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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

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 inspections. To Show: CLA to set up a tour Offers Due: March 11 @ 5pm. Seller reserves the right to accept an offer before the specified Offer Date.

More Information MLS# 22-509

Location Info

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

Contract Info

Buyers Agent $/%: 2 Current Price: $6,865,000 Price: 6700000 Begin Date: 2022-02-22 Status: Closed

Property Information

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

Neighborhood/Schools

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

Owner Info

Deposit: 200000

Remarks

Hot Sheet Comment: new

Condition

Fair: 1

Foundation

Slab: 1

Proximity

Near Bus: 1 Near Hospital: 1 Near Park(s): 1 Near School(s): 1 Near Shopping: 1

Laundry

Laundry Room: 1

Unit 1

# Units: 16 # Bedrooms: 2 # Baths: 1 # Half Baths: 0 Furnished: N Rent: 2029 Monthly Total: 32460

Income/Expenses

Total Monthly Income: 34060 Other Income: 4434 Annual Income: 413154 Gross Rent Multiplr: 16.22 Capitalization Rate: 3.34 Actual: 1 Vac Factor: 8263 Total Annual Exp: 180877 NOI: 224014

Unit 2

# Units: 1 # Bedrooms: 1 # Baths: 1 Rent: 1600 Monthly Total: 1600

Zoning

R-3: 1 Other: 1

Terms

Cash: 1 OTHER/CLA: 1

Listing Type

ER: 1

Meters

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

Parking Info

Carport: 1 Outside: 1 Total # Carport Spaces: 13 Total # Garage Spaces: 18 Total # Unconvered Spaces: 5

Owner Provides

Water: 1 Trash: 1

Status Information

Sold Date: 2022-05-27 Sold Price: $6,865,000 Under Contract Date: 2022-03-17

NeighborhoodSchools

Neighborhood: 15 - San Roque

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
Listing Office: Hayes Commercial Group
IDX
Last Updated: September - 15 - 2024
The data relating to real estate for sale on this web site comes from the Internet Data Exchange Program of the Santa Barbara Multiple Listing Service. Real estate listings held by brokerage firms other than the displaying broker(s) are marked with the 'MLS' logo and detailed information about them includes the name of the listing brokers. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor displaying broker shall be responsible for any typographical errors, misinformation, or misprints. 2015 Santa Barbara Multiple Listing Service. All rights reserved.

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