This superbly located West Beach apartment property — central to the harbor, Waterfront, Funk Zone, City College and downtown — has been rented as a 21-unit complex for decades. A current ZIR by the City of Santa Barbara determined there are 18 permitted residential units with 3 studios to be combined with adjacent units to meet code compliance, which shall be the buyer's responsibility. However, the economic impact is positive as current management has been conservative with rents. The financial analysis on the following page represents current rents with 21 units. This property is well maintained, and the average tenancy of the current residents is 4 years. See attachments for more details and a confidentiality agreement that must be signed prior to receiving full due diligence package.