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
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
Country: US
Compass Map: Santa Barbara
Map Grid: O12
Cross Street: De La Vina
Walk Score: 93
District: 20 - SB/WEST OF STATE
Street #: 221
Dir: W
Street Name: Micheltorena
Street Suffix: Street
State: CA
Postal Code: 93101
County: Santa Barbara
Parcel Number: 039-061-006
Contract Info
Buyers Agent $/%: 2.5
Current Price: $4,425,000
Price: 4500000
Begin Date: 2019-01-23
Status: Closed
Property Information
Year Built: 1928
Apx Lot SqFt: 16988
Apx # Acres: 0.39
Recurring Fees: No
Number of Units: 10
Neighborhood/Schools
Elementary School: Peabody
Junior High School: S.B. Jr.
High School: S.B. Sr.
Owner Info
Deposit: 112500
Remarks
Hot Sheet Comment: price
Condition
Good: 1
Foundation
Raised: 1
Miscellaneous
Parking Spaces: 16
# Refrigerators: 10
# Stoves: 10
Proximity
Near Bus: 1
Near Ocean: 1
Near School(s): 1
Near Shopping: 1
Laundry
Bldg: 1
Amenities
Cable TV: 1
Fireplace: 1
Gas Stove: 1
Refrigerator: 1
Unit 1
# Units: 2
# Bedrooms: 2
# Baths: 1
# Half Baths: 0
Furnished: N
Rent: 2550
Lease: 1
Monthly Total: 5100
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: 1
Total Annual Exp: 80485
NOI: 201755
Heating
Elec: 1
Wall: 1
Baseboard: 1
Pets
Yes: 1
Unit 2
# Units: 4
# Bedrooms: 2
# Baths: 2
Furnished: N
Rent: 2675
Lease: 1
Monthly Total: 10700
Zoning
R-4: 1
Terms
Cash: 1
Conventional: 1
Listing Type
ER: 1
Unit 3
# Units: 4
# Bedrooms: 1
# Baths: 1
Rent: 2050
Lease: 1
Monthly Total: 7925
Meters
Sep Meter Wtr: N
Sep Meter Elec: Y
Sep Meter Gas: Yes
Parking Info
Outside: 1
Flr/Wdw Coverings
Hardwood: 1
Tile: 1
Vinyl: 1
Other: 1
Owner Provides
Water: 1
Trash: 1
Status Information
Sold Date: 2019-12-05
Sold Price: $4,425,000
Under Contract Date: 2019-08-19
NeighborhoodSchools
Neighborhood: 15 or 20 - Downtown
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
Documents
Preliminary Report ›
Listing Office:
Alpha Investment Management
Last Updated: September - 15 - 2024
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