23 Ford St

Mahoney & Associates is pleased to present 23 Ford St, a

well-positioned 7-unit apartment investment in the heart of

Watsonville, California. 23 Ford Street is a well-cared-for

multi-family property located within easy walking distance to

downtown Watsonville’s shops, restaurants, schools, and public

transportation. The property includes a five-unit main building

that has been updated over the past five years, with three of

those units receiving additional interior improvements—including

new flooring and bathroom updates—within the past year.

Toward the rear of the property are two newly constructed,

approximately 750 SF, 2-bedroom/2-bath units. These two units

are all-electric and include solar panels and heat pump systems,

with final permits issued in 2024. The site offers on-site parking,

upgraded water and sewer systems, and mature landscaping,

including a large heritage tree and fruit trees that have been

recently maintained. Located just off Main Street, the property

provides convenient access to daily services and consistent local

activity, making it a practical and appealing setting for residents

and long-term ownership.

Unit # Approx

SF BD-BA Current

Monthly Rent

 Current

Annual Rent

Portion

Tenant Pays

Portion

Section 8

(HUD) Pays

Portion

*FIT Pays Lease Expiration

1 576 SF 1/1 $2,215 $26,580 $269 $1,946 Month/Month

2 600 SF 1/1 $2,140 $25,680 $1,679 $461 Month/Month

3 532 SF 1/1 $2,215 $26,580 $2,215 Month/Month

4 590 SF 1/1 $2,215 $26,580 $2,215 Month/Month

5 812 SF 2/1 $3,000 $36,000 $3,000 7/31/26

A 750 SF 2/2 $3,225 $38,700 $500 $2,725 Month/Month

B 750 SF 2/2 $3,225 $38,700 $979 $2,246 Month/Month

Total 4,610 SF $18,235 $218,820 $10,857 $4,653 $2,725

 

ESTIMATED PROPERTY OPERATING INCOME/EXPENSES*

Estimated Income

Annual Rental Income $218,820

Vacancy Factor 3% -$6,565

Adjusted Gross Income $212,255

Estimated Expenses

Real Estate Taxes (at asking price) -$26,195

Property Insurance -$13,500

Water/Garbage/Sewer -$9,600

Repairs & Maintenance -$5,250

Management Fee (5%) -$10,941

Landscaping -$1,040

Replacement Reserves (2%) -$4,376

Estimated Total Operating Expenses -$70,903

Estimated Net Operating Income $141,352