligence Required: Realizing the full development potential necessitates thorough verification with planning and regulatory agencies, adding complexity and risk for the buyer.
Small Existing Home Size: At 944 sqft with 1 bed/1 bath, the existing structure is small relative to the lot size and modern market expectations, reinforcing the need for significant renovation or redevelopment.

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