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:
3/04/2024
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 (27 Units/acre) Year Built: 1979 (approx.) Parking: 20 spaces (9 carports, 10 uncovered, and one 294 SF one-car garage) Laundry: Onsite laundry room (approx. 175 SF) Cap Rate: Current: 4.09% Market: 5.86% GRM: Current: 15.18 Market: 11.77
More Information MLS# 23-3004
Location Info
District: 20 - SB/WEST OF STATE
Street #: 414
Dir: W
Street Name: Figueroa
Street Suffix: Street
State/Province: CA
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
Current Price: $5,020,000
Price: 4998000
Financing: Owner
Buyers Agent $/%: 2.5
Begin Date: 2023-10-05
Status: Closed
Status Information
Sold Date: 2024-03-01
Sold Price: $5,020,000
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
Neighborhood/Schools
Neighborhood: 15 or 20 - Downtown
Elementary School: Peabody
Junior High School: S.B. Jr.
High School: S.B. Sr.
Remarks
Hot Sheet Comment: price
Owner Info
Deposit: 153000
Miscellaneous
Parking Spaces: 20
Unit 1
# Units: 3
# Bedrooms: 3
# Baths: 2
Furnished: N
Rent: 2767
Monthly Total: 9064
Unit 2
# Units: 6
# Bedrooms: 2
# Baths: 2
Rent: 2430
Monthly Total: 15921
Unit 3
# Units: 1
# Bedrooms: 1
# Baths: 1
Monthly Total: 1856
Income/Expenses
Total Monthly Income: 26841
Other Income: 338
Annual Income: 329154
Gross Rent Multiplr: 15.18
Capitalization Rate: 4.09
Total Monthly Exp: 9840
Total Annual Exp: 118085
NOI: 204486
Meters
Sep Meter Wtr: N
Sep Meter Elec: Y
Sep Meter Gas: Yes
Parking Info
Total # Carport Spaces: 9
Total # Garage Spaces: 1
Total # Unconvered Spaces: 10
Property Features
Income/Expenses: Actual
Parking Info: Garages; Carport; Uncovered
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: March - 04 - 2024
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