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2030 N Pacific Ave UNIT 123
Santa Cruz, CA

2030 N Pacific Ave UNIT 123

$959,000
3 bd • 2 ba • 1,448 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

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AI Property Analysis

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List Price

$959,000

Price/Sq.Ft

$662

Year Built

2008

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This luxury condo at 2030 N Pacific Ave UNIT 123 offers exceptional value in downtown Santa Cruz. At $662.29/sqft, it's priced competitively for its prime location and amenities. The 1,448 sqft layout is 21% larger than the average 2-bedroom condo in Santa Cruz (1,200 sqft). Built in 2008, it's relatively new for the area, where the median home age is 1974. The property boasts high-end finishes like cherry hardwood floors, granite counters, and an ADA-compliant shower. Its ground floor location with street access enhances accessibility and convenience. The condo complex offers resort-style amenities including a pool, spa, and fitness center. Two side-by-side parking spots in a gated garage add significant value, as parking is often a challenge in downtown Santa Cruz. The walk score is estimated at 95, reflecting its exceptional proximity to restaurants, entertainment, and the beach.

The Bad

The property's price of $959,000, while competitive for the area, still represents a significant investment that may be out of reach for many buyers. The HOA fees, which include sewer, are not specified but could be substantial given the amenities offered. The condo's ground floor location, while convenient, may raise security concerns for some buyers. The unit's exposure to street noise and foot traffic could be a drawback. With 3 bedrooms and 2 bathrooms, the layout may feel cramped for larger families or those accustomed to more spacious single-family homes. The property has appreciated 40% since its last sale in 2015, which is positive for current owners but may indicate limited potential for further short-term appreciation.

The Ugly

The property faces significant climate risks that could impact long-term value and livability. The flood risk is rated as MAJOR (6/10), with the property located in FEMA Zone A99. This necessitates critical flood insurance, which could be costly and may increase over time. The air quality risk is SEVERE (7/10) with 13 bad air days per year, which could affect residents' health and quality of life. While the fire risk is moderate (3/10), it's still a concern in California's changing climate. The total monthly ownership costs are high, estimated at $6,500+ ($4,000 mortgage + $1,000 estimated HOA + $288 insurance + $800 property tax + $500 maintenance). This requires an annual income of at least $260,000 based on a 30% debt-to-income ratio, excluding other debts.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is ideal for high-income professionals or couples earning $260,000+ annually who prioritize a downtown lifestyle. It suits those who value walkability, amenities, and proximity to entertainment over space. Empty nesters downsizing from larger homes in the area will appreciate the luxury finishes and low-maintenance living. Investors could potentially earn $4,780/month in rent (based on local 3-bedroom rates), though the cap rate may be low due to high purchase price and ongoing costs. The ground floor unit with ADA features makes it suitable for buyers with mobility concerns or those planning to age in place.

Not For

This property is not suitable for large families needing more space or privacy. First-time homebuyers or those with incomes below $260,000 will likely find it unaffordable. Investors seeking high cash flow or significant appreciation potential may find better opportunities elsewhere. Those sensitive to urban noise or concerned about ground floor security should look for units on higher floors. Buyers uncomfortable with climate risks, particularly flooding and air quality issues, should consider properties in less vulnerable areas.
Demographics
Area Median Income

$93,839

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Risk Assessment

Climate Risks

airSEVERE

13 bad air quality days per year

floodMAJOR

FEMA Zone: A99

Insurance: Required

fireMODERATE

Insurance: Recommended

heatMODERATE

7 extreme heat days per year

98th percentile: 81°F

windMINIMAL

Insurance: Optional

Risk Analysis

The MAJOR flood risk (6/10) is a significant concern, potentially leading to property damage and increasing insurance costs over time. SEVERE air quality risk (7/10) could impact residents' health and potentially affect future property values. While the fire risk is moderate (3/10), wildfire trends in California suggest this could worsen. The high purchase price and monthly costs make this a risky investment if the Santa Cruz market experiences a downturn. The property's 40% appreciation since 2015 might indicate limited room for further short-term value increases. Potential changes in short-term rental regulations could affect the property's investment potential. The ground floor location may be more susceptible to break-ins, requiring additional security measures.
Insurance
Annual Cost

$3,452

$288 per month

Financials

Monthly Costs
Market Rent (3 bed)

$4,780

Get a detailed rental estimate on Zillow®
HOA Fee

$848

Price History

Property Taxes

$9,296
2024 Tax Assessment
1.2%from previous year
Assessed Value$807,125
Tax Rate1.15%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$1,462,000

52.5% above list price

Median Price

$1,400,000

Based on 6 recent sales

Price per Sq.Ft

$967

Comparable Properties

231 Union Street, Santa Cruz, CA 95060
Price: $1,360,000
Sq.Ft: 1,613
Beds/Baths: 3/2
$/Sq.Ft:
$84327.3%
Sale Date: 11/16/2024
2030 Pacific Avenue #113, Santa Cruz, CA 95060
Price: $942,000
Sq.Ft: 1,448
Beds/Baths: 3/2
$/Sq.Ft:
$6511.8%
Sale Date: 9/19/2024
241 Walnut Avenue, Santa Cruz, CA 95060
Price: $1,950,000
Sq.Ft: 1,600
Beds/Baths: 2/2
$/Sq.Ft:
$1,21984.0%
Sale Date: 10/24/2024
700 Escalona Drive, Santa Cruz, CA 95060
Price: $1,720,000
Sq.Ft: 1,590
Beds/Baths: 3/2
$/Sq.Ft:
$1,08263.3%
Sale Date: 10/4/2024
116 Clay Street, Santa Cruz, CA 95062
Price: $1,400,000
Sq.Ft: 1,300
Beds/Baths: 3/2
$/Sq.Ft:
$1,07762.6%
Sale Date: 8/13/2024
116 Clay Street, Santa Cruz, CA 95060
Price: $1,400,000
Sq.Ft: 1,500
Beds/Baths: /
$/Sq.Ft:
$93340.9%
Sale Date: 10/25/2024

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