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
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.
More Information MLS# 25-756
Location Info
Country: US
Compass Map: Santa Barbara
Map Grid: N12
Cross Street: Pueblo
District: 20 - SB/WEST OF STATE
Street #: 2220
Street Name: Oak Park
Street Suffix: Lane
State: CA
Postal Code: 93105
County: Santa Barbara
Parcel Number: 025-171-027
Contract Info
Financing: CTNL
Current Price: $4,400,000
Price: 5000000
Begin Date: 2025-02-20
Status: Closed
Property Information
Year Built: 1962
Apx Lot SqFt: 14810
Apx # Acres: 0.34
Main House SqFt: 7830
Other Structures SqFt: 426
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: 3
Remarks
Hot Sheet Comment: new
Condition
Good: 1
Average: 1
Foundation
Slab: 1
Miscellaneous
Parking Spaces: 10
Proximity
Near Bus: 1
Near Hospital: 1
Near Park(s): 1
Near Shopping: 1
Laundry
Laundry Room: 1
Unit 1
# Units: 8
# Bedrooms: 2
# Baths: 1
# Half Baths: 0
Furnished: N
Rent: 2895
Lease: 1
Monthly Total: 23165
Income/Expenses
Total Monthly Income: 28255
Other Income: 2736
Annual Income: 341796
Gross Rent Multiplr: 14.63
Capitalization Rate: 3.86
Actual: 1
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
Unit 2
# Units: 2
# Bedrooms: 1
# Baths: 1
# Half Baths: 0
Rent: 2545
Lease: 1
Monthly Total: 5090
Zoning
Other: 1
Reports Available
Home Inspection: 1
Pest Inspection: 1
Prelim: 1
Roof: 1
Other: 1
Terms
Cash: 1
Conventional: 1
Listing Type
ER: 1
Meters
Sep Meter Elec: Y
Sep Meter Gas: Yes
Parking Info
Carport: 1
Total # Carport Spaces: 10
Owner Provides
Water: 1
Trash: 1
Other: 1
Status Information
Sold Date: 2025-08-22
Sold Price: $4,400,000
Under Contract Date: 2025-06-24
NeighborhoodSchools
Neighborhood: 20 - Oak Park
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
Offering Memorandum (unbranded) ›
Property Site Plan ›
Listing Office:
Berkshire Hathaway HomeServices California Properties
Last Updated: August - 25 - 2025
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