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
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.
More Information MLS# 24-1428
Location Info
Country: US
Compass Map: Santa Barbara
Map Grid: N12
Cross Street: Mission St
District: 20 - SB/WEST OF STATE
Street #: 1924
Street Name: San Pascual
Street Suffix: Street
State: CA
Postal Code: 93101
County: Santa Barbara
Parcel Number: 043-132-013
Contract Info
Financing: Owner
Seller Consider Concessions: Yes
Current Price: $4,790,000
Price: 4895000
Begin Date: 2024-05-03
Status: Closed
Property Information
Year Built: 1964
Stories: 2
Apx # Acres: 0.41
Recurring Fees: No
Number of Units: 14
Neighborhood/Schools
Elementary School: Harding
Junior High School: S.B. Jr.
High School: S.B. Sr.
Owner Info
Deposit: 3
Remarks
Hot Sheet Comment: price
Condition
Good: 1
Foundation
Slab: 1
Miscellaneous
Parking Spaces: 15
# Refrigerators: 14
# Stoves: 14
Proximity
Near Bus: 1
Near Hospital: 1
Near Park(s): 1
Near School(s): 1
Near Shopping: 1
Laundry
Laundry Room: 1
Unit 1
# Units: 12
# Bedrooms: 1
# Baths: 1
# Half Baths: 0
Furnished: N
Rent: 1850
Monthly Total: 22249
Income/Expenses
Total Monthly Income: 29292
Other Income: 625
Annual Income: 339504
Gross Rent Multiplr: 14.58
Capitalization Rate: 4.11
Estimated: 1
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: 1
Unit 2
# Units: 2
# Bedrooms: 2
# Baths: 2
# Half Baths: 0
Rent: 2707
Lease: 1
Monthly Total: 5418
Zoning
R-3: 1
Reports Available
Home Inspection: 1
Pest Inspection: 1
Prelim: 1
Roof: 1
Terms
Cash: 1
Conventional: 1
Listing Type
ER: 1
Parking Info
Outside: 1
Total # Unconvered Spaces: 15
Pub Listing Details
None: 1
Owner Provides
Gas: 1
Water: 1
Trash: 1
Status Information
Sold Date: 2024-11-26
Sold Price: $4,790,000
Under Contract Date: 2024-11-15
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
Documents
Offer Guidelines ›
Listing Office:
Berkshire Hathaway HomeServices California Properties
Last Updated: November - 26 - 2024
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