1924 San Pascual Street, SANTA BARBARA, CA 93101
$5,250,000
Property Type:
Res Inc
Lot Size (sq. ft.):
17,860
Status:
Active
Current Price:
$5,250,000
List Date:
5/03/2024
Last Modified:
5/11/2024
Description
Enjoy the benefits of a short-term typical investor return for the area, while working to realize significant long-term upside (5%-6%+ cap rate) which may be attainable for this central Santa Barbara multi-family asset. The location is a few blocks to Cottage Hospital, and within 1-2 miles of several other major employment centers and the signature Santa Barbara amenities of downtown restaurants/retail, the Theater/Arts district, the waterfront/beaches, and Santa Barbara City College. Along with close proximity to freeway access and artery streets allowing tenants ease-of-access, these factors combine to generate unmatched tenant demand. Recent upgrades include a brand-new roof and sewer lateral improvements. See Offering Memorandum in Documents. OPEN THURS. MAY 9th, 11am-1:30pm.
More Information MLS# 24-1428
Location Info
District: 20 - SB/WEST OF STATE
Street #: 1924
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: 043-132-013
Cross Street: Mission St
Contract Info
Current Price: $5,250,000
Price: 5250000
Buyers Agent $/%: 2.5
Begin Date: 2024-05-03
Status: Active
Property Information
Number of Units: 14
Stories: 2
Year Built: 1964
Apx # Acres: 0.41
Recurring Fees: No
Neighborhood/Schools
Elementary School: Harding
Junior High School: S.B. Jr.
High School: S.B. Sr.
Remarks
Hot Sheet Comment: new
Owner Info
Deposit: 3
Miscellaneous
Parking Spaces: 15
# Refrigerators: 14
# Stoves: 14
Unit 1
# Units: 12
# Bedrooms: 1
# Baths: 1
Furnished: N
Rent: 1850
Monthly Total: 22202
Unit 2
# Units: 2
# Bedrooms: 2
# Baths: 2
Rent: 2707
Monthly Total: 5410
Income/Expenses
Total Monthly Income: 27612
Other Income: 625
Annual Income: 338845
Gross Rent Multiplr: 15.49
Capitalization Rate: 3.76
Taxes: 53147
Insurance: 15000
Water Expense: 17276
Electric Expense: 2039
Gas Expense: 7442
Trash Expense: 10400
Maintenance Expense: 19232
Total Monthly Exp: 11790
Total Annual Exp: 141478
NOI: 197,367
Parking Info
Total # Unconvered Spaces: 15
Property Features
Unit 2: Lease
Income/Expenses: Estimated
Condition: Good
Foundation: Slab
Parking Info: Uncovered
Proximity: Near Bus; Near Hospital; Near Park(s); Near School(s); Near Shopping
Laundry: Laundry Room
Heating/Cooling: Wall
Owner Provides: Gas; Water; Trash
Zoning: R-3
Reports Available: Home Inspection; Pest Inspection; Prelim; Roof
Terms: Cash; Ctnl
Listing Type: ER
Pub Listing Details: None
Documents
1924 SP _ Offering Memorandum ›Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: May - 11 - 2024
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