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323 W Islay Street, SANTA BARBARA, CA 93101

$2,480,000
Property Type: Res Inc Square Footage: 3,360 Lot Size (sq. ft.): 6,534 Status: Closed
Current Price: $2,480,000 List Date: 4/29/2024 Last Modified: 3/25/2025

Overview

Description

Recently updated 5-unit apartment building located in Downtown Santa Barbara. Owned by the same family for nearly 50 years, this property exudes pride of ownership. Offering a beautiful 3-bedroom, 2-bathroom unit (great owners' unit) as well as four 1-bedroom, 1-bathroom units totaling 3,360 sq. ft., Casa Napoli offers versatile living spaces to suit a variety of lifestyles. Tenant amenities include both covered and uncovered parking for residents, as well as a convenient coin-operated community laundry room. A low maintenance asset with recent upgrades to the property including a brand-new roof over both the building and carport, ABS plastic sewer line, modernized plumbing and electrical systems, dual pane windows, and extensive interior renovations throughout all units.

Supplements: Current rents are under market and total $147,000 annually. Total market rents are projected to be $190,800 annually. Upon request, the offering memorandum, title report, natural hazards disclosure, reports/inspections and seller disclosures can be provided. Showings will be May 15th and 22nd by appointment only. Do not disturb occupants.

Listing Details MLS# 24-1341

Location Info

District
20 - SB/WEST OF STATE
Street #
323
Dir
W
Street Name
Islay
Street Suffix
Street
State
CA
Country
US
Postal Code
93101
Compass Map
Santa Barbara
Map Grid
N12
County
Santa Barbara
Parcel Number
027-082-027
Cross Street
Bath Street

Contract Info

Price
2500000
Financing
CTNL
Buyers Agent $/%
2.5
Begin Date
2024-04-29

Status Information

Sold Date
2024-07-12
Under Contract Date
2024-05-25

Property Information

Number of Units
5
Year Built
1962
Main House SqFt
3360
Apx # Acres
0.15
Apx Lot SqFt
6534
Recurring Fees
No

NeighborhoodSchools

Neighborhood
15 or 20 - Downtown

Remarks

Hot Sheet Comment
price

More Information

Owner Info

Deposit
3

Miscellaneous

Parking Spaces
6
# Refrigerators
5
# Stoves
5

Unit 1

# Units
Yes
# Bedrooms
3
# Baths
2
Furnished
N
Rent
3250
Monthly Total
3275
# Half Baths
0

Unit 2

# Units
4
# Bedrooms
4
# Baths
4
Monthly Total
8975

Meters

Sep Meter Elec
Y
Sep Meter Gas
Yes

Neighborhood/Schools

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

Condition

Excellent
Yes

Foundation

Slab
Yes

Proximity

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

Laundry

Laundry Room
Yes

Amenities

Deck
Yes
Cable TV
Yes
Fireplace
Yes
Gas Stove
Yes
Elec Stove
Yes
Ovens/Bltin
Yes
Microwave
Yes
Washer
Yes
Dryer
Yes
Refrigerator
Yes
Insul T/O
Yes
Fncd All
Yes

Income/Expenses

Total Monthly Income
12250
Other Income
1200
Annual Income
148200
Capitalization Rate
4.22

Security

Smoke Detector(s)
Yes

Heating

Wall
Yes
GFA
Yes

Zoning

R-4
Yes
Other
Yes

Reports Available

TDS
Yes
Home Inspection
Yes
Pest Inspection
Yes
Prelim
Yes
NHD
Yes

Terms

Cash
Yes
Conventional
Yes

Listing Type

ER
Yes

Parking Info

Cpt #4
Yes
Unc #2
Yes

Flr/Wdw Coverings

Carpet
Yes
Wood/Laminate
Yes
Tile
Yes

Owner Provides

None
Yes

Property Features

Condition: Excellent Foundation: Slab Parking Info: Cpt #4; Unc #2 Proximity: Near Bus; Near Hospital; Near Ocean; Near Park(s); Near Shopping Laundry: Laundry Room Amenities: Deck; Fireplace; Gas Stove; Elec Stove; Ovens/Bltin; Microwave; Washer; Dryer; Refrigerator; Insul T/O; Cable TV; Fncd All Security: Smoke Detector(s) Heating: GFA; Wall Owner Provides: None Zoning: R-4; Other Reports Available: TDS; Home Inspection; Pest Inspection; Prelim; NHD Terms: Cash; Conventional Listing Type: ER
IDX
Listing Office: Keller Williams Realty Santa Barbara
Last Updated: March - 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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