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:
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
Documents
Listing Office: Alpha Investment Management
Last Updated: December - 04 - 2020
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