1514-1520 Garden Street, SANTA BARBARA, CA 93101
$7,600,000
Property Type:
Res Inc
Status:
Pending
Current Price:
$7,600,000
List Date:
2/07/2024
Last Modified:
2/12/2024
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.
More Information MLS# 24-405
Location Info
District: 15 - SB/EAST OF STATE
Street #: 1514-1520
Street Name: Garden
Street Suffix: Street
State/Province: CA
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: O11
County: Santa Barbara
Parcel Number: 027-251-020
Cross Street: Micheltorena
Contract Info
Current Price: $7,600,000
Price: 7600000
Buyers Agent $/%: 2
Begin Date: 2024-02-07
Status: Pending
Status Information
Under Contract Date: 2024-02-09
Property Information
Number of Units: 11
Year Built: 1859
Other Structures SqFt: 8447
Recurring Fees: No
Neighborhood/Schools
Elementary School: Roosevelt
Junior High School: S.B. Jr.
High School: S.B. Sr.
Remarks
Hot Sheet Comment: new
Owner Info
Deposit: 3
Unit 1
# Units: 1
# Bedrooms: 7
# Baths: 5
# Half Baths: 1
Furnished: N
Rent: 8250
Monthly Total: 8250
Unit 2
# Units: 6
# Bedrooms: 1
# Baths: 1
Rent: 20750
Unit 3
# Units: 2
# Bedrooms: 2
# Baths: 2
Rent: 9000
Unit 4
# Units: 2
# Bedrooms: 3
# Baths: 4
Rent: 8500
Income/Expenses
Total Monthly Income: 46500
Annual Income: 558000
Gross Rent Multiplr: 13.62
Capitalization Rate: 5.21
NOI: 395697
Parking Info
Total # Unconvered Spaces: 14
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; Ctnl
Listing Type: ER
Documents
Preliminary Report ›Listing Office: Radius Group Commercial R.E.
Last Updated: February - 12 - 2024
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