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1315 Bath Street, SANTA BARBARA, CA 93101

$4,950,000
Property Type: Res Inc Square Footage: 9,050 Status: Closed
Current Price: $4,650,000 List Date: 10/09/2018 Last Modified: 4/16/2019

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
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: April - 16 - 2019
1315 Bath Street, SANTA BARBARA, CA 93101- MLS# 18-3671
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

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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