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2220 Oak Park Lane, SANTA BARBARA, CA 93105

$4,400,000
Property Type: Res Inc Square Footage: 7,830 Lot Size (sq. ft.): 14,810 Status: Closed
Current Price: $4,400,000 List Date: 2/20/2025 Last Modified: 8/25/2025

Overview

Description

For sale for the 1st time in over 50 years, 2220 Oak Park Lane is a rare investment opportunity in one of the very best locations for top-quality tenant demand - less than a block to Cottage Hospital, Sansum Clinic and Ridley-Tree Center, and in the middle of Santa Barbara's several-block medical district with thousands of high-paying medical-related jobs. Consisting of 8 x 2-BR units plus 2 x 1-BR units, an investor can enjoy market-rate returns for the location by later in the year (AB 1482 at est. 4.32% cap), while leveraging the A++ location and favorable O-M zoning to provide numerous paths for substantially higher returns longer-term (pro-forma post-reno 6.5% net cap rate). Review the Offering Memorandum in Documents for details.

Listing Details MLS# 25-756

Location Info

District
20 - SB/WEST OF STATE
Street #
2220
Street Name
Oak Park
Street Suffix
Lane
State
CA
Country
US
Postal Code
93105
Compass Map
Santa Barbara
Map Grid
N12
County
Santa Barbara
Parcel Number
025-171-027
Cross Street
Pueblo

Contract Info

Price
5000000
Financing
CTNL
Begin Date
2025-02-20

Status Information

Sold Date
2025-08-22
Under Contract Date
2025-06-24

Property Information

Number of Units
10
Year Built
1962
Main House SqFt
7830
Other Structures SqFt
426
Apx # Acres
0.34
Apx Lot SqFt
14810
Recurring Fees
No

NeighborhoodSchools

Neighborhood
20 - Oak Park

Remarks

Hot Sheet Comment
new

More Information

Owner Info

Deposit
3

Miscellaneous

Parking Spaces
10

Unit 1

# Units
8
# Bedrooms
2
# Baths
Yes
Furnished
N
Rent
2895
Monthly Total
23165
# Half Baths
0
Lease
Yes

Unit 2

# Units
2
# Bedrooms
Yes
# Baths
Yes
Rent
2545
Monthly Total
5090
# Half Baths
0
Lease
Yes

Meters

Sep Meter Elec
Y
Sep Meter Gas
Yes

Parking Info

Total # Carport Spaces
10
Carport
Yes

Neighborhood/Schools

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

Condition

Good
Yes
Average
Yes

Foundation

Slab
Yes

Proximity

Near Bus
Yes
Near Hospital
Yes
Near Park(s)
Yes
Near Shopping
Yes

Laundry

Laundry Room
Yes

Income/Expenses

Total Monthly Income
28255
Other Income
2736
Annual Income
341796
Gross Rent Multiplr
14.63
Capitalization Rate
3.86
Actual
Yes
Taxes
53800
Insurance
12000
Water Expense
18332
Electric Expense
736
Gas Expense
3248
Trash Expense
5771
Maintenance Expense
27392
Total Monthly Exp
12413
Total Annual Exp
148955

Zoning

Other
Yes

Reports Available

Home Inspection
Yes
Pest Inspection
Yes
Prelim
Yes
Roof
Yes
Other
Yes

Terms

Cash
Yes
Conventional
Yes

Listing Type

ER
Yes

Owner Provides

Water
Yes
Trash
Yes
Other
Yes

Property Features

Unit 1: Lease Unit 2: Lease Condition: Good; Average Foundation: Slab Parking Info: Carport; Carport Proximity: Near Bus; Near Hospital; Near Park(s); Near Shopping Laundry: Laundry Room Owner Provides: Water; Trash; Other Zoning: Other Reports Available: Home Inspection; Pest Inspection; Prelim; Roof; Other Terms: Cash; Conventional Listing Type: ER
IDX
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: August - 25 - 2025
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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