427 W Islay Street, SANTA BARBARA, CA 93101 (MLS# 24-2981)

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427 W Islay Street, SANTA BARBARA, CA 93101

$6,500,000

Property Type: Res Inc Lot Size (sq. ft.): 16,117 Status: Closed

Current Price: $6,500,000 List Date: 9/09/2024 Last Modified: 4/02/2025

Overview

Description

22 Units in the Heart of Santa Barbara. This is an incredible investment opportunity, ideally situated to take advantage of the city's robust rental market. This property features a mix of 1-bedroom, 1-bathroom apartments and cozy studios. A convenient common laundry facility adds to the property's appeal for tenants. Recent upgrades too numerous to mention. Ample off-street parking. Priced to deliver a cap rate of over 5 percent, this investment offers both strong cash flow and potential for long-term appreciation. With its prime location near Cottage Hospital and the entire medical district, residents will enjoy easy access to Santa Barbara's dining, shopping, and entertainment, making this property a standout addition to any investor's portfolio.

Listing Details MLS# 24-2981

Location Info

District: 20 - SB/WEST OF STATE
Street #: 427
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: 027-081-021
Cross Street: Castillo St

Contract Info

Price: 6995000
Seller Consider Concessions: Yes
Begin Date: 2024-09-09

Status Information

Sold Date: 2025-04-01
Under Contract Date: 2024-10-21

Property Information

Number of Units: 22
Year Built: 1968
Apx # Acres: 0.37
Recurring Fees: No

NeighborhoodSchools

Neighborhood: 15 or 20 - Downtown

Remarks

Hot Sheet Comment: price

More Information

Owner Info

Deposit: 3

Unit 1

# Units: 20
# Baths: Yes
Furnished: N
Rent: 1949
Monthly Total: 38980
# Bedrooms: 0
# Half Baths: 0

Unit 2

# Units: 2
# Bedrooms: Yes
# Baths: Yes
Monthly Total: 4257

Parking Info

Total # Unconvered Spaces: 22

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 Shopping: Yes

Income/Expenses

Total Monthly Income: 42737
Other Income: 1020
Annual Income: 525084
Capitalization Rate: 5.46
Total Annual Exp: 127184
NOI: 403900

Zoning

R-4: Yes

Terms

Cash: Yes
Conventional: Yes

Listing Type

ER: Yes

Property Features

Proximity: Near Bus; Near Hospital; Near Park(s); Near Shopping Zoning: R-4 Terms: Cash; Conventional Listing Type: ER

Documents

Preliminary Title Report ›

Natural Hazards Disclosure ›

Plotted Easements ›

Standard Flood Hazard Determination Form ›

Listing Office: Keller Williams Realty Santa Barbara

Last Updated: April - 02 - 2025

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