1315 Bath Street, SANTA BARBARA, CA 93101
$4,650,000
Property Type:
Res Inc
Square Footage:
9,050
Status:
Closed
Current Price:
$4,650,000
List Date:
10/09/2018
Last Modified:
9/15/2024
Description
Now for sale for the 1st time in over 40 years, the 12 units at 1315 Bath are one of the very best located apartment buildings of this size you will find in Santa Barbara. Just 2 blocks to the Arts & Theater District, the close-in downtown location provides an investor extraordinary tenant demand due to many tenant-rich employment centers nearby (restaurants, theaters, law offices, government offices), and the attractive vibrant lifestyle at a tenant's doorstep. The building has been professionally maintained by the same family for decades - ready to continue as a safe diversification for a portfolio, or take advantage of the A+ location to transform the property a little or a lot, and realize more upside return (see Documents). With a fantastic unit mix too, this is a rare opportunity!
More Information MLS# 18-3671
Location Info
District: 20 - SB/WEST OF STATE
Street #: 1315
Street Name: Bath
Street Suffix: Street
State/Province: CA
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: O12
County: Santa Barbara
Parcel Number: 039-112-011
Cross Street: Victoria
Contract Info
Current Price: $4,650,000
Price: 4950000
Financing: Cash
Buyers Agent $/%: 2.5
Begin Date: 2018-10-09
Status: Closed
Status Information
Sold Date: 2018-11-06
Sold Price: $4,650,000
Under Contract Date: 2018-10-13
Property Information
Number of Units: 12
Year Built: 1966
Main House SqFt: 9050
Recurring Fees: No
Neighborhood/Schools
Neighborhood: 15 or 20 - Downtown
Elementary School: Peabody
Junior High School: S.B. Jr.
High School: S.B. Sr.
Remarks
Hot Sheet Comment: new
Owner Info
Deposit: 3
Miscellaneous
Parking Spaces: 19
Unit 1
# Units: 8
# Bedrooms: 1
# Baths: 1
Furnished: N
Rent: 1718
Monthly Total: 13745
Unit 2
# Units: 2
# Bedrooms: 2
# Baths: 2
Furnished: N
Rent: 2375
Monthly Total: 4750
Unit 3
# Units: 2
# Bedrooms: 2.8
# Baths: 2
Furnished: N
Rent: 2600
Monthly Total: 5200
Income/Expenses
Total Monthly Income: 23795
Other Income: 6600
Annual Income: 290490
Gross Rent Multiplr: 17.0
Capitalization Rate: 3.7
Taxes: 5250
Insurance: 10200
Water Expense: 12750
Electric Expense: 1450
Maintenance Expense: 16500
Total Monthly Exp: 8990
Total Annual Exp: 107900
NOI: 183040
Meters
Sep Meter Wtr: N
Sep Meter Elec: Y
Parking Info
Total # Carport Spaces: 7
Total # Garage Spaces: 2
Total # Unconvered Spaces: 10
Property Features
Income/Expenses: Actual
Condition: Excellent; Good
Parking Info: Uncovered; Gar #2; Cpt #7
Proximity: Near Bus; Near Park(s); Near Shopping
Laundry: Laundry Room
Flr/Wdw Coverings: Carpet; Wood/Laminate; Vinyl
Heating/Cooling: Elec; Radia
Owner Provides: Water; Trash
Zoning: Other
Reports Available: Home Inspection; Pest Inspection; Roof
Exchange: Yes
Terms: Cash; Ctnl
Listing Type: ER
Contingent Remarks: REPORTS
Documents
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: September - 15 - 2024
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