230-234 Castillo Street, SANTA BARBARA, CA 93101 (MLS# 19-3132)

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230-234 Castillo Street, SANTA BARBARA, CA 93101

$6,395,000

230-234 Castillo St - drone toward downt

Property Type: Res Inc Status: Closed

Current Price: $6,395,000 List Date: 9/04/2019 Last Modified: 9/15/2024

Overview

Description

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.

Listing Details MLS# 19-3132

Location Info

District: 20 - SB/WEST OF STATE
Street #: 230-234
Street Name: Castillo
Street Suffix: Street
State: CA
Country: US
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: O13
County: Santa Barbara
Parcel Number: 033-031-002
Cross Street: W Montecito St

Contract Info

Price: 6395000
Financing: Exchange
Buyers Agent $/%: 2.5
Begin Date: 2019-09-04

Status Information

Sold Date: 2019-12-13
Under Contract Date: 2019-10-01

Property Information

Number of Units: 21
Year Built: 2000
Recurring Fees: No

Remarks

Hot Sheet Comment: new

Unit 1

# Units: 6
# Bedrooms: 2
# Baths: Yes
Furnished: N
Rent: 2550
Monthly Total: 2550
# Half Baths: 0

More Information

Unit 2

# Units: 10
# Bedrooms: Yes
# Baths: Yes
Rent: 1600
# Half Baths: 0

Unit 3

# Units: 5
# Bedrooms: Yes
# Baths: Yes
Rent: 1650

Neighborhood/Schools

Elementary School: Washington
Junior High School: LaColina
High School: S.B. Sr.

Owner Info

Deposit: 0

Income/Expenses

Annual Income: 253803

Zoning

R-3: Yes

Terms

OTHER/CLA: Yes

Listing Type

ER: Yes

Property Features

Zoning: R-3 Terms: OTHER/CLA Listing Type: ER

Documents

230-234 Castillo St Flyer ›

Listing Office: Hayes Commercial Group

Last Updated: September - 15 - 2024

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.