414 W Figueroa Street, SANTA BARBARA, CA 93101 (MLS# 23-3004)

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414 W Figueroa Street, SANTA BARBARA, CA 93101

$5,020,000

Property Type: Res Inc Square Footage: 10,500 Lot Size (sq. ft.): 24,211 Status: Closed

Current Price: $5,020,000 List Date: 10/05/2023 Last Modified: 9/15/2024

Overview

Description

414 W Figueroa Street is a Spanish-style 10-unit multifamily property located near downtown Santa Barbara, offering an excellent unit mix of 3 x 3BD/2BA, 6 x 2BD/2BA, and 1 x 1BD/1BA, totaling approximately 10,505 SF of living space (average unit size 1,050 SF). Originally built in 1979, the property sits on a 24,211 SF R-MH (Residential Multi-Unit and Hotel) zoned parcel with a Medium Average Unit Density Overlay (27 Units / Acre) which could allow for a maximum density of 15 total units. Tenants enjoy mature landscaping, a large common laundry room and excellent onsite parking. Ground-floor units feature patios and yards while upper units include private balconies creating a unique indoor/outdoor living experience not typically found in this area. All units are separately metered.

Supplements: Seller financing now available with minimum 35% down, 5.5% interest-only payments, and 5-year maximum term. Price: $4,998,000 APN: 039-211-017 Units: 10 Units Unit Mix: 3 x 3BD/2BA; 6 x 2BD/2BA; 1 x 1BD/1BA Building Size: 10,505 SF (approx.) Land Size: 24,211 SF (approx.) Zoning: R-MH (Residential Multi Unit and Hotel) AUD Overlay: Medium Density ... (Read more)

Listing Details MLS# 23-3004

Location Info

District: 20 - SB/WEST OF STATE
Street #: 414
Dir: W
Street Name: Figueroa
Street Suffix: Street
State: CA
Country: US
Postal Code: 93101
Compass Map: Santa Barbara
Map Grid: O12
County: Santa Barbara
Parcel Number: 039-211-017
Cross Street: Castillo St
Walk Score: 84
Bike Score: 98

Contract Info

Price: 4998000
Financing: Owner
Buyers Agent $/%: 2.5
Begin Date: 2023-10-05

Status Information

Sold Date: 2024-03-01
Under Contract Date: 2024-01-12

Property Information

Number of Units: 10
Stories: 2
Year Built: 1979
Main House SqFt: 10500
Other Structures SqFt: 469
Apx Lot SqFt: 24211
Recurring Fees: No

NeighborhoodSchools

Neighborhood: 15 or 20 - Downtown

Remarks

Hot Sheet Comment: price

More Information

Owner Info

Deposit: 153000

Miscellaneous

Parking Spaces: 20

Unit 1

# Units: 3
# Bedrooms: 3
# Baths: 2
Furnished: N
Rent: 2767
Monthly Total: 9064
# Half Baths: 0

Unit 2

# Units: 6
# Bedrooms: 2
# Baths: 2
Rent: 2430
Monthly Total: 15921

Unit 3

# Units: Yes
# Bedrooms: Yes
# Baths: Yes
Monthly Total: 1856

Meters

Sep Meter Wtr: N
Sep Meter Elec: Y
Sep Meter Gas: Yes

Parking Info

Total # Carport Spaces: 9
Total # Garage Spaces: Yes
Total # Unconvered Spaces: 10
Carport: Yes
Garage: Yes
Outside: Yes

Neighborhood/Schools

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

Proximity

Near Bus: Yes
Near Hospital: Yes
Near Park(s): Yes
Near School(s): Yes
Near Shopping: Yes

Laundry

Laundry Room: Yes

Income/Expenses

Total Monthly Income: 26841
Other Income: 338
Annual Income: 329154
Gross Rent Multiplr: 15.18
Capitalization Rate: 4.09
Actual: Yes
Total Monthly Exp: 9840
Total Annual Exp: 118085
NOI: 204486

Zoning

R-4: Yes

Terms

Cash: Yes

Listing Type

ER: Yes

Owner Provides

Water: Yes
Trash: Yes

Property Features

Parking Info: Carport; Garage; Carport; Outside Proximity: Near Bus; Near Hospital; Near Park(s); Near School(s); Near Shopping Laundry: Laundry Room Owner Provides: Water; Trash Zoning: R-4 Terms: Cash Listing Type: ER

Listing Office: Hayes Commercial Group

Last Updated: September - 15 - 2024

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