771 Freedom Blvd

Fully leased six (6) unit multi-tenant retail and industrial storage investment opportunity in the thriving Downtown Watsonville area of Santa Cruz County. Situated on a 9,975 SF corner lot with seven (7) off-street parking spaces and excellent visibility and frontage. Constructed in 1937 and zoned Thoroughfare Commercial, this single-story commercial property offers three established retail suites and an additional rear garage building demised into three separate units being utilized as industrial self-storage. With 100% occupancy, long-standing tenants, and stable in-place income, this asset appeals to local or regional investors seeking immediate cash flow and long-term upside. The current structure of the leases balances the stability of long-term tenants and consistent occupancy with the flexibility of rollover month-to-month terms.
The Front Building consists of 2,590 SF of retail space divided into two (2) primary retail suites, each with their own bathroom: 771 and 771-A. Suite 771 is currently subdivided and leased out as two (2) individual retail units with shared bathroom access. Utilities include two separate electric meters with shared gas, water, sewer, and garbage.
The Rear Building includes 1,900 SF of industrial self-storage currently divided into three (3) units: 771-B, C, and D each with two grade-level roll-up doors for a total of six (6) high-lift garage doors. Unit B incorporates an additional front office, bonus room and private bathroom. Utilities include one electric and one water meter servicing all three commercial storage Units B, C, and D. Shared sewer and garbage with Retail space.
The property sits on Freedom Boulevard in Watsonville, approximately one-block from the signalized intersection at Main Street, offering direct access to Highway 1 and major retail corridors in southern Santa Cruz County. Situated in a retail corridor with restaurants, grocery, lodging, and local services in a high-demand and low-vacancy Thoroughfare Commercial (CT) zone district, it benefits from robust daily traffic and proximity to downtown Watsonville with excellent visibility and primary frontage on Freedom Blvd with secondary access from Eastern Drive.
The City of Watsonville has engaged in a revision of their General Plan (GP) which includes an Update to their Housing Element. The California Dept of Housing and Community Development (HCD) issued a Letter to the City of Watsonville in response to their draft housing element on May 10, 2024. On Page 2 of the Appendix of the HCD Response Letter, it states that “the element appears to assume residential development on sites with zoning that allows 100 percent nonresidential uses. A recent development of 100% residential use on equivalent zoning is located at 1482 Freedom Blvd - Tabasa Gardens is a new affordable apartment housing community.