1502 San Pascual Street, SANTA BARBARA, CA 93101 (MLS# 24-571)

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1502 San Pascual Street, SANTA BARBARA, CA 93101

$15,000,000

Property Type: Res Inc Lot Size (sq. ft.): 43,560 Status: Closed

Current Price: $15,000,000 List Date: 9/06/2024 Last Modified: 1/01/2025

Overview

Description

Turner Foundation (Non-Profit) owned property, currently providing 45 units of housing and 54 parking spaces with Community Learning Center, Programs and Services on site. Gross income $1.1m per year and current rent is 35% below market rate. Past Year NOI $802K with Non-Profit property tax exemption status equating to a 4.9% cap rate. New buyer may potentially retain Turner Foundation Non-Profit property tax exemption status if Turner Foundation remains as an Operating Partner. Buyer to verify all information.

Listing Details MLS# 24-571

Location Info

District: 20 - SB/WEST OF STATE
Street #: 1502
Street Name: San Pascual
Street Suffix: Street
State: CA
Country: US
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: N12
County: Santa Barbara
Parcel Number: 043-252-015
Cross Street: W Micheltorena St

Contract Info

Price: 15900000
Begin Date: 2024-02-23

Status Information

Sold Date: 2024-12-31
Under Contract Date: 2024-09-06

Property Information

Number of Units: 45
Year Built: 1972
Apx # Acres: Yes
Recurring Fees: No

Remarks

Hot Sheet Comment: price

Owner Info

Deposit: 3

More Information

Miscellaneous

Parking Spaces: 54

Unit 1

# Units: 45
# Bedrooms: 79
# Baths: 45
Furnished: N
Rent: 90973
Monthly Total: 90973
# Half Baths: 0

Parking Info

Total # Carport Spaces: 24
Total # Unconvered Spaces: 30
Carport: Yes
Outside: Yes

Neighborhood/Schools

Elementary School: Harding
Junior High School: LaCumbre
High School: San Marcos

Condition

Good: Yes

Proximity

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

Laundry

Laundry Room: Yes

Amenities

Deck: Yes
Patio: Yes
Cable TV: Yes
Gas Stove: Yes
Ovens/Bltin: Yes
Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Refrigerator: Yes
Fncd Back: Yes
Fncd Prt: Yes

Income/Expenses

Total Monthly Income: 90973
Annual Income: 1091670
NOI: 802167

Zoning

R-4: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Flr/Wdw Coverings

Carpet: Yes
Vinyl Plank: Yes

Property Features

Condition: Good Parking Info: Carport; Carport; Outside Proximity: Near Bus; Near Park(s); Near School(s); Near Shopping Laundry: Laundry Room Amenities: Deck; Patio; Gas Stove; Ovens/Bltin; Dishwasher; Disposal; Microwave; Refrigerator; Cable TV; Fncd Back; Fncd Prt Zoning: R-4 Terms: Cash; Conventional Listing Type: ER

Documents

NHD ›

SPQ ›

Prelim ›

Offering Memorandum ›

Plot Map ›

Listing Office: Compass

Last Updated: January - 01 - 2025

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