Search Results For: 20 - Sb/west Of State
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221 W Micheltorena Street, SANTA BARBARA, CA 93101

$4,500,000
Property Type: Res Inc Lot Size (sq. ft.): 16,988 Status: Closed
Current Price: $4,425,000 List Date: 3/08/2019 Last Modified: 12/04/2020

Description

Incredible opportunity to acquire a significant 10 unit showpiece asset in Downtown Santa Barbara. Close proximity to all Santa Barbara has to offer including State Street, Funk Zone, and Beaches. Every unit has the quintessential look and feel of early 1920's Santa Barbara construction. Original wood flooring refinished in rich walnut span the living area in all units. Every unit has a full size bathtub in the bathroom. 8 of the 10 units have a wood burning fireplace. Gorgeous, clean & renovated units along with ample off- street parking and a warm community feeling. This property has historically low turnover and stable market rents. Currently 16 total tenants on the property, all with 1-year CAR leases extending into mid 2020.

More Information MLS# 19-237

Location Info

District: 20 - SB/WEST OF STATE Street #: 221 Dir: W Street Name: Micheltorena Street Suffix: Street State/Province: CA Postal Code: 93101 Compass Map: Santa Barbara Map Grid: O12 County: Santa Barbara Parcel Number: 039-061-006 Cross Street: De La Vina Walk Score: 93

Contract Info

Current Price: $4,425,000 Price: 4500000 Buyers Agent $/%: 2.5 Begin Date: 2019-01-23 Status: Closed

Status Information

Sold Date: 2019-12-05 Sold Price: $4,425,000 Under Contract Date: 2019-08-19

Property Information

Number of Units: 10 Year Built: 1928 Apx # Acres: 0.39 Apx Lot SqFt: 16988 Recurring Fees: No

Neighborhood/Schools

Neighborhood: 15 or 20 - Downtown Elementary School: Peabody Junior High School: S.B. Jr. High School: S.B. Sr.

Remarks

Hot Sheet Comment: price

Owner Info

Deposit: 112500

Miscellaneous

Parking Spaces: 16 # Refrigerators: 10 # Stoves: 10

Unit 1

# Units: 2 # Bedrooms: 2 # Baths: 1 Furnished: N Rent: 2550 Monthly Total: 5100

Unit 2

# Units: 4 # Bedrooms: 2 # Baths: 2 Furnished: N Rent: 2675 Monthly Total: 10700

Unit 3

# Units: 4 # Bedrooms: 1 # Baths: 1 Rent: 2050 Monthly Total: 7925

Income/Expenses

Total Monthly Income: 25150 Other Income: 275 Annual Income: 299115 Gross Rent Multiplr: 15.81 pro forma Capitalization Rate: 4.8 pro forma Total Annual Exp: 80485 NOI: 201755

Meters

Sep Meter Wtr: N Sep Meter Elec: Y Sep Meter Gas: Yes

Property Features

Unit 1: Lease Unit 2: Lease Unit 3: Lease Income/Expenses: Estimated Condition: Good Foundation: Raised Parking Info: Uncovered Proximity: Near Bus; Near Ocean; Near School(s); Near Shopping Laundry: Bldg Amenities: Fireplace; Gas Stove; Refrigerator; Cable TV Flr/Wdw Coverings: Hardwood; Tile; Vinyl; Other Heating/Cooling: Elec; Wall; Baseboard Pets: Yes Owner Provides: Water; Trash Zoning: R-4 Terms: Cash; Ctnl Listing Type: ER
Listing Office: Alpha Investment Management
Last Updated: December - 04 - 2020
221 W Micheltorena Street, SANTA BARBARA, CA 93101- MLS# 19-237
The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed.

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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