111 N La Cumbre, SANTA BARBARA, CA 93110 (MLS# 22-509)

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111 N La Cumbre, SANTA BARBARA, CA 93110

$6,865,000

Property Type: Res Inc Square Footage: 13,100 Lot Size (sq. ft.): 17,424 Status: Closed

Current Price: $6,865,000 List Date: 2/22/2022 Last Modified: 9/15/2024

Overview

Description

Fee simple purchase opportunity of ''Kimi Gardens,'' a two-story garden style walk-up apartment property consisting of 17 units. Kimi Gardens has an ideal unit mix of sixteen 2BD/1BA units (785 SF on average) and one 1BD/1BA unit (522 SF). Residents enjoy a prime Upper State Street location within a quarter-mile of a La Cumbre Mall, Five Points Shopping Center, Target, dozens of retail stores and an abundance of dining options. Tenants share a common interior courtyard, an onsite coin operated laundry room, and private storage units. Each unit is separately metered for gas and electricity and has one dedicated parking space.

Supplements: Originally constructed in the early 1960s (approximate), Kimi Gardens has been on a land lease for the past 60 years which expires on February 28, 2022. Sellers have very limited information and records on the property; however, several inspection reports are available for a buyer's review including general building, pest, roof, and sewer lateral i ... (Read more)

Listing Details MLS# 22-509

Location Info

District: 15 - SB/EAST OF STATE
Street #: 111
Dir: N
Street Name: La Cumbre
State: CA
Country: US
Postal Code: 93110
Compass Map: Santa Barbara
Map Grid: L10
County: Santa Barbara
Parcel Number: 057-233-009
Cross Street: Via Lucero

Contract Info

Price: 6700000
Buyers Agent $/%: 2
Begin Date: 2022-02-22

Status Information

Sold Date: 2022-05-27
Under Contract Date: 2022-03-17

Property Information

Number of Units: 17
Stories: 2
Year Built: 1960
Main House SqFt: 13100
Apx Lot SqFt: 17424
Recurring Fees: No

NeighborhoodSchools

Neighborhood: 15 - San Roque

Remarks

Hot Sheet Comment: new

More Information

Owner Info

Deposit: 200000

Unit 1

# Units: 16
# Bedrooms: 2
# Baths: Yes
Furnished: N
Rent: 2029
Monthly Total: 32460
# Half Baths: 0

Unit 2

# Units: Yes
# Bedrooms: Yes
# Baths: Yes
Rent: 1600
Monthly Total: 1600

Meters

Sep Meter Wtr: N
Sep Meter Elec: Y
Sep Meter Gas: Yes

Parking Info

Total # Carport Spaces: 13
Total # Garage Spaces: 18
Total # Unconvered Spaces: 5
Carport: Yes
Outside: Yes

Neighborhood/Schools

Elementary School: Hope
Junior High School: LaColina
High School: San Marcos

Condition

Fair: Yes

Foundation

Slab: Yes

Proximity

Near Bus: Yes
Near Hospital: Yes
Near Park(s): Yes
Near School(s): Yes
Near Shopping: Yes

Laundry

Laundry Room: Yes

Income/Expenses

Total Monthly Income: 34060
Other Income: 4434
Annual Income: 413154
Gross Rent Multiplr: 16.22
Capitalization Rate: 3.34
Actual: Yes
Vac Factor: 8263
Total Annual Exp: 180877
NOI: 224014

Zoning

R-3: Yes
Other: Yes

Terms

Cash: Yes
OTHER/CLA: Yes

Listing Type

ER: Yes

Owner Provides

Water: Yes
Trash: Yes

Property Features

Condition: Fair Foundation: Slab Parking Info: Carport; Carport; Outside Proximity: Near Bus; Near Hospital; Near Park(s); Near School(s); Near Shopping Laundry: Laundry Room Owner Provides: Water; Trash Zoning: R-3; Other Terms: Cash; OTHER/CLA Listing Type: ER

Documents

111 N La Cumbre Rd- Flyer ›

Listing Office: Hayes Commercial Group

Last Updated: September - 15 - 2024

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