3432 Richland Drive, SANTA BARBARA, CA 93105
New Listing
$3,295,000
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Property Type:
Res Inc
Square Footage:
4,707
Lot Size (sq. ft.):
9,583
Status:
Active
Current Price:
$3,295,000
List Date:
6/26/2024
Last Modified:
6/26/2024
Description
3432 Richland Drive is a rare opportunity to purchase an attractive mid-size multi-family building in the center of Santa Barbara's Upper State corridor - a hub of restaurants, retail and financial services. The location is also within a mile of Cottage Hospital (Santa Barbara's largest private employer), and near the Muni Golf Course, MacKenzie Park and La Cumbre Shopping Center. There are 8 units total in a single building, the unit mix is 1 x 2-BR/1-BA, 5 x 1-BR/1-BA and 2 studios. The property has good curb appeal with manicured landscaping, and is set privately in a corner location. Consider as a secure ongoing investment (4.73% cap on next AB 1482), or leverage the desirable central location for value-add upside (5.35% projected). See Offering Memorandum in Documents for details.
More Information MLS# 24-2094
Location Info
District: 20 - SB/WEST OF STATE
Street #: 3432
Street Name: Richland
Street Suffix: Drive
State/Province: CA
Postal Code: 93105
Compass Map: Santa Barbara
Map Grid: M11
County: Santa Barbara
Parcel Number: 051-061-018
Cross Street: Broadmoor
Contract Info
Current Price: $3,295,000
Price: 3295000
Buyers Agent $/%: 2.5
Begin Date: 2024-06-25
Status: Active
Property Information
Number of Units: 8
Stories: 2
Year Built: 1962
Main House SqFt: 4707
Apx # Acres: 0.22
Apx Lot SqFt: 9583
Recurring Fees: No
Neighborhood/Schools
Elementary School: Adams
Junior High School: LaCumbre
High School: San Marcos
Remarks
COVID Showing Remarks: Do not go inside apartments if feeling sick. Follow all local Covid guidelines.
Hot Sheet Comment: new
Owner Info
Deposit: 3
Miscellaneous
Parking Spaces: 8
# Refrigerators: 8
# Stoves: 8
Unit 1
# Units: 1
# Bedrooms: 2
# Baths: 1
Furnished: N
Rent: 2697
Monthly Total: 2697
Unit 2
# Units: 5
# Bedrooms: 1
# Baths: 1
Rent: 2148
Monthly Total: 10742
Unit 3
# Units: 2
# Baths: 1
Rent: 1858
Monthly Total: 3724
Income/Expenses
Total Monthly Income: 17155
Annual Income: 205860
Gross Rent Multiplr: 16.01
Capitalization Rate: 4.23
Taxes: 34927
Insurance: 5000
Water Expense: 8380
Electric Expense: 336
Gas Expense: 3378
Maintenance Expense: 3000
Total Monthly Exp: 5542
Total Annual Exp: 66514
NOI: 139346
Meters
Sep Meter Wtr: N
Sep Meter Elec: Y
Sep Meter Gas: No
Parking Info
Total # Unconvered Spaces: 8
Property Features
Unit 1: Lease
Unit 2: Lease
Unit 3: Lease
Income/Expenses: Estimated
Condition: Good
Foundation: Slab
Parking Info: Uncovered
Proximity: Near Bus; Near Hospital; Near Park(s); Near School(s); Near Shopping
Laundry: Laundry Room
Owner Provides: Gas; Water; Trash
Zoning: R-3
Exchange: Yes
Terms: Cash; Ctnl
Listing Type: ER
Listing Office: Berkshire Hathaway HomeServices California Properties
Last Updated: June - 26 - 2024
![3432 Richland Drive, SANTA BARBARA, CA 93105- MLS# 24-2094 3432 Richland Drive, SANTA BARBARA, CA 93105- MLS# 24-2094](https://cdn.photos.sparkplatform.com/sbr/20160726154436565567000000.jpg)
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