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221 W Micheltorena Street, SANTA BARBARA, CA 93101

$4,425,000
Property Type: Res Inc Lot Size (sq. ft.): 16,988 Status: Closed
Current Price: $4,425,000 List Date: 3/08/2019 Last Modified: 9/15/2024

Overview

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.

Listing Details MLS# 19-237

Location Info

District
20 - SB/WEST OF STATE
Street #
221
Dir
W
Street Name
Micheltorena
Street Suffix
Street
State
CA
Country
US
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

Price
4500000
Buyers Agent $/%
2.5
Begin Date
2019-01-23

Status Information

Sold Date
2019-12-05
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

NeighborhoodSchools

Neighborhood
15 or 20 - Downtown

Remarks

Hot Sheet Comment
price

More Information

Owner Info

Deposit
112500

Miscellaneous

Parking Spaces
16
# Refrigerators
10
# Stoves
10

Unit 1

# Units
2
# Bedrooms
2
# Baths
Yes
Furnished
N
Rent
2550
Monthly Total
5100
# Half Baths
0
Lease
Yes

Unit 2

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

Unit 3

# Units
4
# Bedrooms
Yes
# Baths
Yes
Rent
2050
Monthly Total
7925
Lease
Yes

Meters

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

Neighborhood/Schools

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

Condition

Good
Yes

Foundation

Raised
Yes

Proximity

Near Bus
Yes
Near Ocean
Yes
Near School(s)
Yes
Near Shopping
Yes

Laundry

Bldg
Yes

Amenities

Cable TV
Yes
Fireplace
Yes
Gas Stove
Yes
Refrigerator
Yes

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
Estimated
Yes
Total Annual Exp
80485
NOI
201755

Heating

Elec
Yes
Wall
Yes
Baseboard
Yes

Pets

Yes
Yes

Zoning

R-4
Yes

Terms

Cash
Yes
Conventional
Yes

Listing Type

ER
Yes

Parking Info

Outside
Yes

Flr/Wdw Coverings

Hardwood
Yes
Tile
Yes
Vinyl Plank
Yes
Other
Yes

Owner Provides

Water
Yes
Trash
Yes

Property Features

Unit 1: Lease Unit 2: Lease Unit 3: Lease Condition: Good Foundation: Raised Parking Info: Outside Proximity: Near Bus; Near Ocean; Near School(s); Near Shopping Laundry: Bldg Amenities: Fireplace; Gas Stove; Refrigerator; Cable TV Heating: Elec; Wall; Baseboard Pets: Yes Owner Provides: Water; Trash Zoning: R-4 Terms: Cash; Conventional Listing Type: ER
IDX
Listing Office: Alpha Investment Management
Last Updated: September - 15 - 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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