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1924 San Pascual Street, SANTA BARBARA, CA 93101

$4,790,000
Property Type: Res Inc Lot Size (sq. ft.): 17,860 Status: Closed
Current Price: $4,790,000 List Date: 11/09/2024 Last Modified: 11/26/2024

Overview

Description

Prime investment opportunity with this centrally located, 14-unit multi-family property, just blocks from Cottage Hospital and close to downtown Santa Barbara's employment hubs, dining, shopping, and beaches. The 2-story building offers two 2-bed/1-bath and twelve 1-bed/1-bath apartments, all with easy access to major transit routes. Recent enhancements include a new roof, resurfaced driveway, updated parking, and sewer upgrades, contributing to strong tenant appeal. Achieve steady returns with significant long-term upside potential (5-6%+ cap rate possible). Offering Memorandum available in Documents; inspections upon request.

Listing Details MLS# 24-1428

Location Info

District
20 - SB/WEST OF STATE
Street #
1924
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
043-132-013
Cross Street
Mission St

Contract Info

Price
4895000
Financing
Owner
Seller Consider Concessions
Yes
Begin Date
2024-05-03

Status Information

Sold Date
2024-11-26
Under Contract Date
2024-11-15

Property Information

Number of Units
14
Stories
2
Year Built
1964
Apx # Acres
0.41
Recurring Fees
No

Remarks

Hot Sheet Comment
price

Owner Info

Deposit
3

More Information

Miscellaneous

Parking Spaces
15
# Refrigerators
14
# Stoves
14

Unit 1

# Units
12
# Bedrooms
Yes
# Baths
Yes
Furnished
N
Rent
1850
Monthly Total
22249
# Half Baths
0

Unit 2

# Units
2
# Bedrooms
2
# Baths
2
Rent
2707
Monthly Total
5418
# Half Baths
0
Lease
Yes

Parking Info

Total # Unconvered Spaces
15
Outside
Yes

Neighborhood/Schools

Elementary School
Harding
Junior High School
S.B. Jr.
High School
S.B. Sr.

Condition

Good
Yes

Foundation

Slab
Yes

Proximity

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

Laundry

Laundry Room
Yes

Income/Expenses

Total Monthly Income
29292
Other Income
625
Annual Income
339504
Gross Rent Multiplr
14.58
Capitalization Rate
4.11
Estimated
Yes
Taxes
53147
Insurance
10000
Water Expense
17276
Electric Expense
2039
Gas Expense
7442
Trash Expense
10400
Maintenance Expense
19232
Total Monthly Exp
11790
Total Annual Exp
141478
NOI
203471

Heating

Wall
Yes

Zoning

R-3
Yes

Reports Available

Home Inspection
Yes
Pest Inspection
Yes
Prelim
Yes
Roof
Yes

Terms

Cash
Yes
Conventional
Yes

Listing Type

ER
Yes

Pub Listing Details

None
Yes

Owner Provides

Gas
Yes
Water
Yes
Trash
Yes

Property Features

Unit 2: Lease Condition: Good Foundation: Slab Parking Info: Outside Proximity: Near Bus; Near Hospital; Near Park(s); Near School(s); Near Shopping Laundry: Laundry Room Heating: Wall Owner Provides: Gas; Water; Trash Zoning: R-3 Reports Available: Home Inspection; Pest Inspection; Prelim; Roof Terms: Cash; Conventional Listing Type: ER Pub Listing Details: None
IDX
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: November - 26 - 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.

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