1514-1520 Garden Street, SANTA BARBARA, CA 93101 (MLS# 24-405)

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1514-1520 Garden Street, SANTA BARBARA, CA 93101

$7,250,000

Property Type: Res Inc Status: Closed

Current Price: $7,250,000 List Date: 2/07/2024 Last Modified: 4/24/2025

Overview

Description

11 UNITS ON 2 PARCELS WITH 5.21% CAP RATE - Tucked away in the picturesque heart of downtown Santa Barbara, 1514/1520 Garden St. presents a rare and highly coveted investment opportunity. Units consist of (1) 7 bed/5.5 bath house, (1) 3 bed/3 bath ADU, (2) 2 bed/2 bath ADUs, (6) 1 bed/1bath units and (1) studio. Both original structures have been designated as a Structure of Merit by the Historic Landmarks Commission, however, each unique unit has been extensively remodeled with high-quality finishes and new appliances. The exterior of the property is equipped with new 40-year roofs and solar panels, ensuring hassle-free maintenance for years to come. Tenants enjoy the ease of off-street parking and washer/dryers in each unit.

Listing Details MLS# 24-405

Location Info

District: 15 - SB/EAST OF STATE
Street #: 1514-1520
Street Name: Garden
Street Suffix: Street
State: CA
Country: US
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: O11
County: Santa Barbara
Parcel Number: 027-251-020
Cross Street: Micheltorena

Contract Info

Price: 7600000
Buyers Agent $/%: 2
Begin Date: 2024-02-07

Status Information

Sold Date: 2024-05-21
Under Contract Date: 2024-02-09

Property Information

Number of Units: 11
Year Built: 1859
Other Structures SqFt: 8447
Recurring Fees: No

Remarks

Hot Sheet Comment: new

Owner Info

Deposit: 3

More Information

Unit 1

# Units: Yes
# Bedrooms: 7
# Baths: 5
# Half Baths: Yes
Furnished: N
Rent: 8250
Monthly Total: 8250

Unit 2

# Units: 6
# Bedrooms: Yes
# Baths: Yes
Rent: 20750

Unit 3

# Units: 2
# Bedrooms: 2
# Baths: 2
Rent: 9000

Unit 4

# Units: 2
# Bedrooms: 3
# Baths: 4
Rent: 8500

Parking Info

Total # Unconvered Spaces: 14

Neighborhood/Schools

Elementary School: Roosevelt
Junior High School: S.B. Jr.
High School: S.B. Sr.

Condition

Excellent: Yes

Proximity

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

Laundry

In Unit: Yes

Income/Expenses

Total Monthly Income: 46500
Annual Income: 558000
Gross Rent Multiplr: 13.62
Capitalization Rate: 5.21
NOI: 395697

Zoning

Other: Yes

Reports Available

Prelim: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Property Features

Condition: Excellent Proximity: Near Bus; Near Hospital; Near Ocean; Near Park(s); Near School(s); Near Shopping Laundry: In Unit Zoning: Other Reports Available: Prelim Terms: Cash; Conventional Listing Type: ER

Documents

Preliminary Report ›

Listing Office: Radius Group Commercial R.E.

Last Updated: April - 24 - 2025

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