1502 San Pascual Street, SANTA BARBARA, CA 93101
$15,900,000
Property Type:
Res Inc
Lot Size (sq. ft.):
43,560
Status:
Pending
Current Price:
$15,900,000
List Date:
9/06/2024
Last Modified:
9/15/2024
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.
More Information MLS# 24-571
Location Info
District: 20 - SB/WEST OF STATE
Street #: 1502
Street Name: San Pascual
Street Suffix: Street
State/Province: CA
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
Current Price: $15,900,000
Price: 15900000
Begin Date: 2024-02-23
Status: Pending
Status Information
Under Contract Date: 2024-09-06
Property Information
Number of Units: 45
Year Built: 1972
Apx # Acres: 1
Recurring Fees: No
Neighborhood/Schools
Elementary School: Harding
Junior High School: LaCumbre
High School: San Marcos
Remarks
Hot Sheet Comment: price
Owner Info
Deposit: 3
Miscellaneous
Parking Spaces: 54
Unit 1
# Units: 45
# Bedrooms: 79
# Baths: 45
Furnished: N
Rent: 90973
Monthly Total: 90973
Income/Expenses
Total Monthly Income: 90973
Annual Income: 1091670
NOI: 802167
Parking Info
Total # Carport Spaces: 24
Total # Unconvered Spaces: 30
Property Features
Condition: Good
Parking Info: Carport; Uncovered
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
Flr/Wdw Coverings: Carpet; Vinyl
Zoning: R-4
Terms: Cash; Ctnl
Listing Type: ER
Documents
Listing Office: Compass
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.