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:
5/27/2022
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
District: 15 - SB/EAST OF STATE
Street #: 111
Dir: N
Street Name: La Cumbre
State/Province: CA
Postal Code: 93110
Compass Map: Santa Barbara
Map Grid: L10
County: Santa Barbara
Parcel Number: 057-233-009
Cross Street: Via Lucero
Contract Info
Current Price: $6,865,000
Price: 6700000
Buyers Agent $/%: 2
Begin Date: 2022-02-22
Status: Closed
Status Information
Sold Date: 2022-05-27
Sold Price: $6,865,000
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
Neighborhood/Schools
Neighborhood: 15 - San Roque
Elementary School: Hope
Junior High School: LaColina
High School: San Marcos
Remarks
Hot Sheet Comment: new
Owner Info
Deposit: 200000
Unit 1
# Units: 16
# Bedrooms: 2
# Baths: 1
Furnished: N
Rent: 2029
Monthly Total: 32460
Unit 2
# Units: 1
# Bedrooms: 1
# Baths: 1
Rent: 1600
Monthly Total: 1600
Income/Expenses
Total Monthly Income: 34060
Other Income: 4434
Annual Income: 413154
Gross Rent Multiplr: 16.22
Capitalization Rate: 3.34
Vac Factor: 8263
Total Annual Exp: 180877
NOI: 224014
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
Property Features
Income/Expenses: Actual
Condition: Fair
Foundation: Slab
Parking Info: Carport; Uncovered
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: May - 27 - 2022
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