516 Capitola Avenue

A rare value-add opportunity in the heart of Capitola, just minutes from Capitola Village, the beach, restaurants, and shops. This versatile triplex features three units across two structures, offering multiple possibilities for investors, owner-occupants, or buyers seeking a Capitola second home with rental income. The front building includes a 1-bedroom/1-bath unit and studio/1-bath unit, while a detached 2-bedroom/1-bath residence sits privately toward the rear. The rear unit features in-unit laundry and will be delivered vacant, creating an opportunity to renovate and make it your own while generating income from the other two units. Each unit has its own off-street parking space. Zoned MU-N (Mixed Use, Neighborhood), the property offers intriguing potential for future improvements or redevelopment, subject to City approval. Build equity through renovation, explore the property's longer-term possibilities, or reposition a well-located investment. Adjacent 2-unit property also available, creating a rare opportunity to acquire 5 units across two neighboring Capitola properties.

Days on Market

9 days

Current Status

Active

Original Price

$1,199,000

List Price

$1,199,000

On Market Date

Sep 4, 2026

Property Type

Single Family Home

Area

44 - Capitola

Zip Code

95010

MLS ID

ML82060123

APN

035-094-18-000

Year Built

1948

Stories in Building

1

Possession

Unavailable

Data Source

MLSL

Origin MLS System

MLSListings, Inc.

Bed

3

Bath

3

Parking

3

Parking Area

SQ FT

1,526

SQ FT Source

Unavailable

Lot SQ FT

3,441.0

Lot Acres

0.078994 Acres

Cooling

None

Dining Room

Dining Area

Disclosures

Natural Hazard Disclosure

Family Room

No Family Room

Foundation

Concrete Perimeter

Heating

Wall Furnace

Fee

Unavailable

MLS and other Information regarding properties for sale as shown in Theo have been obtained from various sources such as sellers, public records, agents and other third parties. This information may relate to the condition of the property, permitted or unpermitted uses, zoning, square footage, lot size/acreage or other matters affecting value or desirability. Unless otherwise indicated in writing, neither brokers, agents nor Theo have verified, or will verify, such information. If any such information is important to buyer in determining whether to buy, the price to pay or intended use of the property, buyer is urged to conduct their own investigation with qualified professionals, satisfy themselves with respect to that information, and to rely solely on the results of that investigation.

School data provided by GreatSchools. School service boundaries are intended to be used as reference only. To verify enrollment eligibility for a property, contact the school directly.